价值回归 全球认可抬高医药行业天花板

Core Insights - The biopharmaceutical industry is highly dependent on capital markets due to its characteristics of high R&D investment and long return cycles [1] - The industry has experienced significant adjustments during the "capital winter," leading to a pressured financing environment, but recent supportive policies have begun to show positive effects [1] - The industry is currently in a critical phase of value return, driven by genuine innovation breakthroughs within the sector [1] Industry Dynamics - The core driving force behind the value return in the pharmaceutical industry is the emergence of valuable innovative results and companies [1] - Continuous strong support for innovative drugs in the domestic market provides fertile ground and robust growth momentum for industry development [1] - Chinese innovations are gaining global recognition, with companies establishing deep collaborations with international pharmaceutical giants and successfully entering mainstream global markets [1]