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大行評級|里昂:政策環境對醫藥股更具支持性 增加石藥及恆瑞醫藥配置權重

里昂發表報告指,美國總統特朗普關於藥品定價的言論重新點燃市場波動。該行認爲,美國醫療系統多方支付結構限制政府定價權,任何有意義改革都將影響廣泛的利益相關者,使得實際實施高度不確定。

雖然對海外產品高峯銷售的擔憂正在增加,但美國對中國公司來說仍是增量市場。中國政策環境正變得更加具有支持性,特別是在藥品定價方面更加寬鬆。該行相信院內藥品銷售的復甦將是下一個國內週期的主要驅動力,4月數據已顯示出積極的改善跡象。

該行增加對領先製藥公司在其投資組合分配,包括石藥集團及恆瑞醫藥。此外,由於中美貿易衝突緩和,該行增加對藥明康德的配置。

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