---
title: "银河证券：医药板块估值近期已呈现显著结构性修复趋势"
description: "银河证券研报指出，医药板块估值经历调整后，近期显现结构性修复趋势。尽管公募基金持仓水平低于历史均值，预计 2025 年在政策支持下支付端将改善，创新药械将受益。看好医药创新，全球央行降息将推动估值提升；医药投融资有望复苏，二级市场回暖将带动一级市场；医疗器械市场触底回升，招投标数据改善。"
type: "news"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/262743607.md"
published_at: "2025-10-26T04:21:32.000Z"
---

# 银河证券：医药板块估值近期已呈现显著结构性修复趋势

> 银河证券研报指出，医药板块估值经历调整后，近期显现结构性修复趋势。尽管公募基金持仓水平低于历史均值，预计 2025 年在政策支持下支付端将改善，创新药械将受益。看好医药创新，全球央行降息将推动估值提升；医药投融资有望复苏，二级市场回暖将带动一级市场；医疗器械市场触底回升，招投标数据改善。

银河证券研报认为，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，但公募基金重仓持仓水平仍低于历史均值，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。1）持续看好医药创新：下半年创新药 BD 仍将持续，全球主要央行利率降息趋势有望推动估值进一步提升。2）医药投融资有望复苏：二级市场行情回暖驱动一级市场投融资回升，CXO 及上游景气度持续向好。3）医疗器械触底回升：招投标数据已有好转，以旧换新积压需求逐步释放。

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