港股医疗保健行业点评：港股医药：关注低估值高成长投资机会，建议积极增加板块配置

Investment Rating - The report maintains an "Increase" rating for the pharmaceutical sector in Hong Kong [4] Core Insights - The Hang Seng Healthcare Index has performed well, rising 26.47% year-to-date, outperforming the Hang Seng Index by 0.77 percentage points [1] - The pharmaceutical sector is currently experiencing a valuation contraction, with many sub-sectors nearing historical lows in price-to-earnings (PE) ratios [2] - There is a continuous net inflow of southbound funds into the Hong Kong pharmaceutical sector, with nearly 100 companies included in the Hong Kong Stock Connect, representing 40.2% of the total pharmaceutical companies [2] Summary by Sections Performance Overview - The Hang Seng Healthcare Index has shown strong performance, with various sub-sectors experiencing significant fluctuations in year-to-date returns, such as biopharmaceuticals at 46.62% and traditional Chinese medicine at -1.75% [1] Valuation Analysis - The PE ratios for various sub-sectors are as follows: chemical pharmaceuticals at 13.7x, traditional Chinese medicine at 9.4x, medical devices at 10.4x, and medical services at 20.6x, indicating that most sub-sectors are close to historical lows [2] Investment Recommendations - The report suggests increasing exposure to the pharmaceutical sector, focusing on high-quality, low-valuation stocks across different sub-sectors: - Medical Devices: Companies with competitive products are expected to lead, with recommendations for MicroPort Medical, Weigao Group, and others [3] - Medical Services: Companies showing stable operations and growth potential, with recommendations for Genscript Biotech, Jinxin Fertility, and others [3] - Chemical Pharmaceuticals: Traditional firms undergoing transformation, with recommendations for 3SBio, United Laboratories, and others [3] - Innovative Drugs: Focus on companies with new drugs already launched overseas, with recommendations for BeiGene, Innovent Biologics, and others [3] - CXO Sector: Companies with improving order margins, with recommendations for WuXi Biologics and others [3]