4月22日，港股低开震荡，医疗板块涨幅居前。截至10点19分，恒生生物科技ETF(159615.SZ)涨4.07%，信达生物涨7.51%。
招商证券认为，生物科技行业长期成长逻辑清晰，政策端，国内创新药国谈规则优化及港股18A上市机制持续吸引优质企业，政策红利加速创新成果转化；需求端，全球老龄化深化及慢性病负担加重，推动生物药、基因治疗等前沿领域需求扩容；技术端，ADC、双抗及细胞疗法等研发突破进入收获期，行业管线价值持续提升。同时华创证券展望来看，港股生物科技企业作为中国创新药国际化先锋，受益于医保政策优化、License-out放量及全球流动性改善预期，估值修复空间显著；短期看，美国关税扰动下市场风险偏好有所波动，生物科技板块高研发壁垒及短期豁免更易获资金青睐；中期看，国内药审改革深化、港股上市制度改革吸引优质Biotech企业聚集，板块配置价值持续凸显。
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