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ING Risk Managed Natural Resourc

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低：3.72

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险资支持实体经济再升级，权益类资产监管比例调整，新规释放哪些信号？

每日经济新闻

国金证券：港股创新药的“估值扩张弹性、空间”或强于A股

【国金证券：港股创新药的“估值扩张弹性、空间”或强于A股】国金证券研报认为，AI赋能之下，研发周期缩短、成本下降、效率提升等，均将从中期维度提振创新药企的IRR水平，板块或将有望迎来新的成长逻辑。全球医药产业投融资活动回暖，有利创新药企融资现金流改善，在行业投融资周期的显著上行阶段，创新药板块在资本市场上的表现往往都较为出色，比如参考上一轮2019年-2021年期间，与此同时，2025年美债利率中枢大概率下移，或进一步利好创新药企融资活动回暖趋势延续，提振板块估值。创新药板块的营收增速将有望迎来向上拐点，毛利率亦有望修复。港股创新药的“估值扩张弹性、空间”或强于A股。

复星的进退与前行

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