CXO：底部反转后关注行业整合趋势 智通财经APP获悉，交银国际发布研报称，预期医药行业2025年迎来关键转折。2026年，该行认为板块 稳中向好态势延续，但影响市场表现的核心因素(政策、基本面、海外投融资环境、资金面等)或呈分化 态势。展望板块表现和选股逻辑，该行判断，2026年：1)板块本身低估+催化剂有望继续驱动向上行 情，而创新研发的价值兑现有望进一步推动整体估值中枢上移;2)部分细分板块/标的领涨后，后续选股 或将重回基本面和估值，即关注存在基本面预期差、当前仍被低估的个股。 交银国际主要观点如下： 创新药/处方药：短期关注出海交易和业绩表现，创新迭代驱动长期价值兑现 2026年继续看好在医药行业中布局创新药，关键短期催化剂包括BD/海外临床数据等出海进展、医保/商 保纳入、盈亏平衡点达到等。对创新转型步伐较快的处方药企，集采影响递减，新大单品上市放量叠加 授权合作收入逐步常态化，港股龙头收入和净利润增速有望稳定在双位数。重点推荐：1)三生制药、德 琪医药、百济神州(美股)：催化剂丰富、未来集采/集采续约影响有限、估值仍未反映核心大单品价 值;2)先声药业、和黄医药、传奇生物：被明显低估、长期成长逻 ...

Group 1: Pharmaceutical Industry - The pharmaceutical sector is expected to maintain a stable upward trend in 2026, driven by undervaluation and catalysts that could further enhance overall valuations [3][4] - Key recommendations include companies like 3SBio, Eucure Biopharma, and BeiGene, which have rich catalysts and limited impact from centralized procurement [4] - The focus will shift back to fundamentals and valuations, particularly for stocks that are currently undervalued with expected positive fundamental differences [3][4] Group 2: Real Estate Industry - The real estate sector in mainland China is projected to explore new development models under strong policy support, with expected sales area between 900-950 million square meters and sales value around 10-11 trillion RMB in 2026 [5] - In Hong Kong, key factors for market recovery include improved macro uncertainty, significant policy easing, and the return of fundamental demand drivers, with residential rental levels expected to grow by approximately 3% annually [5] - Investment preferences are ranked as state-owned enterprises with low valuations, private sector leaders with land reserves in first and second-tier cities, followed by other private developers [5] Group 3: Retail and Office Market - The retail rental market in Hong Kong is expected to see moderate growth, with community mall rents increasing by about 3-5%, while office vacancy rates have peaked, setting the stage for a rebound in 2026 [7] - The intrinsic value of the Hong Kong physical market is anticipated to gradually release, with New World Development recommended as a high-quality proxy for residential recovery [7]