【医药】港股医药：板块表现强势，建议积极增加配置——港股医疗保健行业点评（王明瑞/吴佳青）

Core Viewpoint - The Hong Kong healthcare index has shown strong performance year-to-date, driven by ongoing business development (BD) transactions in domestic innovative drugs and expectations for the international expansion of domestic innovative products [3]. Group 1: Market Performance - The Hong Kong healthcare index has increased by 63.03% year-to-date, outperforming the Hang Seng Index by 41.47 percentage points [3]. - The performance of various sub-sectors within the Hong Kong pharmaceutical sector has been notably diverse, with the following year-to-date changes: biopharmaceuticals up 134.85%, chemical pharmaceuticals up 58.67%, medical services up 49.24%, medical devices up 46.44%, pharmaceutical commerce up 33.54%, and traditional Chinese medicine up 7.02% [3]. Group 2: Capital Inflows and Valuation - Over 100 pharmaceutical companies are included in the Hong Kong Stock Connect, representing 46.85% of the total number of Hong Kong pharmaceutical companies [4]. - There has been a continuous net inflow of southbound funds into Hong Kong pharmaceutical companies, with the average holding ratio of the top ten pharmaceutical stocks reaching 37.90% [4]. - The PE valuation of the biopharmaceutical sector is currently at 36.8x, chemical pharmaceuticals at 18.2x, traditional Chinese medicine at 11.0x, medical devices at 18.8x, and medical services at 29.7x, indicating that most sub-sectors still have attractive valuations [4]. Group 3: Investment Recommendations - The pharmaceutical sector has experienced a prolonged PE valuation contraction, yet some high-quality companies still present attractive valuations post-rebound [5]. - There is a recommendation to actively increase allocation to the sector, focusing on companies with substantial improvements in profitability and significant progress in BD transactions [5][6]. - The stock price downside risk for certain high-quality companies within sub-sectors is limited, suggesting long-term investment value [6].