智通财经APP获悉，交银国际发布研报称，本周恒生医疗保健指数涨0.5%，跑输大市。其中，生物药、处方药及器械板块表现较优于其他板块。本周内资偏向防御，倾向获利了结，主要加仓内生增长稳定的传统及低估创新药厂。而外资则较积极，聚焦创新主线中的龙头及产业链上游，包括创新药及CXO标的。
1-8批集采接续采购规则转变为询价模式，交银国际认为此规则下整体降价幅度或有限，对港股处方药厂的影响或小于预期。12月，行业界仍有充足催化剂，包括各学术大会、健保谈判结果公布、联储局潜在降息等，板块投资情绪可望稳中有升。
该行继续推荐关注以下细分方向：1)创新药：三生制药(01530)、德琪医药-B(06996)、百济神州(06160)等短期催化剂丰富、估价值仍未反映核心大单品价值;先声药业(02096)、和黄医药(00013)、传奇生物(LEGN.US)被明显低估计、长期增长逻辑清晰;2)CXO：受益于下游高景气度与融资边际回暖的细分赛道龙头，如药明合联(02268);3)监管不确定性逐步释放，有反转机会的医院、器械和诊断等子板块。
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