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《大行報告》中金:醫藥板塊調整後已具備配置價值 港股看好藥明生物及信達生物等
中金髮表研究報告指出,新冠口服特效藥取得突破進展,有望真正終結新冠病毒流行。輝瑞公司(PFE.US)於上週五(5日)宣佈,其抗新冠病毒藥PF-07321332 (3CL蛋白(酉每)抑制劑)與利託那韋(ritonavir)聯合製劑Paxlovid,可將高危患者的住院率和死亡率降低89%。Paxlovid的安全性良好,且療效可與中和抗體媲美,優於默沙東的小分子藥物Molnupiravir。 該行指出,2021年度醫藥談判已經陸續啓動,醫保談判已成爲創新藥放量的重要催化劑。今年醫保談判中,PD-1抗體的大適應症的續談,以及多款獨家品種,例如貝達藥業的恩莎替尼,榮昌生物(09995.HK)的泰它西普和HER2 ADC,和黃醫藥(00013.HK)的索凡替尼和賽沃替尼等都值得關注。 此外,該行認爲醫藥板塊經歷大幅調整,已具備配置價值,主要由於政策預期已經較爲充分,市場情緒較爲悲觀;經過大幅的調整,很多公司的估值已經進入合理區間,尤其是港股經過深度調整,性價比已逐步顯現;醫保政策本質上還是在淘汰醫藥的落後產能,使市場資源能夠更多向有創新能力的優質企業集中,醫保支出本身增速並未出現大幅下滑,新的增量領域在不斷涌現。 該行看好港股包括藥明生物(02269.HK)、信達生物(01801.HK)、康諾亞(02162.HK)、康方生物(09926.HK)、榮昌生物、海吉亞醫療(06078.HK)及時代天使(06699.HK)。注意風險包括藥品研發失敗,以及政策對價格壓制超預期。
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