高盛闭门会-美股医药26展望，政策明朗生物制药复苏，肥胖症外心血管癌症免疫学创新受关注

Investment Rating - The report indicates a positive outlook for the healthcare sector, particularly the biopharmaceutical industry, which is expected to continue its recovery into 2026 [4][5]. Core Insights - The biopharmaceutical sector has shown significant recovery, with a 12% increase this year, narrowing the gap with the S&P 500 index, which has risen by 14% [2][3]. - Key drivers for this recovery include improved policy clarity regarding drug pricing and a resurgence in investor confidence in innovation across various therapeutic areas, particularly in obesity and cardiovascular diseases [3][4]. - The report highlights that major biopharmaceutical companies are experiencing upward revisions in sales expectations for the first time in years, indicating a positive shift in market sentiment [3][5]. Summary by Sections Biopharmaceutical Sector - The biopharmaceutical industry is expected to see sustained recovery, driven by clearer drug pricing policies and the initiation of new product cycles [4][5]. - Major companies like Amgen and Regeneron are anticipated to have upward performance potential, while BioGen is expected to improve due to stable earnings and catalysts [8]. - The report emphasizes the importance of mergers and acquisitions as a significant theme, with the industry likely entering a consolidation phase [8][12]. Medical Technology - The medical technology sector is projected to experience organic growth slowdown, but there are numerous product catalysts that could drive performance [25][26]. - Companies like Edwards and Abbott are highlighted as having significant growth potential, with expectations of increased merger activity [25][26]. Healthcare Services - The report discusses the managed care sector, indicating that it is currently in a typical underwriting cycle, with a potential recovery in Medicare Advantage plans expected in 2026 [32][33]. - The report suggests a cautious outlook for managed Medicaid plans and exchanges, with specific companies receiving varied ratings based on their performance and market conditions [33]. Investment Opportunities - The report identifies several stocks as potential investment opportunities for 2026, including UnitedHealth Group (UNH), Cytokinetics, and Abbott, among others [44].