医药行业：继续看好创新药械产业链

国泰海通证券2025-09-14

持续推荐创新药械及产业链。创新药高景气，持续推荐价值有望迎来重估的Pharma，维持恒瑞医药、翰森制药、三生制药、华东医药、恩华药业增持评级，相关标的：石药集团；持续推荐创新管线逐步兑现、业绩进入放量期的Biopharma/Biotech，维持科伦博泰生物、信达生物、新诺威、百利天恒、映恩生物、京新药业、特宝生物、我武生物增持评级；推荐受益创新，景气度修复的CXO 及制药上游，维持皓元医药、...

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