平安基金周思聪：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 U.S. drug prices within 60 days, causing market fluctuations [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 not hindering new drug introductions [1] - If implemented, this policy could compel U.S. pharmaceutical companies to enhance R&D efficiency, increasing their demand for Chinese innovative drug assets and accelerating the internationalization of Chinese innovative drugs [1] Group 2 - The analysis indicates that domestic companies primarily utilize the out-licensing (BD) model for international expansion, which is relatively insulated from changes in U.S. drug pricing policies [2] - Even with structural adjustments in U.S. drug prices, the long-term trend of Chinese innovative drugs going abroad is unlikely to change [2] - Investors are advised to seize short-term pullback opportunities for investment in innovative drugs, focusing on companies with differentiated innovation capabilities and established international experience [2]