金吾财讯 | 招银国际表示，年初至今，MSCI中国医疗指数下跌23.0%，跑输MSCI中国指数25.4%。目前行业指数的动态市盈率为25.4倍，低于12年历史均值。9月19日，美联储宣布降息50个基点，正式开启降息周期。该行认为，海外降息或将推动高弹性的创新药/器械板块以及CXO板块估值反弹。国内新一轮医保谈判即将落地，尽管医保资金收支存在一定压力，该行认为医保资金支持创新药的政策趋势不会改变。医疗反腐进入常态化，医药行业的盈利有望从2H24开始逐步修复。看好龙头CXO、龙头创新药、业绩扎实且估值吸引的消费医疗企业。
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