興業證券：港股醫藥行業處於百花齊放狀態，各個賽道均有投資機會
興業證券發佈研報稱，港股醫藥行業處於百花齊放，浪裏淘金的狀態：各個賽道，各個方向，隨着中國創新的發展，均涌現了一大批優質的公司；且未來數年仍有更多優質將陸續上市。時至2021年年中，興業仍堅持這一觀點。認爲當前行業處於“奔騰不息”的浪潮中；“中國創新”不僅惠及國民，也將逐步出海在全球舞臺上競爭，造福全球產業。當前已開始逐步兌現這一邏輯的有CXO產業鏈公司，部分疫苗公司及部分醫療服務公司等。未來將有更多藥械公司走向“國際化”道路。站在當前時間點，認爲各個賽道均有投資機會。“立足時間長河，與優秀公司同行”永遠是醫藥行業投資以慢打快的核心原則。
生物科技方面：高景氣度不改，關注產品差異化優勢。目前生物科技板塊百家爭鳴，已覆蓋了多個賽道，且部分公司已成爲各自細分領域的行業領頭羊。在國內，biotech公司想要突破重圍，需要在“研產銷”等全流程上建立完善的能力。在國際市場，biotech公司須建立在產品具備全球質量和（或）已開展海外臨牀試驗的基礎上，以“BD”爲翼，才能享受到廣闊的全球市場。
CRO方面：驅動因素持續向上，醫藥行業的常青樹。研發支出和研發外包率這兩個決定CRO行業景氣度的關鍵因素均持續向上，驅動行業的快速擴容，且目前尚未出現明顯的反向變化趨勢，故而未來一段時期內CRO/CMO行業仍將處於高速成長期，且中國企業受益於工程師紅利，市場規模擴張相對全球其他地區更快。
醫療器械方面：器械還處在上半場，創新成爲重中之重。近年來醫療器械行業發展迅速，但是從行業整體集中度較低且進口品牌在很多領域佔據主導地位這一現狀來看，目前國產品牌還並不成熟。不過這種格局正悄悄地發生着改變，國產品牌在很多領域的市場份額逐步提高，甚至率先展開部分創新器械領域的學術推廣。
醫療服務方面：春蘭秋菊，各擅勝場。從整個醫療服務板塊來看，呈現出百花齊放，爭相奪豔的態勢，各個賽道都有着自己所特有的驅動因素。“春蘭秋菊，各擅勝場”，各個領域都有着其獨特的魅力所在。
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