【中信证券:创新药出海渐入佳境,板块进入盈利拐点】中信证券表示,2026年以来,中国创新药国内市场快速放量,从中报来看头部创新药企业在新产品驱动下,创新药收入快速增长,biopharma陆续进入盈利拐点;出海创新药开始进入三期/注册研究兑现阶段;近期多个国际学术大会将至,众多创新药管线进入密集的数据催化期。我们认为中国创新药进入全球价值兑现阶段,建议关注:①头部国际化创新药企业有望迎来产品全球价值兑现期;②头部创新药企业产品放量进入新的成长阶段;③具有全球潜力的管线资产国际化有望加速兑现。综上,我们维持创新药行业“强于大市”评级。
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