金吾财讯 | 港股医药外包概念股盘初集体扬升，截至发稿，维亚生物（01873）涨11.46%，金斯瑞生物科技（01548）涨5.48%，药明生物（02269）涨4.36%，药明康德（02359）涨3.95%，昭衍新药（06127）涨3.56%，凯莱英（06821）涨2.10%，方达控股（01521）涨1.54%。消息面上，国金证券发布研报指，CXO行业已完整经历一轮产业周期，当下行业景气度上行信号明确。目前，随着外部压力缓释、全球投融资回暖，国内BD持续升温，行业已进入内外需共振、新分子赛道放量、订单与业绩逐季改善的新一轮复苏上行周期。1）外需：海外投融资回暖，MNC创新热情持续。流动性环境边际宽松之下，生物医药行业投融资回暖预期持续升温，市场风险偏好显著修复。展望2026年，海外头部CXO企业收入指引仍维持稳健小幅增长格局，叠加全球生物医药投融资逐步回暖、创新药研发需求稳步复苏，行业景气度延续上行态势，成长确定性进一步增强。2）内需：国内BD交易火热，带动需求复苏显著。随着全球药企研发意愿明显回暖，创新药研发投入稳步加码，下游需求持续向上传导至国内CRO全产业链。
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