每日投资策略-20260126

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 26,750, up 0.45% year-to-date, while the US Dow Jones fell by 0.58% [1][3] - The Chinese stock market saw gains, particularly in materials, consumer discretionary, and healthcare sectors, while energy and real estate lagged [3] Industry Insights - The Chinese pharmaceutical sector is experiencing a significant upward trend, with the MSCI China Healthcare Index rising 9.2% since early 2026, outperforming the MSCI China Index by 5.6% [4] - The trend of Chinese innovative drugs going overseas continues to gain momentum, with multiple business development (BD) transactions occurring in early 2026, indicating a strong market for overseas licensing [5] - Key transactions include the overseas rights granted by Rongchang Biopharma to AbbVie for RC148 and by Haisika for HSK39004, showcasing the clinical progress of these drugs [5] Company Analysis - China Ping An is projected to see a 12% increase in operating profit to RMB 135.9 billion in 2025, driven by improvements in life and health insurance segments [7] - The new business value (NBV) is expected to grow by 42% year-on-year to RMB 40.4 billion, with a strong performance anticipated in the first quarter of 2026, particularly in the bancassurance channel [8] - The target price for China Ping An has been raised to HKD 90, reflecting adjustments in profit and NBV growth forecasts, with the company currently trading at 0.71 times FY26E P/EV [8]