中国医疗-中东冲突：防御性配置，情绪面重于基本面-China Healthcare_ Middle East Conflict – Defensive tilt_ Sentiment over fundamentals

24 March 2026 Equity Research Report China Healthcare Equities Middle East Conflict – Defensive tilt: Sentiment over fundamentals Limited direct MENA exposure in the short term. Wind A/H Healthcare corrected 4%/6% since Middle East geopolitical tensions (CSI300/ HSI Index down 3%/5%). We see the short-term impact concentrated in energy- and commodity-sensitive subsectors such as APIs and medical consumables. Rising oil and logistics costs create margin dispersion: higher-end exporters with pricing power can ...