交银国际每日晨报-20250918

Core Insights - The report highlights a divergence between domestic and foreign investments in the pharmaceutical sector, suggesting a strategic focus on innovative drug production during market fluctuations [1] - The Hang Seng Healthcare Index fell by 3.0% this week, underperforming the broader market, with hospitals, medical devices, and prescription drugs showing relatively better performance [1] - Domestic investors have maintained stable holdings through the Hong Kong Stock Connect, while foreign investments in Hong Kong pharmaceuticals have slightly decreased since mid-year [1] Investment Insights - The report suggests that recent claims by President Trump regarding increased restrictions on importing Chinese pharmaceuticals will have limited actual impact [2] - It recommends gradually positioning in the innovative drug sector during market corrections, focusing on companies like 3SBio and Eucure Biopharma, which have rich short-term catalysts and valuations that do not yet reflect the core value of their major products [2] - The report also identifies CXO companies benefiting from high downstream demand and improved financing conditions, with WuXi AppTec highlighted as a leading player in this segment [2]