Xin Lang Cai Jing·2025-09-15 02:37Core Viewpoint - The report from Credit Lyonnais indicates a structurally optimistic outlook for the Chinese pharmaceutical distribution industry despite the lack of a turnaround in the first half of the year [1] Industry Summary - Potential easing of medical insurance expenditures is anticipated, which could positively impact the industry [1] - Possible anti-involution measures in the healthcare sector are expected to optimize centralized procurement policies [1] - Strengthening of direct cash settlement from medical insurance funds is noted as a beneficial factor [1] - The domestic interest rate cut cycle is expected to improve the financial leverage of distributors [1] Company Summary - Credit Lyonnais raised the target price for China National Pharmaceutical Group (Sinopharm) from HKD 20 to HKD 24.5 [1] - The target price for Shanghai Pharmaceuticals' H-shares was increased from HKD 12.3 to HKD 14.2 [1] - The target price for China Resources Pharmaceutical was slightly decreased from HKD 5.9 to HKD 5.6, while maintaining an "outperform" rating [1] - Sinopharm is identified as the preferred choice among pure distributors by Credit Lyonnais [1]