中信证券陈竹：国产创新药出海潜力大 医药行业下半年有望延续增势

Core Viewpoint - The Chinese pharmaceutical industry is expected to continue its growth momentum in the second half of 2025, driven by favorable external conditions and the acceleration of domestic innovative drugs entering the market [1] Industry Summary - The pharmaceutical sector is projected to deliver the best market returns in the past three years by the first half of 2025 [1] - A trend of performance and valuation recovery in the healthcare industry is anticipated for the second half of 2025 [1] Company Summary - Several Chinese innovative drug companies are demonstrating significant potential for international expansion [1] - These companies are competing in the global innovative drug market through licensing and other outbound strategies, leading to an increase in asset value [1]