Group 1 - The MSCI China Healthcare Index has increased by 0.6% since the beginning of 2026, outperforming the MSCI China Index by 3.5% [1] - The pharmaceutical industry has recently experienced a significant pullback, particularly in the innovative drug sector [1] - The government's work report has identified biomedicine as an emerging pillar industry, leading to a moderate recovery in risk appetite for the sector [1] Group 2 - The policy shift indicates a transition of the pharmaceutical industry from a "strategic emerging industry" to an "emerging pillar industry," suggesting that policy benefits across the entire value chain will continue to be released [1] - Breakthroughs in AI drug development technology and the expansion of Chinese innovative drugs into overseas business development are creating a dual resonance effect, with expectations for an accelerated improvement in the industry's fundamentals [1] - The company recommends buying shares in Innovent Biologics (01801), 3SBio (01530), JACOBY (01167), Genscript Biotech (02273), and WuXi AppTec (02268), with target prices of HKD 110.62, HKD 37.43, HKD 10.34, HKD 44.95, and HKD 88 respectively [1]
招银国际：料中国医疗行业基本面加速向好 推荐买信达生物三生制药等