China Meheco(SH:600056) 智通财经网·2025-12-05 02:49Core Viewpoint - The Hang Seng Healthcare Index increased by 0.5% this week, underperforming the broader market, with the biopharmaceutical, prescription drug, and medical device sectors showing better performance than others [1] Group 1: Market Trends - Domestic investors are leaning towards defensive strategies and profit-taking, primarily increasing positions in traditional and undervalued innovative pharmaceutical companies with stable internal growth [1] - Foreign investors are more active, focusing on leading companies and upstream segments in the innovation chain, including innovative drugs and CXO targets [1] Group 2: Regulatory Changes - The transition of the procurement rules for batches 1-8 to an inquiry-based model is expected to limit overall price reductions, with the impact on Hong Kong prescription drug manufacturers likely to be less than anticipated [1] Group 3: Future Catalysts - The industry has ample catalysts in December, including various academic conferences, the announcement of healthcare negotiation results, and potential interest rate cuts by the Federal Reserve, which may stabilize investment sentiment in the sector [1] Group 4: Recommended Focus Areas - The report recommends focusing on the following segments: 1) Innovative drugs: Companies like 3SBio (01530), Eucure Biopharma (06996), and BeiGene (06160) have rich short-term catalysts and their core product values are not yet reflected in their valuations; companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech (LEGN.US) are significantly undervalued with clear long-term growth logic [1] 2) CXO: Leaders in this segment, such as WuXi AppTec (02268), are benefiting from high downstream demand and marginal recovery in financing [1] 3) Hospital, medical device, and diagnostics sub-sectors are showing opportunities for reversal as regulatory uncertainties gradually ease [1]