JPM2026前瞻：看好中国企业技术突破和国际化机会

Group 1 - The 44th J.P. Morgan Healthcare Conference (JPM) will be held from January 12 to 15, 2026, in San Francisco, attracting over 8,000 global participants and featuring more than 500 listed companies and thousands of startups [2][10] - Chinese companies are increasingly competitive globally, with notable participation from WuXi AppTec, WuXi Biologics, and WuXi AppTec's subsidiaries, as well as several Chinese pharmaceutical firms at the main venue [2][10] - The conference will focus on "capital + strategy," highlighting the importance of deep exchanges in the industry [2][10] Group 2 - China's pharmaceutical industry is characterized by "innovation upgrade + supply chain resilience," with overseas authorizations for innovative drugs exceeding the previous year's total in the first three quarters of 2025 [3][11] - The industry is undergoing a value reconstruction, emphasizing high-quality development, innovation, and compliance, with policies promoting diverse payment methods and medical service price reforms [3][11] - The domestic pharmaceutical chain is entering a commercialization phase, with a focus on supply chain security and the transition of domestic medical devices to mid-to-high-end markets [3][11] Group 3 - The investment outlook for 2026 is optimistic, with expectations for improved global liquidity favoring the pricing of innovative assets and government policies encouraging industry innovation [4][11] - The focus on internationalization is evident, with the Chinese pharmaceutical industry gradually gaining global competitiveness, particularly in innovative drugs and medical devices [4][12] - Marginal changes in policy and supply-demand relationships are expected to improve, particularly in the CXO sector, which has seen significant adjustments [4][12] Group 4 - The report suggests a focus on the integration of medical devices and traditional Chinese medicine, as well as certain pharmaceutical companies and state-owned enterprises [4][13] - The industry faces risks related to policy changes, including adjustments in research design requirements, pricing, and reimbursement policies, which could significantly impact development expectations [6][15] - There are also risks associated with unmet expectations in research and development, as well as potential delays in approval processes due to documentation and procedural changes [17]