智通财经APP获悉，中国银河证券发布研报称，看好2026年医药行业投资机会，近期震荡调整后估值已 回落至相对低位，有望在2026年重启升势，投资思路上寻找医药硬科技和细分赛道α，推荐关注创新药 （BIC和FIC管线龙头）、创新器械（影像、高值耗材、消费器械等）、医疗AI方向，关注医药消费复 苏及独立第三方ICL。 中国银河证券主要观点如下： 继续深化推进医改，优化集采及医改政策 12月中央经济工作会议如期召开，通稿中医药相关内容："优化药品集中采购，深化医保支付方式改 革。实施康复护理扩容提升工程，加强对困难群体的关爱帮扶。"其中相关投资机会理解可以从以下三 个方面解读。 集采规则优化，国产替代提速 集采提质扩面进入后半程，价格机制与质量监管并重。药品方面，国家集采累计覆盖435个品种，第十 一批聚焦55种临床成熟药物，通过按品牌报量、低价声明、合理性解释和生产质量双重抽检等制度创 新，实现稳临床、保质量、防围标、反内卷，保证中选产品的临床可及性和标准的一致性。整体来看， 随着集采规则持续优化、价格机制更趋合理、质量与供应保障监管均衡重视，国产龙头企业依靠合规和 创新能力，有望实现份额提升及结构性增长。 医改 ...

Core Viewpoint - The report from China Galaxy Securities highlights optimism for investment opportunities in the pharmaceutical industry by 2026, suggesting that after recent fluctuations, valuations have returned to relatively low levels, with a potential for a resurgence in growth [1] Investment Outlook - The pharmaceutical sector is expected to see significant differentiation in 2025, with various factors driving rapid growth in the innovative drug segment, particularly in the Hong Kong market [2] - China's innovative drug development is gaining a competitive edge globally due to cost advantages and efficient conversion capabilities, transitioning from a "technology follower" to a "leading participant" in the global pharmaceutical innovation landscape [2] Policy Outlook for 2026 - The 14th Five-Year Plan marks a year of deepening collaboration in the healthcare system, with policies expected to enhance the efficiency of medical insurance funds and support for innovative drugs and devices [3] - The focus will be on optimizing procurement rules to balance quality and innovation, driving domestic alternatives, and improving public health capabilities [3] Sector-Specific Investment Insights - **Innovative Drugs**: Anticipated breakthroughs in domestic innovative drugs, with several promising candidates entering late-stage clinical trials [4] - **Life Sciences and CXO Sector**: A structural recovery is expected as global financing conditions improve and domestic innovation ecosystems stabilize [4] - **Medical Devices**: Growth opportunities in the domestic medical device sector are anticipated, particularly in aging-related markets and overseas exports [4] - **Traditional Chinese Medicine and Biologics**: Market dynamics may shift due to clinical re-evaluations, with potential changes in profit margins for traditional Chinese medicine [4] Healthcare Services - The aging population presents a reliable opportunity in the healthcare services sector, emphasizing the importance of maintaining a strong position in this area [5] Aesthetic Medicine - Upgrades in ingredient formulations and the rise of domestic brands in aesthetic medicine are noteworthy, with a focus on specific segments like collagen and botulinum toxin [6] Pharmaceutical Commerce - Attention is drawn to accounts receivable turnover, with a positive outlook on new business models in Contract Sales Organizations (CSO) [7] Medical AI - The acceleration of artificial intelligence in healthcare is expected to significantly enhance clinical service capabilities and efficiency, particularly in medical diagnostics [7]

Core Viewpoint - The pharmaceutical sector is undergoing a significant adjustment, with the number of funds doubling in value sharply decreasing within the month. As of November 23, no pharmaceutical funds have achieved over 100% returns this year, contrasting with six funds that did so just three months prior [3][5]. Group 1: Market Performance - As of November 23, 54 out of 116 pharmaceutical-related funds have declined over 10% since September, with the largest drop being nearly 20% for Shenwan Lingxin Pharmaceutical Pioneer [5]. - All 48 innovative drug-themed funds have recorded declines since September, with 30 funds experiencing drops exceeding 10%. The largest decline was 17% for the Huabao Hang Seng Hong Kong Stock Connect Innovative Drug Selected ETF [5][6]. - Newly established funds have shown even more pronounced declines, with Longcheng Hong Kong Stock Healthcare Selected A and Huafu Medical Innovation A losing 13% and 20%, respectively [5]. Group 2: Investment Insights - The pharmaceutical sector's adjustment is seen as nearing its end, with analysts suggesting that funds may return to focus on innovative drug sectors following the third-quarter report disclosures [8]. - Investment in the pharmaceutical sector should align with broader industry trends, favoring high-quality companies without significant weaknesses for long-term investment [6]. - The Chinese innovative drug industry is in a critical transition from "R&D investment phase" to "value realization phase," with a notable increase in the approval of innovative drugs and medical devices during the 14th Five-Year Plan [9]. Group 3: Growth Potential - China's biopharmaceutical market has become the second largest globally, with approximately 30% of the world's innovative drugs under development [9]. - The sales revenue from innovative drugs is growing rapidly, with companies like Heng Rui Pharmaceutical reporting 9.561 billion yuan in innovative drug sales, accounting for 60.66% of total revenue [9]. - The penetration rate of domestic medical devices has increased significantly, from less than 3% in 2017 to 20%-30% currently, indicating a strong commercial progress [9].

Group 1 - The pharmaceutical sector is experiencing a significant adjustment, with the number of funds doubling in value sharply decreasing within the month [1][2] - As of November 23, all pharmaceutical funds with over 100% annual returns have dropped to zero, compared to six funds achieving this milestone as of September 1 [1][2] - The adjustment is particularly pronounced in innovative drug funds, with all 48 innovative drug-themed funds recording declines since September, and 30 of them falling over 10% [2][3] Group 2 - Analysts suggest that the recent downturn in the pharmaceutical sector may be nearing its end, with potential for a rebound as funds may return to the innovative drug sector [4][6] - The domestic innovative drug and medical device industry is transitioning from a "research and development investment phase" to a "value realization phase," with significant growth in approved innovative drugs and medical devices [4][5] - The Chinese biopharmaceutical market is now the second largest globally, with approximately 30% of the world's innovative drugs under development, indicating a growing international recognition of Chinese innovative drugs [4][5] Group 3 - Companies like Heng Rui Pharmaceutical and Fosun Pharmaceutical are showing promising sales growth in innovative drugs, with Heng Rui's innovative drug sales reaching 9.561 billion yuan in the first half of 2025, accounting for 60.66% of its revenue [4][5] - The penetration rate of domestic medical devices has increased significantly, from less than 3% in 2017 to 20%-30% currently, indicating a strong commercialization trend [5] - The development of advanced technologies, such as AI in medical devices, is opening up new commercial opportunities in international markets [5]

Group 1 - The pharmaceutical sector is a key focus for institutional investors, with brokers increasing their investments and research efforts in this area [1] - As of the end of Q1, 14 brokerage firms were among the top ten shareholders of 25 pharmaceutical companies, holding a total of 508 million shares valued at 4.118 billion [1] - In Q1, brokers frequently adjusted their holdings in the pharmaceutical sector, initiating positions in 10 stocks, increasing holdings in 3, and reducing holdings in 11 [1][2] Group 2 - New positions taken by brokers in Q1 included 1.162 billion for Yihe Jiaye and 1.13 billion for Borui Pharmaceutical, with significant holdings also in Jia Ying Pharmaceutical and Chuangguang Medical [2] - Brokers have been actively conducting on-site research to gather firsthand information about the pharmaceutical sector, with over 50 brokers focusing on companies like Aibo Medical and Wanjian Medical [2] - A total of 23 pharmaceutical stocks have been recommended by brokers this month, with notable mentions including Baiji Shenzhou and Heng Rui Pharmaceutical, indicating strong long-term growth prospects [3] Group 3 - The pharmaceutical sector is expected to see a recovery in profitability by 2025, with current PE valuations at historical lows, suggesting potential for excess returns compared to the broader market [3] - Analysts recommend focusing on high-growth, strong recovery, and new expectations for pharmaceutical investments in 2025, particularly in innovative drugs and medical devices [4] - Investment strategies should prioritize companies with significant product advantages and healthy balance sheets, especially those with global sales potential [4]

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, focusing on domestic substitution opportunities and quality overseas targets [3]. Core Insights - The report emphasizes the ongoing focus on domestic substitution opportunities in the pharmaceutical sector, including scientific instruments, medical devices, blood products, medical consumables, and pharmaceutical packaging. It also highlights the recovery of domestic pharmaceutical consumption driven by policies related to traditional Chinese medicine and medical services [1][2]. Summary by Sections 1. CXO - The CXO sector is expected to see valuation recovery due to supportive policies for innovative drug development and a decrease in geopolitical risks [7]. 2. Innovative Drugs - The report notes a decline in the A-share chemical preparation sector by 7% and a 3.74% drop in other biological products, indicating market volatility [10]. 3. Traditional Chinese Medicine - The report suggests focusing on companies like China Resources Sanjiu, Yunnan Baiyao, and Tongrentang, as the market anticipates further consumption stimulus policies [18]. 4. Blood Products - The report highlights the strong pricing power of scarce resource manufacturers and the growing demand for immunoglobulin, suggesting a positive outlook for companies like Tian Tan Biology and Shanghai RAAS [21]. 5. Vaccines - The vaccine sector is under pressure, but there is potential for growth in specific areas such as HPV vaccines and other high-value products [23]. 6. Upstream Supply Chain - The report recommends focusing on companies with strong brand effects and overseas growth potential in the chemical and biological reagent sectors [26]. 7. IVD - The report indicates that the IVD industry is undergoing significant changes due to procurement policies, which may accelerate domestic substitution and increase market penetration [29]. 8. Medical Devices - The report suggests that the CGM market is expected to grow, particularly with the FDA approval of new products, indicating a positive outlook for companies like Sanofi [34]. 9. Medical Services - The report recommends focusing on eye and dental service companies, as well as traditional Chinese medicine services, in light of new consumption policies [39]. 10. Pharmacies - The report indicates that the pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [43]. 11. Raw Materials - The report notes that many raw material prices are stabilizing, suggesting potential investment opportunities in antibiotic intermediates and hormone raw materials [46]. 12. Innovative Instruments - The report emphasizes the potential for AI applications in the medical device sector, particularly in areas like surgical navigation and pathology screening [51]. 13. Low-value Consumables - The report highlights the potential for recovery in the low-value consumables sector, particularly for companies that can adapt to changing market conditions [60].

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, emphasizing the potential for growth in various segments [4]. Core Insights - The report highlights the impact of U.S. tariff policies on the pharmaceutical sector, with a focus on domestic substitution opportunities and the recovery of pharmaceutical consumption [1][2]. - It emphasizes the importance of innovation in pharmaceuticals, particularly in the context of domestic drug development and export potential [2]. - The report suggests that the domestic pharmaceutical market is poised for recovery, driven by strong demand in traditional Chinese medicine and healthcare services [2][3]. Summary by Sections 1. Weekly Insights - The report discusses the potential for domestic substitution in pharmaceuticals, particularly in blood products, medical devices, and consumables [1]. - It notes the recovery of domestic demand in the CXO sector, with expectations for valuation recovery due to improved order fulfillment [2]. 2. Investment Recommendations - The report recommends focusing on companies with strong export potential, such as Jianyou Co., and those benefiting from domestic substitution opportunities [3]. - It also suggests monitoring companies in the traditional Chinese medicine sector and those involved in innovative drug development [3]. 3. Sector-Specific Insights - **Innovative Drugs**: The report highlights the potential for domestic alternatives to imported drugs and the ongoing development of innovative drugs [2]. - **CXO**: The sector is expected to see valuation recovery due to improved domestic and international demand [2]. - **Traditional Chinese Medicine**: The report emphasizes the strong domestic demand and potential for valuation increases in this sector [2]. - **Blood Products**: The report notes the strong pricing power of manufacturers in the context of geopolitical risks and increasing demand for immunoglobulin products [2]. - **Vaccines**: The report indicates a challenging environment for the vaccine sector but highlights potential growth in specific areas [2]. - **Medical Devices**: The report discusses the push for domestic production of key components and the impact of government policies on the sector [2]. - **IVD**: The report emphasizes the potential for domestic companies to gain market share as import substitution accelerates [2]. - **Healthcare Services**: The report suggests that recent policy changes will positively impact consumer healthcare services [2]. - **Pharmacies**: The report indicates a stabilization in the pharmacy sector, with a focus on companies with strong supply chain capabilities [2]. - **Raw Materials**: The report discusses the stabilization of prices in the raw materials sector and the potential for recovery in specific categories [2]. - **Innovative Devices**: The report highlights the potential for domestic companies to replace foreign manufacturers in high-tech medical devices [2]. 4. Key Company Announcements - The report includes updates on significant company announcements, such as new drug approvals and partnerships that may impact market dynamics [63][64][65].

Group 1 - The market showed signs of recovery with the ChiNext index leading gains, driven by active capital and strong performance in the pharmaceutical sector, particularly in innovative drug stocks [1] - Heng Rui Medicine announced a licensing agreement with Merck for its oral small molecule inhibitor HRS-5346, which expands its international market presence and accelerates global R&D, enhancing confidence in the innovative drug sector [1] - China Galaxy noted that the pharmaceutical sector has experienced a long adjustment period, resulting in low overall valuations and public fund underweighting, but anticipates a recovery in the pharmaceutical market driven by policy support [2] Group 2 - The innovative drug industry and medical device exports are expected to benefit from policy support and growing market demand, with leading companies in niche sectors likely to stand out [2] - The recovery of pharmaceutical consumption is anticipated to gradually manifest with economic recovery and consumption upgrades [2] - Overall, the pharmaceutical sector presents structural opportunities that warrant close attention [2]