交银国际每日晨报-20251106

Core Insights - The pharmaceutical sector showed signs of marginal recovery in Q3 2025, with a focus on academic conferences, policy changes, and business development catalysts expected in Q4 2025 [1][2] - The Hong Kong pharmaceutical market experienced a pullback in October due to sentiment decline and profit-taking, but the underlying fundamentals remain strong, with an anticipated stabilization in investment sentiment starting November [2] Market Performance - The Hang Seng Healthcare Index fell by 1.3% this week, outperforming the broader market, with traditional Chinese medicine, biopharmaceuticals, and distribution sectors showing better performance [1] - Domestic institutions increased their positions in high-value innovative drug targets, medical device companies, and service-oriented firms, particularly those benefiting from interest rate cuts and downstream demand recovery [1] Investment Recommendations - Focus on innovative drugs such as Sanofi and Deqi Pharmaceuticals, which have rich short-term catalysts and valuations that do not yet reflect the value of core products; companies like Xiansheng Pharmaceuticals, Hutchison China MediTech, and Legend Biotech are significantly undervalued with clear long-term growth logic [2] - In the CXO sector, leading firms benefiting from high downstream demand and marginal financing recovery are recommended, such as WuXi AppTec [2]