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《大行報告》瑞銀看好內地醫療保健板塊今年復甦 首選信達生物及海吉亞等
瑞銀發表研究報告,指申萬醫藥生物指數(801150.SI)及恆生醫療保健指數(HSHCI)去年分別跌23%及26%,該行料歸咎於多個因素,包括利率上升,地緣政局及新冠疫情反彈。今年該行對內地醫療保健板塊看法樂觀,因行業政策可預測度更高、企業基本面改善,以及板塊估值屆歷史谷底。隨著今年內地重新開放,料創新及復甦成兩大主題,並指在生物科技、醫療科技、藥店、醫療服務、CRO及疫苗板塊蘊藏機遇。 該行稱,去年醫療保健創新主要受疫情驅動,隨著行業政策可見度改善,料市場焦點將轉至其他新型處方藥、新型疫苗及創新醫療器材。中國頂尖CRO料受惠研發活動,而全球醫藥巨擘資金流向是需要跟縱的重要指標。 瑞銀表示,隨著中國撤出清零政策,在短期痛楚後料迎來復甦增長。線上及線下藥品零售商受惠於流量增加及新冠相關銷售,料今年全年具質素增長。該行料重新開放亦刺激保健服務需求。中醫藥亦是政策受惠板塊,料盈利持續復甦。醫美亦屬重新開放受惠板塊,料具良好規管中游製造商可受惠監管加強,而進一步擴大市佔。 在醫藥板塊中該行首選大參林(603233.SH)、信達生物(01801.HK)及海吉亞醫療(06078.HK)。其餘喜好股份包括榮昌生物(09995.HK)、藥明生物(02269.HK)、昭衍新藥(06127.HK)、 微創機器人-B(02252.HK)、翰森製藥(03692.HK)等。
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