2026年医药行业策略报告：黄金赛道：寻找中国的GLOBALPHARMA

西部证券2025-12-11

2025 年医药行业如期迎来了反转行情，以创新药为主导，CXO 及上游产业链受益，延伸到其他各个二级板块的涨幅均较为可观。其中港股创新药表现最为突出，最高时年初至今涨幅超过80%，在上半年是市场最受关注的板块之一。创新药的核心催化来自于政策支持+BD 出海的行业逻辑不断兑现，三生制药、信达生物等首付款超10 亿美金的交易相继落地，验证了中国创新药的国际竞争力。政策层面，最有压力的支付端迎来重要改革...

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