Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant increases in constituent stocks and the Hang Seng Healthcare ETF, indicating positive market sentiment in the healthcare sector [1][4]. Group 1: Market Performance - As of April 1, 2025, the HSHCI rose by 2.09%, with notable gains in stocks such as Genscript Biotech (8.36%) and Haijia Medical (7.74%) [1]. - The Hang Seng Healthcare ETF (513060) opened high and increased by 2.53%, with a latest price of 0.49 HKD and a trading volume of 1.28 billion HKD, achieving a turnover rate of 0.97% [1]. Group 2: ETF Growth and Performance Metrics - The Hang Seng Healthcare ETF has seen a significant growth of 2.648 billion HKD in size over the past year, ranking in the top third among comparable funds [4]. - The ETF's financing buy-in amount reached 322 million HKD, with a financing balance of 545 million HKD [4]. - Since its inception, the ETF recorded a highest monthly return of 28.34% and an average monthly return of 7.01% [4]. - The ETF's Sharpe ratio for the past year is 1.40, indicating strong risk-adjusted returns [4]. Group 3: Valuation and Industry Outlook - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 25.11, placing it in the 2.17% percentile over the past year, suggesting it is undervalued compared to historical levels [5]. - The National Medical Products Administration reported that 48 innovative drugs were approved in 2024, covering various therapeutic areas, indicating a robust pipeline for the pharmaceutical industry [5]. - Recent policies are shifting from cost control to encouraging innovation, with a focus on leading companies with strong international capabilities [5]. Group 4: Index Composition - As of March 31, 2025, the top ten weighted stocks in the HSHCI include WuXi Biologics, BeiGene, and Innovent Biologics, collectively accounting for 56.21% of the index [6].

Investment Rating - The report recommends a selection of ten stocks across various sectors, indicating a positive outlook for these companies [4]. Core Insights - The report highlights the potential for double-digit growth in earnings for companies like China Biopharmaceuticals and Sichuan Road and Bridge, driven by strong market demand and innovative product pipelines [5][6]. - The report emphasizes the importance of product differentiation and market positioning for companies such as Maogeping and Transsion Holdings, which are expected to benefit from their unique offerings and market strategies [10][11]. - The report also notes the significant land value gains and high dividend yields for Shenzhen International, suggesting a favorable investment environment [14]. Summary by Sector 1. Pharmaceuticals - China Biopharmaceuticals (1177.HK) is expected to achieve nearly 50% revenue from innovative drugs by 2025, with a strong growth trajectory anticipated [5]. 2. Construction - Sichuan Road and Bridge (600039.SH) is projected to see a turnaround in performance due to new demand from infrastructure projects in central and western China, alongside attractive dividend yields [6]. 3. Media - Kaiying Network (002517.SZ) is building a solid foundation with nostalgic products and a rich pipeline of new games set to launch in 2025, alongside investments in AI-driven products [7][9]. 4. Electronics - Transsion Holdings (688036.SH) is focusing on emerging markets, with a projected shipment of 106.9 million smartphones in 2024, aiming to enhance its market position through increased R&D investment [10]. 5. Consumer Goods - Maogeping (1318.HK) is positioned as a leading high-end domestic cosmetics brand, with a strong product expansion strategy and high offline repurchase rates [11]. 6. Transportation - Shenzhen International (0152.HK) is expected to benefit from significant land value gains and maintain a 50% dividend payout ratio, enhancing its investment appeal [14]. 7. Agriculture - Haida Group (002311.SZ) is entering a phase of cash flow release, with domestic growth and overseas expansion expected to drive performance [15]. 8. Overseas - Weishi Jiajie (0856.HK) is a leading tech service platform in the Asia-Pacific region, benefiting from the AI wave and digital transformation trends [16]. - Yum China (9987.HK) is focusing on market share growth through strategic repurchase plans and robust governance [18]. 9. North Exchange - Minshida (833394.BJ) is the first domestic manufacturer of aramid paper, with a strong market position and growth potential in high-performance applications [19][20].

Investment Rating - The report maintains a "Buy" rating for China National Pharmaceutical Group (1177) [3][8]. Core Insights - The company has demonstrated impressive performance, with innovative product revenue continuing to rise and significant cost reduction and efficiency improvements [3][8]. - The company achieved a revenue of 28.87 billion RMB in 2024, reflecting a year-on-year increase of 10.2%, and a net profit of 3.5 billion RMB, which is a 50.1% increase year-on-year [8]. - The revenue from innovative products reached 12.06 billion RMB in 2024, a 21.9% increase year-on-year, accounting for 41.8% of total revenue [8]. - The company is expected to see multiple new drug approvals in 2025, which will further drive revenue growth [8]. Financial Summary - Revenue for 2022 was 28.78 billion RMB, decreased to 26.19 billion RMB in 2023, and is projected to increase to 28.87 billion RMB in 2024, with further growth expected in subsequent years [7]. - The gross profit for 2024 is estimated at 23.53 billion RMB, with a gross margin of 81.5%, showing a slight increase from the previous year [8]. - The adjusted net profit for 2024 is projected at 34.6 billion RMB, reflecting a 33.5% increase year-on-year [8].

中信证券 创新药和集采政策趋势 20250330 摘要 Q&A 当前医药板块在政策方面有哪些重要变化？ 近期，医药板块在政策方面出现了显著变化，尤其是集采政策的优化和商保的 快速落地。首先，关于集采政策，上周业内流传的相关内容显示，第十批集采 相关舆情之后，医保监管部门进行了相应调整。在两会期间，总理报告中提到 要"优化集采"和"完善药品价格形成机制"，这表明未来将更多体现市场化 竞争机制。这一变化缓解了过去对行业估值压制的担忧。 具体而言，此次调整 可能使得更多差异化和品牌类型产品能够进入市场，从而重新评估市场模型。 • 集采政策优化及医保支付标准调整：两会期间强调"优化集采"和"完善 药品价格形成机制"，预示着市场化竞争机制的回归，缓解了行业估值压 制，利好差异化和品牌类型产品，降低非医保支付品类的价格干预风险。 • 多元化支付体系加速构建：商业健康险目录的推出，特别是城市定制型商 业医疗保险如上海"全药保"，覆盖更多创新药和进口原料药，为临床刚 需创新药提供新的支付契机，预计商业保险市场规模将超万亿。 • 创新药企迎来发展机遇：恒瑞医药、百济神州、信达生物等企业预计实现 首次或持续盈利，并可能推出重磅产 ...

今日港股回调，创新药再度逆市上涨！港股通创新药ETF（159570）强势大涨近3%，成交额继续爆量，盘中成交近5亿元！上周五成交额再度刷新历史，天 量成交16.49亿元！资金持续乐观，上周累计获资金净流入近2亿元，今日盘中再获净申购4300万份！ 港股通创新药ETF（159570）成分股多数飘红：乐普生物涨超12%，百济神州涨超5%，信达生物涨超3%，晶泰控股涨超2%，康方生物、药明生物、科伦博 泰生物涨超1%。 资金狂涌创新药，港股通创新药ETF（159570）近60日"吸金"近10亿元，融资余额保持历史高位，反映杠杆资金布局意愿！最新规模19.27亿元创上市新 高，1个月实现规模翻倍！ 【机构：医药见底回暖，创新药主线强化】 光大证券认为，医药行情见底回暖，优化集采政策有望稳定资产盈利能力。近期，医药行情整体已显现见底回暖迹象，从2025.1.2~2025.3.27期间，港股创 新药指数上涨26.28%，跑赢恒生科技1.20pp。2025年工作报告提出"优化药品集采政策"，有望优化产业竞争环境，仿制药利润压缩接近尾声，竞争格局趋于 稳定，龙头白马企业凭借技术壁垒与产能优势，盈利能力有望企稳。后集采时代，行 ...

Group 1 - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.80%, with notable gains from companies such as Lepu Biopharma-B (up 16.56%) and Zai Lab (up 10.27%) [1] - The Hang Seng Medical ETF (513060) has risen by 2.11%, marking its third consecutive increase, with a trading volume of 4.69 billion yuan [1][2] - The second Boao Lecheng Stem Cell Conference has opened, marking a new phase of standardized and high-quality development in China's stem cell industry [2] Group 2 - Financial analysts predict that the approval and implementation of more projects in the stem cell sector will lead to advanced treatment methods benefiting the public [2] - The domestic medical innovation industry is expected to experience multiple growth opportunities, particularly for companies with true innovation capabilities in new drug development [2] - The Hang Seng Medical ETF has seen a significant growth in scale, increasing by 34.09 billion yuan over the past year, ranking in the top third among comparable funds [2] Group 3 - Since its inception, the Hang Seng Medical ETF has achieved a maximum monthly return of 28.34% and an average monthly return of 7.00% [3] - The ETF has outperformed its benchmark with an annualized excess return of 2.02% over the past year [3] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [3] Group 4 - The tracking error of the Hang Seng Medical ETF is 0.033%, the highest tracking precision among comparable funds [4] - The latest price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Healthcare Index is 24.97, indicating it is at a historical low compared to the past year [4] - The top ten weighted stocks in the Hang Seng Medical Healthcare Index account for 55.64% of the index, with companies like WuXi Biologics and BeiGene among the leaders [4][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has achieved double-digit growth in both revenue and profit, with a focus on the global progress of its innovative pipeline [5][7] - The company reported a revenue of 28.87 billion RMB in 2024, representing a year-on-year growth of 10.2%, and an adjusted net profit of 3.46 billion RMB, up 33.5% year-on-year [7] - The revenue from innovative products reached 12.06 billion RMB in 2024, growing by 21.9%, accounting for 41.8% of total revenue [7] - The company has a rich pipeline of innovative products with high potential for international expansion [7] - The management has improved efficiency, leading to an increase in profit margins [7] Financial Forecasts and Valuation - The company expects to maintain double-digit growth in 2025, with projected revenues of 32.56 billion RMB and a net profit of 4.64 billion RMB, reflecting year-on-year growth rates of 12.8% and 32.6% respectively [6][7] - The earnings per share (EPS) is projected to be 0.25 RMB in 2025, with a price-to-earnings (P/E) ratio of 13.55 [6][7] - The company’s return on equity (ROE) is expected to be 12.7% in 2025 [6]

Investment Rating - The report maintains an "Outperform" rating for Sino Biopharmaceutical [2][11][17] Core Insights - The company achieved revenue of CNY 28.9 billion in FY24, reflecting a year-on-year growth of 10.2%, with a gross profit margin of 81.5% [3][14] - Innovative products are expected to drive double-digit revenue growth in FY25, particularly in oncology and surgery/analgesia segments [4][15] - The company plans to launch seven innovative products in FY25, including key candidates such as TQB3616 and Meloxicam [5][16] Financial Performance - FY24 revenue was CNY 28.9 billion, with a net profit of CNY 3.5 billion, marking a 50.1% increase year-on-year [3][14] - R&D expenses increased by 15.6% to CNY 5.1 billion, representing 17.6% of total revenue [3][14] - The company expects revenue to reach CNY 32.4 billion in FY25, a growth of 12.3% year-on-year [6][16] Product Segments - Revenue from innovative drugs reached CNY 12.1 billion, up 22% year-on-year, while generics contributed CNY 16.8 billion, growing 3% [4][15] - The oncology segment generated CNY 10.7 billion, driven by strong sales of key products [18] - The surgery/analgesia segment saw a revenue increase of 19% to CNY 4.5 billion, supported by the sales of Flurbiprofen Cataplasms [18] Future Outlook - The company anticipates significant contributions from new product launches and clinical data readouts in 2025 [5][16] - Management expects the liver diseases segment to introduce one innovative drug and five biosimilars/generics between 2025 and 2027 [18] - The report projects a target price of HKD 5.52 for the stock, based on a P/E ratio of 25.2x for 2025 [6][17]

Investment Rating - The report maintains an "Outperform" rating for Sino Biopharmaceutical [2][11][17] Core Insights - The company achieved revenue of CNY 28.9 billion in FY24, reflecting a year-on-year growth of 10.2% with a gross profit margin of 81.5% [3][14] - Innovative products are expected to drive double-digit revenue growth in FY25, particularly in oncology and surgery/analgesia segments [4][15] - The company plans to launch seven innovative products in FY25, including key candidates such as TQB3616 and Meloxicam [5][16] Financial Performance - FY24 revenue was CNY 28.9 billion, with a net profit of CNY 3.5 billion, marking a 50.1% increase year-on-year [3][14] - R&D expenses increased by 15.6% to CNY 5.1 billion, representing 17.6% of total revenue [3][14] - The company expects revenue to reach CNY 32.4 billion in FY25, a growth of 12.3% year-on-year [6][16] Segment Performance - Revenue from innovative drugs reached CNY 12.1 billion, up 22% year-on-year, while generics contributed CNY 16.8 billion, growing 3% [4][15] - The oncology segment generated CNY 10.7 billion, driven by strong sales of key products [18] - The surgery/analgesia segment saw a revenue increase of 19% to CNY 4.5 billion, primarily due to the sales of Flurbiprofen Cataplasms [18] Valuation - The target price is adjusted to HKD 5.52, based on a 2025E PE of 25.2x [6][17] - The report reflects a slight adjustment in revenue forecasts for 2025-26 due to uncertainties in biosimilar revenue growth [6][16]

Investment Rating - The report maintains a "BUY" rating for Sino Biopharm with a target price of HK$4.50, up from a prior target price of HK$4.20, indicating a potential upside of 22% from the current price of HK$3.70 [1][10]. Core Insights - Sino Biopharm reported a revenue increase of 10.2% year-on-year to RMB28.9 billion, slightly below expectations, while adjusted net profit surged by 33.5% year-on-year to RMB3.46 billion, exceeding market expectations. The management anticipates continued double-digit growth in revenue driven by innovative and biosimilar drugs, alongside stable growth in generic drugs [3][7]. - The company has fine-tuned its revenue forecasts and adjusted its expense assumptions, leading to the revised target price. The management expects to achieve double-digit growth in 2025, with innovative drug sales projected to contribute significantly to revenue [3][10]. Financial Forecasts - Revenue projections for Sino Biopharm are as follows: RMB32.17 billion for 2025, RMB34.20 billion for 2026, and RMB35.62 billion for 2027. The reported net profit is expected to be RMB3.28 billion in 2025, with core EPS projected at RMB0.174 [5][14]. - The report indicates a gross margin improvement to 81.6% in 2025, with operating profit margins expected to stabilize around 23% [14][16]. Key Performance Metrics - The company achieved a gross profit of RMB23.53 billion in 2024, with a gross margin of 82%. The selling and administrative expenses ratio decreased slightly to 42.1% [11][16]. - The report highlights a significant increase in the sales of innovative drugs, which grew by 21.9% year-on-year, accounting for 41.8% of total revenue [7][11]. Market Position and Strategy - Sino Biopharm's management plans to expand its innovative drug portfolio, expecting to have over 30 innovative drugs by the end of 2027, which will enhance revenue contributions from these products [7][8]. - The company is also focusing on cost control while anticipating a slight increase in R&D expenses in absolute terms, with a goal of maintaining profitability [7][10].