Core Insights - The pharmaceutical sector is expected to recover from 2025 onwards, following a four-year adjustment period, with a cumulative increase of 4.57% in the pharmaceutical and biological industry as of May 30, 2025 [1][2] - The report suggests focusing on innovative drug companies with solid R&D foundations and competitive products for international markets, as well as traditional pharmaceutical companies with reasonable valuations [1] - AI is anticipated to empower the entire pharmaceutical supply chain, enhancing efficiency in drug development, production, and medical services [2] Group 1: Market Recovery - The pharmaceutical sector has experienced a recovery since 2025, ranking 6th among 31 primary industries in terms of performance, with a cumulative increase of 4.57% [1] - The holding of pharmaceutical stocks has increased but remains at historically low levels [1] - Multiple sub-sectors within the pharmaceutical industry are showing signs of stabilization and upward trends [1] Group 2: Growth Opportunities - Incremental opportunities are expected from innovative drugs and AI, while structural opportunities may arise from the recovery of left-side assets and valuation adjustments [2] - 2025 is projected to be a significant year for domestic innovative drugs entering international markets, with many companies transitioning from generic to innovative drugs since the "4+7" procurement policy in 2018 [2] - Some pioneering innovative drug companies are anticipated to reach breakeven and turn profitable [2] Group 3: Left-Side Assets - Left-side assets are entering a mild recovery phase, with traditional pharmaceutical companies, CXO, and consumer healthcare sectors gradually clearing existing risks [2] - The industry is expected to see a fundamental recovery as the risks associated with previous procurement policies and demand issues diminish [2]
国联民生证券：2025年至今医药板块迎来复苏 关注创新药、AI和左侧资产估值修复
智通财经网·2025-06-26 05:55