摩根士丹利：2026年中国生物科技：创新黎明2.0（英文版）

China biotech’s first re-rating came from global relevance: Outbound licensing proved China-originated assets belong in the global innovation pool. The next phase is value capture: retaining economics, carrying global risk, and converting scarcity into stronger terms. By our estimate, NewCo/co-development structures could lift retained NPV by c.35-41% vs straight licensing when risk, dilution and obligations are manageable.The mechanism is risk allocation plus scarcity premium: China licensin