---
title: "銀河證券：醫藥板塊估值近期已呈現顯著結構性修復趨勢"
description: "銀河證券研報指出，醫藥板塊估值經歷調整後，近期顯現結構性修復趨勢。儘管公募基金持倉水平低於歷史均值，預計 2025 年在政策支持下支付端將改善，創新藥械將受益。看好醫藥創新，全球央行降息將推動估值提升；醫藥投融資有望復甦，二級市場回暖將帶動一級市場；醫療器械市場觸底回升，招投標數據改善。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/262743607.md"
published_at: "2025-10-26T04:21:32.000Z"
---

# 銀河證券：醫藥板塊估值近期已呈現顯著結構性修復趨勢

> 銀河證券研報指出，醫藥板塊估值經歷調整後，近期顯現結構性修復趨勢。儘管公募基金持倉水平低於歷史均值，預計 2025 年在政策支持下支付端將改善，創新藥械將受益。看好醫藥創新，全球央行降息將推動估值提升；醫藥投融資有望復甦，二級市場回暖將帶動一級市場；醫療器械市場觸底回升，招投標數據改善。

銀河證券研報認為，醫藥板塊估值經歷較長時間調整，近期已呈現顯著結構性修復趨勢，但公募基金重倉持倉水平仍低於歷史均值，2025 年在支持引導商保發展的政策背景下，支付端有望邊際改善，創新藥械有望獲益。1）持續看好醫藥創新：下半年創新藥 BD 仍將持續，全球主要央行利率降息趨勢有望推動估值進一步提升。2）醫藥投融資有望復甦：二級市場行情回暖驅動一級市場投融資回升，CXO 及上游景氣度持續向好。3）醫療器械觸底回升：招投標數據已有好轉，以舊換新積壓需求逐步釋放。

## Related News & Research

| Title | Description | URL |
|-------|-------------|-----|
| Is LeMaitre Vascular (LMAT) Pricing Too Rich After Mixed Long Term Returns? | LeMaitre Vascular (LMAT) is currently priced at approximately $89.25, but analysis suggests it may be overvalued by 30.2 | [Link](https://longbridge.com/zh-HK/news/276201230.md) |
| A Look At Envista Holdings (NVST) Valuation After Recent Share Price Momentum | Envista Holdings (NVST) has seen a recent share price increase, closing at $28.97, with a 1-month return of 14.78% and a | [Link](https://longbridge.com/zh-HK/news/276102947.md) |
| Palmer Luckey Says Don't Trust A Boss Who Pretends Money Doesn't Matter, Oculus Founder Who Once Earned Minimum Wage Explains | Palmer Luckey, founder of Oculus, advises employees to be cautious of bosses who claim money doesn't matter, reflecting  | [Link](https://longbridge.com/zh-HK/news/276012773.md) |
| Robert Potashnick Buys 212,500 Shares of Envoy Medical (NASDAQ:COCH) Stock | CFO Robert Potashnick of Envoy Medical (NASDAQ:COCH) purchased 212,500 shares at $0.40 each, totaling $85,000, increasin | [Link](https://longbridge.com/zh-HK/news/276217388.md) |
| Assetmark Inc. Sells 26,486 Shares of West Pharmaceutical Services, Inc. $WST | Assetmark Inc. has reduced its stake in West Pharmaceutical Services, Inc. by 63.9%, selling 26,486 shares during Q3, le | [Link](https://longbridge.com/zh-HK/news/276214370.md) |

---

> **免責聲明**：本文內容僅供參考，不構成任何投資建議。