《大行》交銀國際:特朗普稱加大對引進中國藥品限制實際影響有限 擇時佈局創新藥產業
交銀國際發表報告指,本周恆生醫療保健指數跌3%,跑輸大市。其中,醫院、器械及處方藥板塊表現較於其他子板塊較優。該行指,醫療行業波動中內外資略有分歧,擇時佈局創新藥產業。
該行指,機構持倉回顧下,9月以來,內資通過港股通的持股比例保持穩定,而外資在港股醫藥的持倉則從年中開始略有回落。本周,內資增持龍頭及創新藥企,外資則對於性價比較高的CXO企業有所增持,對於內資加倉的創新標的則有所減持。
據紐約時報報道,特朗普總統近期聲稱要加大對引進中國藥品的限制,該行認為實際影響有限。在創新藥板塊普漲之後,建議在板塊回調時逐步佈局,並推薦關注以下細分方向,創新藥有三生製藥(01530.HK)、德琪醫藥-B(06996.HK)短期催化劑豐富、估值仍未反映核心大單品價值,先聲藥業(02096.HK)、和黃醫藥(00013.HK)、傳奇生物(LEGN.US)被明顯低估、長期成長邏輯清晰;CXO方面,受益於下游高景氣度和融資邊際回暖的細分賽道龍頭,如藥明合聯(02268.HK)。
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