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《大行報告》瑞銀:投資者看好中資醫藥股前景 喜愛增長股多於價值股
阿思達克 05-20 14:29
瑞銀發表報告表示,近年內地醫藥行業發展迅速,在MSCI中國指數的比重由2017年之2.5%升至今年5月中之5%,來自主動及被動基金之資金持續流入醫藥股,相信未來比重會逐步增加。

報告又指,今年至今中資醫藥股明顯跑贏恆指及上證指表現,主因基本面因素及行業於疫情具防守性。不過,內地醫藥股的估值差異越來越大,亦不預期短期內差距會收窄,因此投資者偏好增長股多於價值股。

該行補充,今年內地無盈利生物科技公司普遍獲市場重新調整估值,但部分公司在逐步進入變現階段時可能會令市場失望,而當資金流向從疫情中復甦時,該等股份或會經歷急劇的調整,因此建議選擇盈利穩健的生科股,如翰森製藥(03692.HK)等。

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