医药行业4月股价表现跑赢恒生指数：继续推荐高附加价值的创新药生产商

Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical (3692 HK) with a target price of HKD 25.00 and a "Hold" rating for Innovent Biologics (1801 HK) with a target price of HKD 60.00 [3][12] Core Insights - The Hong Kong healthcare sector outperformed the Hang Seng Index in April, with the Hang Seng Healthcare Index rising by 1.1%, outperforming the Hang Seng Index by 5.4 percentage points. This is attributed to the low profit margins of imported Western pharmaceutical raw materials and mid-to-low-end medical devices from China, which have limited impact on the overall performance of the pharmaceutical industry [1][7] - The global healthcare financing environment is recovering, with a 33.9% quarter-on-quarter increase in total financing to USD 16.43 billion in Q1 2025, benefiting small and medium-sized pharmaceutical companies [2][8] - The launch of the "Science and Technology Enterprise Express" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange aims to facilitate the listing of biotech companies in Hong Kong, potentially attracting more biotech stocks to the market [3][11] Summary by Sections Industry Performance - The healthcare sector's performance in April was driven by the limited impact of U.S. tariffs on the pharmaceutical industry, as the low-margin segments were less affected. The CXO sector faced declines due to concerns over U.S.-China relations, while other major sub-sectors performed significantly better than the Hang Seng Index [1][7] Financing Trends - The global healthcare industry saw a significant recovery in financing, with Q1 2025 financing totaling USD 16.43 billion, indicating a favorable environment for small and medium-sized pharmaceutical companies to invest in drug development [2][8] Key Stock Recommendations - The report continues to recommend leading innovative drug manufacturers such as Hansoh Pharmaceutical (3692 HK) and Innovent Biologics (1801 HK), focusing on high-value-added innovative drugs that are minimally affected by U.S. tariffs. Innovent's sales data for Q1 exceeded expectations, and its products are expected to see rapid revenue growth from 2025 to 2027 [3][12]