中国医疗健康 —— 从贝塔到确定性，布局 2026 年高确定性标的；9 项评级调整，药明康德 药明生物上调至买入-China Healthcare_ From Beta to Visibility, Position for 2026 with higher-certainty compounders; 9 rating changes, WuXi App XDC to Buy

5 February 2026 | 11:49PM HKT Equity Research CHINA HEALTHCARE From Beta to Visibility, Position for 2026 with higher-certainty compounders; 9 rating changes, WuXi App/XDC to Buy Shifting from Go-Global Beta to Visibility-Driven Alpha: China's healthcare sector saw robust performance in 2025, largely propelled by its emerging assets expanding globally. Biotech/Pharma and CRO/CDMO led the market, contrasting with negative returns in other areas. This "go-global beta" fueled liquidity and initiated a multi-ye ...