《大行報告》中金:基金對醫藥業配置已降至非常低水平 核心公司吸引力逐漸顯現
中金發表報告表,過去一周受美國加息預期及疫情反覆的影響,股市整體出現了較大幅度的調整,醫藥行業中估值水平較高的核心資產和CXO(研發及生產外包服務)、醫療服務等子行業特別明顯。從資金面看,該行認為全行業基金對醫藥行業的配置已經降到了非常低的水平;從核心公司的估值水平來看,已經降低至近三年的中下水平,估值吸引力逐漸顯現。
該行指,雖有短期疫情影響,但龍頭公司通過較強的經營管理能力,仍然保持強勁的增長,在疫情中積極承擔抗疫職責,進一步提升了社會口碑;建議積極關注愛爾眼科(300015.SZ)、海吉亞醫療(06078.HK)、通策醫療(600763.SH)等。至於CXO(研發及生產外包服務)板塊,目前正處在調整消化估值的階段,中金認為2021年報時預計會披露的2022至2023年訂單情況以及2022年產能擴張規劃將成為較強催化劑,局勢將進一步明朗,指CXO依舊是2022年不錯的配置型資產,板塊核心標的在回調後的配置機會值得關注。
中金指港股看好藥明生物(02269.HK)、信達生物(01801.HK)、康諾亞-B(02162.HK)、康方生物-B(09926.HK)、榮昌生物-B(09995.HK)、海吉亞醫療及時代天使(06699.HK)。
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