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大行評級|中銀國際:預計明年醫療行業將重新評級 首選康方生物、百濟神州、康龍化成及翰森製藥

中銀國際發表報吿指,預計明年中國醫療行業將重新評級,主要原因是政府持續支持創新以及對醫保和商保的利好政策、美國利率下調導致投資者對中國醫療的風險偏好增加以及醫療公司的成本控制和盈利能力改善。

對於生物技術,該行建議關注在內部創新、全球化和盈利前景方面表現出色的公司。對於CXO,由於近期業績穩健、潛在降息和估值吸引,投資者興趣有所上升。雖然存在立法干擾,該行預計強韌的海外需求將帶來該板塊重新評級的機會。對於製藥,該行認為專注於真實未滿足需求的產品或服務仍是該行業的重點。

對於醫療服務,該行認為一些與老齡化人口更相關的治療領域可能會保持強勁增長,同時可自由支配的醫療服務將受益於消費的財政刺激。另外,該行料醫療器械將受益於設備更新刺激,而特朗普政府關税的不確定性以及對大型醫療器械實施集採的可能性或影響投資者情緒。醫用耗材方面,國家採購招標規則變得更加可預測,將提升市場情緒。

中銀國際稱基於對三大關鍵主題的選股,即全球擴張、創新領導力和基本面改善,首選康方生物、百濟神州、康龍化成及翰森製藥。

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