金吾财讯 | 中信建投证券研究指出，1）制药产业链：创新药企仍是高增长主线，BD交易持续催化业绩。创新药龙头公司业绩稳健，多家企业收入或利润端均预期实现高增长。BD授权收入成为多家公司中期业绩关键变量。部分传统仿制药公司受集采等政策因素影响，增速平稳或承压。上游供应链受益于国产替代及下游需求恢复，Q2增速普遍提升，利润端弹性显著。2）医疗器械及服务：板块26Q1业绩整体承压。医疗设备预计Q2招标偏弱，部分企业新品及海外驱动增长；医疗器械上游部分公司收入有望高增长；高值耗材受医疗合规要求提升影响，部分企业预计增长良好；IVD低基数下增速有望改善；家用器械部分企业有望延续高增长；医疗服务边际有所回暖。建议关注Q2高增长公司的配置机会。
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