银河证券医药行业2026年度策略报告：寻找医药硬科技和细分赛道增量

Core Insights - The report by Galaxy Securities highlights that the strong rise of the innovative drug sector in 2025 is a result of the synergy between policy, industry, demand, and globalization [1] - The pharmaceutical "new" assets remain a long-term investment direction, encompassing innovative drugs, innovative devices, and medical AI [1] - The policy environment is expected to continue driving innovation and transformation in the pharmaceutical industry in 2026 [1] Investment Opportunities - The pharmaceutical industry is anticipated to see a rebound in 2026 after recent adjustments, with valuations having returned to relatively low levels [1] - Investment strategies should focus on hard technology in pharmaceuticals and incremental opportunities in niche segments [1] - Recommended areas for investment include innovative drugs (leading BIC and FIC pipelines), innovative devices (imaging, high-value consumables, consumer devices), and medical AI [1] Market Trends - There is an expectation of recovery in pharmaceutical consumption and growth in independent third-party ICL [1]