医药行业2026年策略报告：产品为王，看好创新、出海、消费三个方向-20251205

Group 1 - The report highlights a significant divergence in the performance of various sub-sectors within the pharmaceutical industry in 2025, with the CXO and innovative drug-related sectors showing substantial growth, while the medical service sector is expected to gradually recover in 2026 due to a low base effect from 2025 [2][6][58] - The overall performance of the A-share market was positive in 2025, with the pharmaceutical and biological sector ranking 10th with a growth of 34.95%, while the CXO sector led with a growth of 58.71% [6][15] - The report emphasizes the importance of "product-driven" companies, which are expected to enter a profitability cycle as they recover from the impacts of centralized procurement and increase their R&D investments [2][29] Group 2 - The innovative drug sector is projected to continue its upward trend, with business development (BD) opportunities abroad being a key focus, indicating the global competitiveness of Chinese innovative drugs [30][34] - The medical device sector is also expected to follow a similar recovery path as innovative drugs, with increasing R&D investments and a growing number of approved innovative medical devices [43][45] - The medical service sector, despite facing short-term pressures, is anticipated to gradually recover in 2026, supported by an aging population and increasing demand for healthcare services [58] Group 3 - The report suggests specific companies to watch in various sectors, including medical devices (e.g., Sanyou Medical, Aikang Medical), innovative drugs (e.g., Innovent Biologics, Kintor Pharmaceutical), and medical services (e.g., Aier Eye Hospital, Tongce Medical) [2][29] - The report notes that the pharmaceutical sector's overall valuation remains at a historical low, with a price-to-earnings ratio of 30.82 times as of October 31, 2025, indicating potential for upward adjustment [19][20] - The report highlights the importance of key product advancements and performance realization in the innovative drug sector, particularly for products like PD-1/VEGF, which have shown promising clinical data and significant market interest [39][40]