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中國銀河證券:下半年繼續看好創新藥,關注器械與服務增速回升
中國銀河證券指出,2025年下半年繼續看好創新藥,關注器械與服務增速回升。1)持續看好醫藥創新:下半年創新藥BD預計仍將持續,國內丙類目錄及商保政策有望推動估值繼續提升。2)醫藥投融資有望復甦:二級市場繁榮有望帶來一級市場投融資回升,CXO及上游景氣度向好。3)醫療器械有望觸底回升:招投標數據已開始回暖,以舊換新積壓需求逐步釋放。4)醫療服務增速有望迎拐點:全國DRG/DIP支付改革實現統籌區及符合條件醫療機構全覆蓋,眼科領域復甦信號顯現。5)醫藥消費靜待復甦:觀察國內刺激消費政策效果,預期有利於醫藥消費復甦,渠道庫存出清、終端需求回暖。投資建議上,2025年醫藥創新藥板塊估值修復顯著,下半年有望帶動其他板塊回暖,我們看好創新藥產業鏈、細分行業龍頭,關注醫藥消費復甦。
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