中国医药：行业支持政策有望落地，业绩复苏可期

Group 1: Market Overview - The MSCI China Healthcare Index has decreased by 17.2% year-to-date, underperforming the MSCI China Index by 26.5%[26] - Since April 19, the MSCI China Healthcare Index has rebounded by 15%, with the dynamic P/E ratio rising from 23.0x to 26.8x, still below the 12-year historical average[26] Group 2: Policy Support and Industry Recovery - Upcoming policies for medical equipment upgrades are expected to significantly stimulate demand, with a projected investment increase of over 25% by 2027 compared to 2023 levels[26] - The National Development and Reform Commission has initiated discussions on large-scale equipment updates, indicating a recovery in hospital procurement demand[26] Group 3: Investment Recommendations - The report recommends buying shares in leading companies such as Mindray Medical, BeiGene, and United Imaging, anticipating significant benefits from policy implementations[26] - The expected support for innovative drugs and devices is likely to enhance the growth prospects for the pharmaceutical sector, with a focus on companies that can leverage international market opportunities[26] Group 4: Financial Metrics - Mindray Medical (300760 CH) has a market capitalization of $51,032.7 million with a target price indicating a 26% upside potential[2] - BeiGene (BGNE US) shows a potential upside of 67%, despite its current P/E ratio being not meaningful (nm) due to losses[2]