<p>2026 年在旧金山举行的摩根大通医疗会议——年初医疗行业最重要的投资者会议——传达了日益稳定的局面。会议的一个关键信号是对价格监管担忧的明显缓解，特别是在美国。领先的制药公司报告称，与美国政府达成的近期协议被视为范围有限且大体可控。</p>
<p><strong>Marcel Fritsch</strong>，贝尔维尤资产管理公司的医疗基金与委托负责人表示，这为未来几年创造了更大的规划确定性，并降低了一个关键的宏观风险。Fritsch 指出，欧洲也出现了变化：“政治压力正在增加，以适当补偿医疗创新，特别是针对新产品的推出。因此，公司获得了谈判权力，市场进入策略也在更积极地管理。因此，定价问题正在失去对估值的主导影响，而创新和商业执行则愈发突出。”</p>
<p><strong>生物科技：运营进展支撑情绪</strong></p>
<p>在生物科技和制药行业，根据这位总部位于苏黎世的医疗专家的说法，关注点不再是收购猜测，而是运营进展。“在经历了去年明显的并购阶段后，会议在新交易方面相对平静，但运营信号总体上是积极的，” 他说。初步财务数据和更新的前景提供了稳定的效果。</p>
<p>从投资者的角度来看，Fritsch 强调产品推出和管道的明显进展是决定性的。BridgeBio 在 ATTR 心肌病治疗中展示了 Attruby 的市场吸引力，并且有多个近期临床催化剂。Madrigal 增强了对 Rezdiffra 持续需求的信心，这得益于肝病诊断率的上升和长期可行的特许经营的建立。BioNTech 以其肿瘤学管道的广度和深度以及高密度的晚期临床试验给人留下深刻印象。总体而言，会议表明创新再次以更具差异化的方式进行评估，而运营执行越来越推动投资者信心。</p>
<p><strong>医疗科技：Penumbra 收购设定标杆</strong></p>
<p>Fritsch 表示，这一评估同样适用于医疗科技行业：“与大型公司的讨论表明，业务基本上按照计划进行，年度目标似乎可实现。” 例如，Intuitive Surgical 报告了程序量的显著增加，强调了强劲的医疗需求。波士顿科学以 145 亿美元收购 Penumbra，传达了一个战略信号，Penumbra 是一家具有强大增长潜力的创新疗法提供商。Penumbra 在收入增长方面也显著超出市场预期。相邻领域也显现出积极趋势。此前表现不佳的公司正在恢复增长轨迹，而生命科学工具的供应商则受益于需求的逐步恢复。该领域仍然是医疗系统内一个重要的创新驱动因素。</p>
<p><strong>吸引人的估值需要主动选择</strong></p>
<p>Fritsch 表示，医疗行业目前为投资者提供了一个有吸引力的入场点。尽管运营前景改善且可见性增强，许多公司仍然相对于更广泛的股市交易于估值折扣。同时，行业内部的差异仍然显著。虽然一些公司受益于创新、成功的产品推出和结构性增长，但其他公司则落后于人。对于投资者而言，这意味着广泛的市场曝光是不够的。价值创造在于主动选择和对商业模式、管道质量及执行能力的深入分析。在这种环境下，医疗行业可以再次被定位为一个战略相关的核心配置，结合了稳定性与增长。</p>

生物科技 ETF - VanEck Vectors

波士顿科学

BBIO

<p>全球医疗保健行业正在重新获得投资者的关注，随着对价格监管的担忧减轻，尤其是在美国，市场对基本面的关注逐渐增强。2026 年摩根大通医疗保健会议强调了生物技术和医疗技术领域的运营进展，BridgeBio 和 BioNTech 等公司展现出令人鼓舞的发展。波士顿科学收购 Penumbra 标志着医疗技术领域强劲的增长潜力。尽管前景改善，许多医疗保健公司仍然被低估，这强调了在投资策略中需要进行积极的选择和分析</p>

<p>The J.P. Morgan Healthcare Conference 2026 in San Francisco – the most important investor conference for the healthcare sector at the start of the year – conveyed a picture of growing stabilization. One of the conference’s key signals was a noticeable easing of concerns around price regulation, particularly in the United States. Leading pharmaceutical companies reported that recent agreements with the US government are viewed as limited in scope and largely manageable.</p>
<div class="lb-trans"><p>2026 年在旧金山举行的摩根大通医疗会议——年初医疗行业最重要的投资者会议——传达了日益稳定的局面。会议的一个关键信号是对价格监管担忧的明显缓解，特别是在美国。领先的制药公司报告称，与美国政府达成的近期协议被视为范围有限且大体可控。</p>
</div><p>This, says <strong>Marcel Fritsch</strong>, Head of Healthcare Funds &amp; Mandates at Bellevue Asset Management, creates greater planning certainty for the coming years and reduces a key macro risk. According to Fritsch, changes are also emerging in Europe: «Political pressure is growing to adequately remunerate medical innovation, particularly for new product launches. As a result, companies are gaining negotiating power, and market entry strategies are being managed more actively. Pricing issues are thus losing their dominant influence on valuations, while innovation and commercial execution are moving further into the foreground.»</p>
<div class="lb-trans"><p><strong>Marcel Fritsch</strong>，贝尔维尤资产管理公司的医疗基金与委托负责人表示，这为未来几年创造了更大的规划确定性，并降低了一个关键的宏观风险。Fritsch 指出，欧洲也出现了变化：“政治压力正在增加，以适当补偿医疗创新，特别是针对新产品的推出。因此，公司获得了谈判权力，市场进入策略也在更积极地管理。因此，定价问题正在失去对估值的主导影响，而创新和商业执行则愈发突出。”</p>
</div><p><strong>Biotech: Operational progress underpins sentiment</strong></p>
<div class="lb-trans"><p><strong>生物科技：运营进展支撑情绪</strong></p>
</div><p>In the biotech and pharmaceutical sector, according to the Zurich-based healthcare specialist, the focus was less on takeover speculation and more on operational progress. «After a pronounced M&amp;A phase last year, the conference was relatively quiet in terms of new deals, but the operational signals were broadly constructive,» he says. Preliminary financial figures and updated outlooks provided a stabilizing effect.</p>
<div class="lb-trans"><p>在生物科技和制药行业，根据这位总部位于苏黎世的医疗专家的说法，关注点不再是收购猜测，而是运营进展。“在经历了去年明显的并购阶段后，会议在新交易方面相对平静，但运营信号总体上是积极的，” 他说。初步财务数据和更新的前景提供了稳定的效果。</p>
</div><p>From an investor perspective, Fritsch highlights visible progress in product launches and pipelines as decisive. BridgeBio demonstrated growing market traction with Attruby in the treatment of ATTR cardiomyopathy and has several near-term clinical catalysts. Madrigal strengthened confidence in sustained demand for Rezdiffra, supported by rising diagnosis rates in liver disease and the build-up of a long-term, viable franchise. BioNTech impressed with the breadth and depth of its oncology pipeline and a high density of late-stage clinical trials. Overall, the conference showed that innovation is once again being assessed in a more differentiated way, and that operational execution is increasingly driving investor confidence.</p>
<div class="lb-trans"><p>从投资者的角度来看，Fritsch 强调产品推出和管道的明显进展是决定性的。BridgeBio 在 ATTR 心肌病治疗中展示了 Attruby 的市场吸引力，并且有多个近期临床催化剂。Madrigal 增强了对 Rezdiffra 持续需求的信心，这得益于肝病诊断率的上升和长期可行的特许经营的建立。BioNTech 以其肿瘤学管道的广度和深度以及高密度的晚期临床试验给人留下深刻印象。总体而言，会议表明创新再次以更具差异化的方式进行评估，而运营执行越来越推动投资者信心。</p>
</div><p><strong>Medtech: Penumbra acquisition sets a marker</strong></p>
<div class="lb-trans"><p><strong>医疗科技：Penumbra 收购设定标杆</strong></p>
</div><p>This assessment also applies to the medtech sector, according to Fritsch: «Discussions with large companies showed that business is largely running according to plan and that annual targets appear achievable.» Intuitive Surgical, for example, reported a significant increase in procedure volumes, underlining robust medical demand. A strategic signal was sent by Boston Scientific with its acquisition of Penumbra for $14.5 billion, a provider of innovative therapies with strong growth potential. Penumbra also significantly exceeded market expectations in terms of revenue growth. Positive trends are evident in adjacent segments as well. Companies that had previously underperformed are returning to a growth trajectory, while providers of life sciences tools are benefiting from a gradual recovery in demand. The segment remains an important innovation driver within the healthcare system.</p>
<div class="lb-trans"><p>Fritsch 表示，这一评估同样适用于医疗科技行业：“与大型公司的讨论表明，业务基本上按照计划进行，年度目标似乎可实现。” 例如，Intuitive Surgical 报告了程序量的显著增加，强调了强劲的医疗需求。波士顿科学以 145 亿美元收购 Penumbra，传达了一个战略信号，Penumbra 是一家具有强大增长潜力的创新疗法提供商。Penumbra 在收入增长方面也显著超出市场预期。相邻领域也显现出积极趋势。此前表现不佳的公司正在恢复增长轨迹，而生命科学工具的供应商则受益于需求的逐步恢复。该领域仍然是医疗系统内一个重要的创新驱动因素。</p>
</div><p><strong>Attractive valuations require active selection</strong></p>
<div class="lb-trans"><p><strong>吸引人的估值需要主动选择</strong></p>
</div><p>According to Fritsch, the healthcare sector currently offers investors an attractive entry point. Despite improving operational prospects and growing visibility, many companies continue to trade at valuation discounts relative to the broader equity market. At the same time, dispersion within the sector remains significant. While some companies benefit from innovation, successful product launches and structural growth, others are lagging behind. For investors, this means that broad market exposure is insufficient. Value creation lies in active selection and in-depth analysis of business models, pipeline quality and execution capabilities. In this environment, healthcare can once again be positioned as a strategically relevant core allocation that combines stability with growth.</p>
<div class="lb-trans"><p>Fritsch 表示，医疗行业目前为投资者提供了一个有吸引力的入场点。尽管运营前景改善且可见性增强，许多公司仍然相对于更广泛的股市交易于估值折扣。同时，行业内部的差异仍然显著。虽然一些公司受益于创新、成功的产品推出和结构性增长，但其他公司则落后于人。对于投资者而言，这意味着广泛的市场曝光是不够的。价值创造在于主动选择和对商业模式、管道质量及执行能力的深入分析。在这种环境下，医疗行业可以再次被定位为一个战略相关的核心配置，结合了稳定性与增长。</p>
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瑞士医疗保健行业的领军者看到市场有所改善