7月8日，中信证券研报认为，2025年下半年医疗健康产业的业绩和估值修复趋势确定性较高，同时分化 也将更加明显，拥抱创新驱动和国际化+自主可控+院外营销模式改革将是下半年相对更有确定性的布 局方向。考虑到创新药板块除海外斩获外，新增国内政策大力支持，医药真创新和真国际化时代将迎来 回报，有望带动板块稳步向上。建议横向维度上，下半年围绕创新驱动和国际化+自主可控+院外营销 模式改革三个领域进行布局，尤其是最具贝塔效应的创新药领域。 NO.3银河证券：长期看好椰子水品类发展空间 银河证券研报称，从空间来看，2024年椰子水终端规模约70亿元，预计2029年接近200亿元，对应未来5 年CAGR约20%，主要得益于水替、出行与运动等核心消费场景不断扩张；对标海外市场，2024年我国 人均椰子水消费量为0.08升/人，仅为美国/英国/泰国的7%、22%、40%。从竞争格局来看，供应链与渠 道为核心竞争壁垒，具备相关优势的企业有望长期胜出。银河证券长期看好椰子水品类发展空间，认为 其属于具备α的新消费品种，布局椰子水的上市公司值得关注。 华泰证券研报称，国际—国内肥料价格差呈扩大趋势，主因全球种植面积增长带动需求(尤其 ...

中信证券：医药真创新和真国际化时代将迎来回报 智通财经7月2日电，中信证券研报指出，我国创新药发展已经取得阶段性成效，延续我们2025年下半年 投资策略观点，拥抱创新驱动和国际化+自主可控+院外营销模式改革将是下半年相对更有确定性的布 局方向。考虑到创新药板块除海外斩获外，新增国内政策大力支持，医药真创新和真国际化时代将迎来 回报，有望带动板块稳步向上。建议横向维度上，下半年围绕创新驱动和国际化+自主可控+院外营销 模式改革三个领域进行布局，尤其是最具贝塔效应的创新药领域。 ...

Group 1 - The Hang Seng Index and Hang Seng Tech Index experienced fluctuations, with the Hang Seng Healthcare Index rising by 2.88% and the Hang Seng Healthcare Index ETF (159557) increasing by 2.82% with a turnover rate exceeding 3% [1] - Notable stocks in the healthcare sector included Federated Pharmaceutical, which rose over 8%, along with other companies like CSPC Pharmaceutical and Kangzheng Pharmaceutical also showing gains [1] - The upcoming American Society of Clinical Oncology (ASCO) annual meeting from May 30 to June 3, 2025, is expected to showcase over 70 research results from Chinese pharmaceutical companies, highlighting innovative drug candidates with potential for best-in-class status [1] Group 2 - Citic Securities indicated a clear trend of performance and valuation recovery in the healthcare industry, with a focus on innovation-driven strategies and internationalization, as well as reforms in outpatient marketing models for the second half of the year [2] - The A-share pharmaceutical sector and Hong Kong's innovative drug sector are currently at five-year low positions, with public fund holdings in the pharmaceutical industry reaching their lowest point since Q2 2020 in Q4 2024, but showing signs of recovery in Q1 2025 [2] - The global pharmaceutical investment and financing scale has shifted from a downward trend to a low-level oscillation upwards, with many growth-oriented pharmaceutical companies currently having PEG levels below 1, indicating potential for performance and valuation improvements [2] Group 3 - China’s innovative drug licensing out (Lisence out) total amount is projected to exceed $50 billion in 2024, reaching $51.9 billion, a year-on-year increase of 27.4%, accounting for 30% of the global total in similar transactions [3] - The record licensing amount for SSGJ-707 is expected to accelerate the trend of Chinese pharmaceutical companies expanding internationally, with a noticeable increase in the number and value of licensing out agreements in recent years [3]