金吾财讯 | 摩根大通研报指出，内地医疗保健股自上月初以来明显回调，恒生医疗保健指数及沪深300医疗保健指数月内分别下跌12%及9%，对比恒指下跌2%及沪深300指数上涨1%。该机构认为有关股份可能受多个因素影响，包括中美紧张升温，地缘政治风险溢价增加促使投资者获利；美国《生物安全法案》较温和版本附加至明年《国防授权法》，引发对医药外包服务的不确定性；叠加美国是否将透过更多监管，如限制中国授权交易或中国来源临床数据，以限制中国生物科技及制药业的担忧。近期多项授权交易均未提振市场情绪，今年余下时间缺乏强劲产业级正面催化剂，可能限制股价动能。该机构表示，预期国家医保药品目录价格谈判结果，以及《生物安全法案》立法将影响市场情绪，但产业估值及对业务发展交易的市场预期正回归更合理水平，亦未见产业坚实基本面出现实质恶化。此次股价回落为明年表现提供有利条件。该机构首选股包括康方生物(09926)、翰森制药(03692)及药明康德(02359)，亦看好信达生物(01801)及恒瑞医药(01276)。
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