大行评级｜大和：今年中国生物医药板块首选是信达生物与恒瑞医药

Group 1 - The core viewpoint of the report is that the Chinese biopharmaceutical sector experienced a comprehensive increase in 2025, and for 2026, a more selective stock-picking strategy is recommended, focusing on high-quality targets [1] Group 2 - Daiwa's top picks include Innovent Biologics and Hengrui Medicine, with Innovent's target price raised from HKD 95 to HKD 112, while Hengrui's target price remains at HKD 80 [1] - The rating for CanSino Biologics has been downgraded from "Buy" to "Hold," with its target price increased from HKD 100 to HKD 116 [1] - The rating for CSPC Pharmaceutical Group is maintained at "Sell," with a target price of HKD 6.6 [1]