研究报告 Research Report 31 Jul 2025 中国 & 中国 & 香港医疗 China (A-share) & China (Overseas) & Hong Kong Health Care 2025 年 8 月港股金股，持续看好创新药产业链，加大创新药和 CXO 龙头的配置 August 2025 Top Picks: Increasing allocation to leading innovative drug companies and CXOs [Table_yemei1] 观点聚焦 Investment Focus | [Table_Info] | | | | --- | --- | --- | | 股票名称 | 评级 股票名称 | 评级 | | 恒瑞医药 | Outperform 三生制药 | Outperform | | 迈瑞医疗 | Outperform 上海医药 | Outperform | | 药明康德 | Outperform 药明合联 | Outperform | | 百济神州 | Outperform 科伦博泰生物-B | Outperform | | 信达生 ...

Group 1: Insurance Sector Insights - The recent adjustment in the predetermined interest rate for life insurance is expected to alleviate the pressure of interest rate losses, maintaining an "overweight" rating for the industry [2][5][24] - The insurance industry association has announced a new predetermined interest rate of 1.99%, triggering a mechanism for rate adjustments, with major insurers planning to switch to new products by September [3][4][22] - The adjustment of the predetermined interest rates is anticipated to improve the cost of liabilities, with a focus on transforming towards floating income products [4][24] Group 2: Fixed Income Market Analysis - The bond market has experienced significant fluctuations due to various factors, including tightening liquidity and rising commodity prices, leading to a notable decline in bond prices [7][9] - The current high duration and leverage in the bond market limit the strategic flexibility of investors, making them more vulnerable to market volatility [8] - The recent rise in commodity prices poses a greater threat to the bond market than previous stock market gains, as it contradicts the fundamental pricing of bonds [9] Group 3: Investment Recommendations - The report suggests increasing holdings in major insurance companies such as New China Life, China Life, China Pacific Insurance, and Ping An Insurance due to expected improvements in profitability and asset-liability matching [5][24] - The insurance sector is projected to see stable profit growth in the first half of 2025, driven by a recovery in the stock and bond markets [22][24] - The report emphasizes the importance of focusing on undervalued insurance stocks for potential valuation recovery opportunities [24]

恒瑞医药与 GSK 就 PDE3/4 抑制剂达成对外授权协议，进入全球呼吸竞争第一线。 投资要点： | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 22,820 | 27,985 | 35,771 | 42,421 | 50,829 | | (+/-)% | 7.3% | 22.6% | 27.8% | 18.6% | 19.8% | | 净利润（归母） | 4,302 | 6,337 | 9,277 | 11,506 | 13,780 | | (+/-)% | 10.1% | 47.3% | 46.4% | 24.0% | 19.8% | | 每股净收益（元） | 0.65 | 0.96 | 1.40 | 1.74 | 2.09 | | 净资产收益率(%) | 10.6% | 13.9% | 17.9% | 19.1% | 19.6% | | 市盈率(现价&最新股本摊薄） | 83.03 | 56.38 | 38.51 | ...