2025年三季度的全球医药市场，简直像坐过山车——有的板块涨得让人拍腿，有的还在磨底，美国那边 还时不时扔个"政策炸弹"。 今天用大白话跟大家掰扯掰扯：这季度医药到底咋走的？接下来哪些方向值得盯？ 01、先划重点：这3个方向闭眼先关注 全球医药里有几条主线已经明明白白了，新手也能看懂： 港/A股里最值得看的，是帮药企做研发、生产服务的公司（业内叫"医药研发外包"或者"CXO"）。这些 公司就像"卖铲子的"——只要全球药企愿意搞新药，它们就有订单、能赚钱。 现在这波公司有两个硬优势：一是业绩增速又回到高位了，手里还攥着大笔订单，赚钱稳得很；二是估 值不算贵，业绩增速推动估值修复，还有上涨空间。 美股：盯紧两个基金（IBB跟踪纳指生物科技指数，XBI跟踪标普生物科技指数），再加上两家行业老 大（联合健康+诺和诺德）。 核心原因就一个：美联储要降息了！这对医药公司是"双重好事"：一方面，药企搞研发更容易拿到钱 （市场上的钱变多了）；另一方面，算公司未来收益时，"贴现利率"会变低，估值自然会往上提。 翻历史数据就知道，每次美联储降息后，医疗股尤其是生物科技板块，往往能涨一波。现在美股医药刚 好在"估值低、资金少、逻辑 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 0.39% during the reporting period, ranking 26th among 31 primary industries, underperforming the CSI 300 index which rose by 7.01% [4][14] - The industry shows resilience despite a slight decline in overall revenue and net profit for A-share pharmaceutical companies in the first half of the year, with stable gross profit margins [6] - The CXO sector has returned to high prosperity with significant growth in performance, while the chemical preparation sector shows a mixed performance [6] - The report highlights the approval of several innovative drugs, including Novartis' "Acrux" for IgA nephropathy and the first oral HER2 inhibitor "Zongertinib" by Boehringer Ingelheim [5][41] Industry Review - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) is at 31.41x, slightly down from 31.38x in the previous period, indicating a valuation below the average [20] - The top three sub-industries by PE are vaccines (56.18x), hospitals (42.24x), and medical devices (40.66x), while pharmaceutical circulation has the lowest valuation at 14.06x [20] - In the reporting period, 29 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 1 billion CNY [4] Important Industry News - The CDE released a draft guideline for single-arm clinical trials to support the regular approval of anti-tumor drugs [25] - Novartis' IgA nephropathy drug "Acrux" received NMPA approval, marking it as the first of its kind in China [28] - The approval of the new generation ALK inhibitor "Dirocitinib" by Xuan Bamboo Biotech for treating ALK-positive non-small cell lung cancer [36] - The approval of the ADC "Datopotamab deruxtecan" for treating HR-positive, HER2-negative breast cancer [39] Investment Recommendations - The report suggests focusing on investment opportunities in the chemical preparation sector, particularly innovative drugs, and the CXO sector due to their clear long-term growth logic [6]