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    中金公司发布2026年下半年生物医药展望，指出创新药板块虽受宏观环境、流动性轮转等因素影响进入短期估值回调阶段，但license out和new co等国际化路径持续验证，国内外投融资回暖为CXO上游产业带来明确订单增量，中长期崛起趋势不改。

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