【医药板块聚光灯】特朗普药价政策扰动有限，中国创新药出海韧性凸显

Group 1 - Trump's recent ultimatum to 17 global pharmaceutical companies demands significant reductions in drug prices in the U.S. within 60 days, causing market volatility [1] - The policy aims to implement a "most favored nation" mechanism, requiring European and other countries to increase drug payments while the U.S. lowers its payments, potentially stabilizing total revenue for pharmaceutical companies and encouraging them to enhance R&D efficiency [1] - The true target of Trump's policy is not the pharmaceutical companies themselves, but the insurance and pharmacy benefit management (PBM) sectors, aiming to eliminate intermediaries to reduce drug prices at the consumer level [1] Group 2 - Current domestic companies primarily utilize the out-licensing (BD) model for international expansion, which is relatively insulated from U.S. drug price policy changes [2] - Even with potential structural adjustments in U.S. drug pricing, the long-term trend of Chinese innovative drugs going global remains unchanged [2] - Investors are advised to seize short-term pullback opportunities for strategic investments in innovative pharmaceuticals, focusing on companies with differentiated innovation capabilities and established international experience [2]