里昂发表报告指,中国创新药板块正重回以公司基本面与个股超额收益(Alpha)为主导的市场,公司特定基本面(尤其是商务拓展(BD)及III期临床进展)相对宏观因素(Beta)的影响力回升。该行归因分析显示,基本面对药业股价走势的解释力在2015至2021年达82.7%,2021至2024年降至约32.7%,自2025年以来已回升至逾54%,部分受BD进展及关键海外III期试验支持。该行预期,随市场对...
Source Link里昂发表报告指,中国创新药板块正重回以公司基本面与个股超额收益(Alpha)为主导的市场,公司特定基本面(尤其是商务拓展(BD)及III期临床进展)相对宏观因素(Beta)的影响力回升。该行归因分析显示,基本面对药业股价走势的解释力在2015至2021年达82.7%,2021至2024年降至约32.7%,自2025年以来已回升至逾54%,部分受BD进展及关键海外III期试验支持。该行预期,随市场对...
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