医药生物行业动态报告：医药行业周度复盘

中信建投证券股...2025-12-09

核心观点：本周制药行业表现一般，恒瑞医药举办2025研发日活动，信达生物宣布与武田制药战略合作正式生效；康方生物、翰森制药、君实生物、BioNTech/OncoC4等企业的管线迎来新进展或临床数据披露。本周医疗器械板块部分大市值龙头公司有所回调，估值调整后将迎来长线布局良机，建议持续关注行业景气度恢复趋势、新产品放量和海外业务进展。中药板块本周跑输大盘、跑赢医药指数；生物制品板块本周跑输医药指数及...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251209113352a72c6979&s=b><strong>中信建投证券股...</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>核心观点：本周制药行业表现一般，恒瑞医药举办2025研发日活动，信达生物宣布与武田制药战略合作正式生效；康方生物、翰森制药、君实生物、BioNTech/OncoC4等企业的管线迎来新进展或临床数据披露。本周医疗器械板块部分大市值龙头公司有所回调，估值调整后将迎来长线布局良机，建议持续关注行业景气度恢复趋势、新产品放量和海外业务进展。中药板块本周跑输大盘、跑赢医药指数；生物制品板块本周跑输医药指数及...</p>\n\n<a 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2025上发布了Gotistobart的3期临床试验第1阶段的数据。后续可持续关注主要公司产品临床研究进展、上市进度、医保谈判、学术会议、BD等。医疗器械及服务：近期医疗器械板块迈瑞医疗、新产业、惠泰医疗等部分大市值龙头公司有所回调，估值调整后将迎来长线布局良机，建议持续关注行业景气度恢复趋势、新产品放量和海外业务进展。近期脑机接口行业政策支持力度持续加强，相关企业持续推进脑机接口产品创新及临床进展，继续看好板块投资机会。短期来看，建议把握26年业绩改善个股的业绩和估值修复机会，多家医疗器械行业细分赛道龙头公司将于26年迎来加速增长。长期来看，医疗器械行业投资机会来自创新、出海和并购整合，板块的创新和国际化能力得到认可，估值正在重构。中药、生物制品及商业：1）中药：本周板块跑输大盘、跑赢医药指数。市场关注呼吸道疾病发病率、基药目录等进展；此外市场持续关注“四同药品”价格专项治理、中成药集采等外部政策环境变化等带来的影响。2）生物制品：板块本周跑输医药指数及大盘。板块跟随医药行业整体回调，部分个股本周受股权变更落地等因素影响，股价有所提升。本周南北方流感样病例报告ILI%环比持续升高。3）医药商业：本周跑赢申万医药及大盘。药店板块关注门店转型及四类药品；医药流通板块关注稳健低估值标的及十五五规划。25Q3公募基金医药持仓：环比持续提升，创新药、CXO行业有所加配。公募基金25Q3医药持仓比例为9.27%，较前一季度提升0.32个百分点，持仓比例环比增长。剔除指数基金、医药基金后的持股比例为3.02%，较前一季度下降0.30个百分点。拉长来看，目前基金持仓比例低于历史平均水平。25Q3创新药、CXO行业持股基金有所加配。A股行情回顾：本周医药整体跑输大盘，医药分销及医药零售表现较好。本周医药指数下跌0.74%，万得全A指数上涨0.72%，医药指数整体跑输大盘1.46%。2024年以来，医药指数整体跑输大盘8.61%。子行业方面，本周医药分销（+3.54%）、医药零售（+2.19%）子行业表现较好。港股行情回顾：本周医药整体跑输大盘，CXO及医药流通表现较好。本周恒生医疗保健下跌0.71%，恒生指数上涨0.87%，恒生医疗保健整体跑输大盘1.58%。2023年以来，恒生医疗保健整体跑赢大盘42.12%。子行业方面，本周CXO（+1.75%）、医药流通（+1.57%）子行业表现较好。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","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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