Zhongtai Securities released a research report stating that the healthcare sector, which combines both technological and consumer characteristics, is expected to continue exhibiting structural trends amid market rotations. Regarding its technological aspect, the innovative drug segment has undergone a correction following a rapid surge over the past year. Compared to early 2025 levels, most stocks now have reasonable valuations. Therefore, the firm recommends focusing on specific sub-sectors—such as small nucleic acids, in vivo CAR, ADC, second-generation IO, and PROTAC—as well as companies showing marginal improvements in fundamentals with sustainable potential.
Medical AI+ remains a highly popular emerging direction. Beyond leading companies in the field, investors are advised to consider firms whose primary business is not directly related to medical AI+ but are actively adopting the technology and are expected to demonstrate valuation flexibility in the near to medium term. Zhongtai Securities' key views are as follows: seize structural opportunities in healthcare, maintain attention on medical AI+, and focus on lightly held stocks with positive fundamental changes.
During the week, the CSI 300 Index rose 0.36%, while the healthcare sector declined 0.81%, ranking 21st among 31 primary sectors. Medical services gained 0.22%, whereas chemical pharmaceuticals, biological products, medical devices, traditional Chinese medicine, and pharmaceutical commerce fell by 0.54%, 0.89%, 1.07%, 1.75%, and 2.68%, respectively. Performance within healthcare varied significantly, with AI medical, small nucleic acid-related stocks that had previously corrected sharply, and select lightly held stocks showing marginal fundamental improvements standing out.
On the consumer side, most 2025 earnings forecasts have been released and are largely reflected in current stock prices. Investors are advised to focus on companies in consumer healthcare segments—such as traditional Chinese medicine and medical aesthetics—that are actively expanding their product portfolios, as well as the medical services sector, which has undergone a prolonged adjustment.
Multiple clinical studies on in vivo CAR are expected to reach primary endpoints within the year, with particular attention on progress related to autoimmune indications. According to pharmaceutical data, early-stage clinical pipelines for in vivo CAR therapies show potential to replicate targets seen in体外 CAR therapies. Some emerging companies are already exploring technologies for modifying various immune cells, indicating broad application potential in molecular design. Beyond hematologic and lymphatic tumors—where CAR-T therapy is well-studied—autoimmune diseases, with their relatively lower lethality, hold profound significance if positive clinical trial data emerge.
Notably, a Phase I clinical trial for a core pipeline of Capstan, which AbbVie acquired for $2.1 billion, is expected to reach its primary endpoint soon. This study, conducted on healthy subjects, focuses on safety metrics as the primary endpoint and immune response indicators as secondary endpoints, hinting at future efficacy. The pipeline will primarily target autoimmune diseases. Given the high acquisition cost and absence of clinical data so far, successful progression to later-stage trials would bring optimism to the industry. Additionally, several domestic in vivo CAR therapies are set to complete early-stage clinical primary endpoints this year, potentially highlighting the追赶 speed of local innovation.
Market dynamics for the week show that since the beginning of 2026, the healthcare sector has delivered a return of 2.44%, outperforming the CSI 300's 0.66% return by 1.79 percentage points. Risks include policy fluctuations, drug quality issues, and potential delays or outdated information in publicly available data used in research reports.