【券商聚焦】交银国际:下半年医药板块有望迎来修复 但内部分化或持续加大

金吾财讯
11 hours ago

金吾财讯 | 交银国际表示,近一个月恒生医疗保健指数涨17.4%,跑赢大市。其中,生物药、CXO及处方药板块表现较优于其他板块。机构持仓方面,2026年年中以来,内资持仓延续提升态势,而外资则略有降低。近一个月,内资重点加仓创新产业链、次新股中回调较深的AI制药公司及互联网医药新标的。外资亦重点布局创新药企、互联网医药标的及民营医院。该机构指,中报季临近,7月以来多家公司业绩预告陆续发布,CXO板块表现亮眼,业绩和订单延续高增长态势。该机构建议继续关注业绩有超预期机会且尚未发布预告的创新药产业链标的,包括先声药业翰森制药信达生物和黄医药荣昌生物等。该机构认为2H26板块有望迎来修复,但内部分化或持续加大,选股时应重回基本面和估值、关注在震荡中被低估的标的,推荐关注以下细分方向:1)创新药:和黄医药、德琪医药、劲方医药等催化剂丰富、估值仍未反映核心大单品价值的公司,可重点关注关键海外数据读出时间线;先声药业、翰森制药等被明显低估、业绩高增长确定性强的标的,BD的常态化业绩贡献可期;2)CXO:受益于下游高景气度和融资边际回暖的细分赛道龙头,如药明合联凯莱英康龙化成等;3)政策不确定性逐步缓解、叠加政策利好逐步兑现,有反转机会的医院等子板块,关注固生堂锦欣生殖

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10