2026年医药生物行业策略：洞察全球前沿技术，深耕创新药及其产业链

Group 1 - The core view of the report indicates that the pharmaceutical and biotechnology industry is expected to continue thriving, particularly in the innovative drug sector, driven by the rise of domestic innovative drugs and supportive policies [2][4][23] - The report highlights that from the beginning of 2025 to October 23, the pharmaceutical index increased by 23%, while the Hang Seng Biotechnology Index surged by 82%, with many A+H shares experiencing over 100% growth [2][16] - The report identifies the sub-industries with the most potential for investment in 2026, ranking them as follows: innovative drugs > CXO and research upstream > medical devices > medical services > traditional Chinese medicine > pharmacies [2][4] Group 2 - The report emphasizes that the international academic standing of Chinese companies has significantly improved, with a notable presence at major conferences such as ASCO and ESMO, showcasing the advancements in innovative drugs [4][11] - The report notes that the number and value of license-out deals for innovative drugs have reached new highs, with 103 deals totaling $92.03 billion in the first three quarters of 2025, marking a 77% year-on-year increase [4][11] - The report discusses the expected growth in global R&D investment, projected to rise from $277.6 billion in 2024 to $476.1 billion by 2030, indicating a robust upward trend in the CXO sector [4][11] Group 3 - The report highlights the medical device sector as being at a low valuation point, with significant potential for growth driven by innovation, self-sufficiency, and international expansion [4][11] - The report mentions that the global medical device market is continuously developing, with domestic manufacturers expanding overseas and the domestic market for medical equipment procurement expected to gradually recover [4][11] - The report recommends specific companies for investment, including innovative drug firms and those involved in medical devices, such as 恒瑞医药 (Hengrui Medicine), 信立泰 (Sino Biopharmaceutical), and 迈瑞医疗 (Mindray) [4][11]