医药生物行业深度报告：JPM2026：中国企业技术突破与全球化机遇

中信建投证券股...01-22

本届JPM大会中国药企凭借ADC、IO双抗、GLP-1等领域的技术突破，通过License out及合作开发等方式走向全球。百济神州等龙头已实现组织出海，部分Biotech实现细分领域突破。CXO板块，药明系企业凭借CRDMO模式与全球化产能布局，在手订单超持续增长，2026年海外基地密集投产，进入商业化收获期。整体看，中国医药产业正站在全球化价值重估的起点，2026年将成为验证转型成效的关键节点...

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