中国医药与生物科技 2026 展望：全速起跑-China Pharma and Biotech 2026 Outlook_ Off to the races

5 January 2026 China Pharma and Biotech China Pharma and Biotech 2026 Outlook: Off to the races Rebecca Liang, Ph.D. +852 2123 2656 rebecca.liang@bernsteinsg.com Ellie Li +852 2123 2621 ellie.li@bernsteinsg.com "The stock market is a device for transferring money from the impatient to the patient." Positive outlook at sector level: valuation-wise we're back in a more rational range than July - Aug, with most stocks dialing back 20-30%. The major healthcare and biotech indices are below the price levels of 2 ...