jighead| CMB International: Support policies for the mainland pharmaceutical industry are expected to be implemented to maintain a "better than major markets" rating

CMB International released a research report saying that it maintains the "outperform" rating of the mainland pharmaceutical industry and continues to be optimistic about leading innovative drugs and equipment, as well as high-growth medical consumer stocks. The bank believes that the pharmaceutical industry may continue to rebound and expects medical equipment to be replaced with old ones.jigheadThe policy is about to be implemented. The policy is strong, wide in scope and long in duration, which will effectively stimulate medical equipment.jigheadRelease of demand.

The bank expects that support policies for innovative drugs and innovative equipment will continue to be implemented, and looks forward to the release of national policies. It is expected that as industry supporting policies are implemented one after another and industrial supervision is normalized, the impact of the COVID-19 base will gradually fade, and the mainland pharmaceutical industry is expected to return to healthy growth. Year-to-date MSCI China Healthcare Index fell 17jighead.2%, underperforming the MSCI China Index by 26jighead.5%。As the market has risen recently, the pharmaceutical industry has also rebounded sharply. The MSCI China Healthcare Index has rebounded by 15% since April 19; the dynamic P/E ratio of the industry index has rebounded from 23 times to 26.8 times during the same period, but it is still below the 12-year historical average.