创新药站上风口，德银：关注药明康德的四层叙事逻辑

港股创新药产业链今日盘中集体走强,药明康德涨3.54%、H股创出历史新高,金斯瑞生物科技涨6.61%,板块情绪快速升温。这轮不只是估值修复:CXO一侧的订单端持续回暖,创新药一侧则进入"商业化兑现+BD驱动"的双轮阶段,整体正从预期修复过渡到业绩验证,市场开始重新给研发管线和商业化能力定价。当订单与授权同时改善,CXO的周期修复和创新药的长期成长该押哪一条?

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