医药产业研究周报：Paradromics进临床，脑机赛道渐热；雅培百亿量级买Exact，数据淘金浪起

国金证券11-26

（以下内容从国金证券《医药产业研究周报：Paradromics进临床，脑机赛道渐热；雅培百亿量级买Exact，数据淘金浪起》研报附件原文摘录）产业前沿（1）前沿动向：脑机接口卷起来，Nerulink对手Paradromics获批临床。该公司计划于明年初将设备植入两名因神经系统疾病或损伤而失语的志愿者体内，以帮助患者恢复实时语音交流能力。（2）监管动态：美国HHS新局长再表态，细胞基因疗法是他议程上...

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starts","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ABT":1.5},"content_text":"（以下内容从国金证券《医药产业研究周报：Paradromics进临床，脑机赛道渐热；雅培百亿量级买Exact，数据淘金浪起》研报附件原文摘录）产业前沿（1）前沿动向：脑机接口卷起来，Nerulink对手Paradromics获批临床。该公司计划于明年初将设备植入两名因神经系统疾病或损伤而失语的志愿者体内，以帮助患者恢复实时语音交流能力。（2）监管动态：美国HHS新局长再表态，细胞基因疗法是他议程上的重中之重。（3）产业链：2024年全球NCE（新化学实体CDMO市场规模为26.5亿美元，预计到2034年将达到约78.3亿美元，年复合增长率为11.44%。资本风向（1）AI风起：德国默克携手Valo进军帕金森，2025年AI制药BD已达12项。（2）数据生态：雅培210亿美元并购肠癌早筛公司ExactScience。本周，我们跟踪的全球1133只医药医疗股中，涨幅Top30的个股中，市值增长第一的是肠癌早筛公司ExactScience，一周市值上涨近64亿美元。因雅培将以210亿美元收购ExactSciences。我们认为，此项收购的意义，可能远不止是雅培看中Exact肠癌早筛产品Cologuard等。在TempusAI等公司因医疗数据价值备受资本市场关注的大背景下，一个贯穿癌症预防、诊断、治疗和监测全周期的数据驱动型医疗生态的构建，很可能是巨头布局的未来看点。（3）并购解析：7年8大“豪门嫁娶”买了什么？这些210-740亿美元的大并购，布局了罕见病、细胞治疗、ADC、医疗器械龙头。本周观点CGT等前沿创新，或迎监管更多支持；数据生态新赛道，隐藏未来新金矿。（1）综上全球产业动态与资本市场表现，我们认为，不论是国内还是欧美国家监管，对医药领域前沿创新的支持会多维度增加。颠覆性创新技术赛道的布局，将是未来药企制胜要地。新一代技术的细胞基因疗法、AI制药等前沿赛道，或是2026年新热点。（2）在全新竞争格局下，数据要素作为数据生态的基石或将成为下一金矿。医药医疗数据要素相关企业，值得药企布局和资本市场关注与投资。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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