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《大行報告》摩通:調整後可關注優質藥股 包括藥明生物(02269.HK)及藥明康德(02359.HK)等
摩根大通發表報告表示,MSCI中國醫療服務行業指數自6月28日高位以來已累積調整18%,相信調整市場關注內地近期監管政策收緊包括教育、互聯網及內房行業所產生的溢出效應,並留意到內地線上醫療服務股呈現較大調整,但該行認為這些規定可能對中國醫療保健行業並無直接的基本面影響,但上述事件削弱了行業的市場估值,並認為調整後創造投資機會。

該行在近期拋售後會關注的一些具優質中資醫藥股,包括藥明生物(02269.HK)、藥明康德(02359.HK)(603259.SH)、金斯瑞生物科技(01548.HK)、邁瑞(300760.SZ)、榮昌生物(09995.HK)和恆瑞醫藥(600276.SH)。

摩通指,認為內地醫療監管主題明確:展望未來,預計內地醫療監管將繼續圍繞三大主題,第一是促進國內創新、第二是提高質量、第三是提高患者的可負擔性和可及性。在這些監管框架的指導下,該行預計會有更多的支持性政策以鼓勵創新(如簡化審查和批准程序)。該行亦預計監管措施會提高臨床試驗的標準和提高產品質量,並預計相對較老的、仿製藥、器械/及耗材的降價將繼續。

該行表示,具有強大創新能力和管理執行力的藥企,料將在長期表現向好,該行繼續看好基本面穩健且估值合理的藥企。

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