创新药回暖？摩根大通黄旸：行业估值已趋于合理水平

Group 1 - The innovation drug sector has shown signs of a slight recovery after a brief pullback, with the Hong Kong Innovation Drug Total Return Index increasing by 4.95% from November 24 to November 28, outperforming the Hang Seng Index's 2.53% increase by 2.42 percentage points [1] - Morgan Stanley's healthcare research head in Greater China, Huang Yang, noted that while the overall industry valuation may have exceeded reasonable levels before the recent adjustment, it is now closer to a rational level [1] - The IPO market remains robust, with over 80 biopharmaceutical companies in various stages of application as of November 24, marking a historical high, and 23 healthcare companies successfully listed on the Hong Kong stock market this year [1] Group 2 - Huang Yang emphasized that "going global" transactions will continue to be a significant driver for innovation drug valuations, as large multinational pharmaceutical companies have substantial cash flow and are likely to supplement their product pipelines through acquisitions [2] - Chinese innovation drugs are now seen to have a "cost-performance" advantage, leading to stable interest from multinational companies in acquiring Chinese innovation drug assets [2] - By 2026, data from overseas Phase III clinical trials for Chinese "going global" innovation drugs will be released, and if the results meet or exceed expectations, it will enhance global confidence in China's drug development capabilities [2]