金吾财讯 | 银河证券发研报指，政府工作报告中对2025年医药卫生工作做出全面部署，与以往两会报告相比，创新、医保、医疗服务改革是2025年医药产业重点关注方向。
该行认为，医药板块经历较长时间调整，整体估值处于较低水平，且公募持仓低配。2025年在支持引导商保发展的政策背景下，支付端有望边际改善，创新药械有望获益。医药行情将迎来修复，结构性机会依然存在，从短期和中长期确定性增长角度来选择标的，看好创新药产业链、出海及细分行业龙头，关注医药消费复苏。
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