<p>2026 年在舊金山舉行的摩根大通醫療會議——年初醫療行業最重要的投資者會議——傳達了日益穩定的局面。會議的一個關鍵信號是對價格監管擔憂的明顯緩解，特別是在美國。領先的製藥公司報告稱，與美國政府達成的近期協議被視為範圍有限且大體可控。</p>
<p><strong>Marcel Fritsch</strong>，貝爾維尤資產管理公司的醫療基金與委託負責人表示，這為未來幾年創造了更大的規劃確定性，並降低了一個關鍵的宏觀風險。Fritsch 指出，歐洲也出現了變化：“政治壓力正在增加，以適當補償醫療創新，特別是針對新產品的推出。因此，公司獲得了談判權力，市場進入策略也在更積極地管理。因此，定價問題正在失去對估值的主導影響，而創新和商業執行則愈發突出。”</p>
<p><strong>生物科技：運營進展支撐情緒</strong></p>
<p>在生物科技和製藥行業，根據這位總部位於蘇黎世的醫療專家的説法，關注點不再是收購猜測，而是運營進展。“在經歷了去年明顯的併購階段後，會議在新交易方面相對平靜，但運營信號總體上是積極的，” 他説。初步財務數據和更新的前景提供了穩定的效果。</p>
<p>從投資者的角度來看，Fritsch 強調產品推出和管道的明顯進展是決定性的。BridgeBio 在 ATTR 心肌病治療中展示了 Attruby 的市場吸引力，並且有多個近期臨牀催化劑。Madrigal 增強了對 Rezdiffra 持續需求的信心，這得益於肝病診斷率的上升和長期可行的特許經營的建立。BioNTech 以其腫瘤學管道的廣度和深度以及高密度的晚期臨牀試驗給人留下深刻印象。總體而言，會議表明創新再次以更具差異化的方式進行評估，而運營執行越來越推動投資者信心。</p>
<p><strong>醫療科技：Penumbra 收購設定標杆</strong></p>
<p>Fritsch 表示，這一評估同樣適用於醫療科技行業：“與大型公司的討論表明，業務基本上按照計劃進行，年度目標似乎可實現。” 例如，Intuitive Surgical 報告了程序量的顯著增加，強調了強勁的醫療需求。波士頓科學以 145 億美元收購 Penumbra，傳達了一個戰略信號，Penumbra 是一傢俱有強大增長潛力的創新療法提供商。Penumbra 在收入增長方面也顯著超出市場預期。相鄰領域也顯現出積極趨勢。此前表現不佳的公司正在恢復增長軌跡，而生命科學工具的供應商則受益於需求的逐步恢復。該領域仍然是醫療系統內一個重要的創新驅動因素。</p>
<p><strong>吸引人的估值需要主動選擇</strong></p>
<p>Fritsch 表示，醫療行業目前為投資者提供了一個有吸引力的入場點。儘管運營前景改善且可見性增強，許多公司仍然相對於更廣泛的股市交易於估值折扣。同時，行業內部的差異仍然顯著。雖然一些公司受益於創新、成功的產品推出和結構性增長，但其他公司則落後於人。對於投資者而言，這意味着廣泛的市場曝光是不夠的。價值創造在於主動選擇和對商業模式、管道質量及執行能力的深入分析。在這種環境下，醫療行業可以再次被定位為一個戰略相關的核心配置，結合了穩定性與增長。</p>

生物科技 ETF - VanEck Vectors

波士頓科學

BBIO

<p>全球醫療保健行業正在重新獲得投資者的關注，隨着對價格監管的擔憂減輕，尤其是在美國，市場對基本面的關注逐漸增強。2026 年摩根大通醫療保健會議強調了生物技術和醫療技術領域的運營進展，BridgeBio 和 BioNTech 等公司展現出令人鼓舞的發展。波士頓科學收購 Penumbra 標誌着醫療技術領域強勁的增長潛力。儘管前景改善，許多醫療保健公司仍然被低估，這強調了在投資策略中需要進行積極的選擇和分析</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 年在舊金山舉行的摩根大通醫療會議——年初醫療行業最重要的投資者會議——傳達了日益穩定的局面。會議的一個關鍵信號是對價格監管擔憂的明顯緩解，特別是在美國。領先的製藥公司報告稱，與美國政府達成的近期協議被視為範圍有限且大體可控。</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>，貝爾維尤資產管理公司的醫療基金與委託負責人表示，這為未來幾年創造了更大的規劃確定性，並降低了一個關鍵的宏觀風險。Fritsch 指出，歐洲也出現了變化：“政治壓力正在增加，以適當補償醫療創新，特別是針對新產品的推出。因此，公司獲得了談判權力，市場進入策略也在更積極地管理。因此，定價問題正在失去對估值的主導影響，而創新和商業執行則愈發突出。”</p>
</div><p><strong>Biotech: Operational progress underpins sentiment</strong></p>
<div class="lb-trans"><p><strong>生物科技：運營進展支撐情緒</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>在生物科技和製藥行業，根據這位總部位於蘇黎世的醫療專家的説法，關注點不再是收購猜測，而是運營進展。“在經歷了去年明顯的併購階段後，會議在新交易方面相對平靜，但運營信號總體上是積極的，” 他説。初步財務數據和更新的前景提供了穩定的效果。</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>從投資者的角度來看，Fritsch 強調產品推出和管道的明顯進展是決定性的。BridgeBio 在 ATTR 心肌病治療中展示了 Attruby 的市場吸引力，並且有多個近期臨牀催化劑。Madrigal 增強了對 Rezdiffra 持續需求的信心，這得益於肝病診斷率的上升和長期可行的特許經營的建立。BioNTech 以其腫瘤學管道的廣度和深度以及高密度的晚期臨牀試驗給人留下深刻印象。總體而言，會議表明創新再次以更具差異化的方式進行評估，而運營執行越來越推動投資者信心。</p>
</div><p><strong>Medtech: Penumbra acquisition sets a marker</strong></p>
<div class="lb-trans"><p><strong>醫療科技：Penumbra 收購設定標杆</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，這一評估同樣適用於醫療科技行業：“與大型公司的討論表明，業務基本上按照計劃進行，年度目標似乎可實現。” 例如，Intuitive Surgical 報告了程序量的顯著增加，強調了強勁的醫療需求。波士頓科學以 145 億美元收購 Penumbra，傳達了一個戰略信號，Penumbra 是一傢俱有強大增長潛力的創新療法提供商。Penumbra 在收入增長方面也顯著超出市場預期。相鄰領域也顯現出積極趨勢。此前表現不佳的公司正在恢復增長軌跡，而生命科學工具的供應商則受益於需求的逐步恢復。該領域仍然是醫療系統內一個重要的創新驅動因素。</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動選擇</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，醫療行業目前為投資者提供了一個有吸引力的入場點。儘管運營前景改善且可見性增強，許多公司仍然相對於更廣泛的股市交易於估值折扣。同時，行業內部的差異仍然顯著。雖然一些公司受益於創新、成功的產品推出和結構性增長，但其他公司則落後於人。對於投資者而言，這意味着廣泛的市場曝光是不夠的。價值創造在於主動選擇和對商業模式、管道質量及執行能力的深入分析。在這種環境下，醫療行業可以再次被定位為一個戰略相關的核心配置，結合了穩定性與增長。</p>
</div>

瑞士醫療保健行業的領軍者看到市場有所改善