HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>Some assets in A-share that were considered to have long-term growth but are not anymore. Then the logic of capital's allocation in A-share isn’t based on growth, but on liquidity.</li>
<li>There’s no real separation between local finance and medical insurance fund. So, there could be “surprises” during the promotion of DRGs policy. Then a slump in sentiment and valuations is possible.</li>
<li>For China healthcare, there’re structural opportunities and rebounds this year. We analyzed the possible trajectory of stock price fluctuations in different sectors, and also our top pick.</li>
</ul>


Some assets in A-share that were considered to have long-term growth but are not anymore. Then the logic of capital's allocation in A-share isn’t based on growth, but on liquidity.
There’s no real separation between local finance and medical insurance fund. So, there could be “surprises” during the promotion of DRGs policy. Then a slump in sentiment and valuations is possible.
For China healthcare, there’re structural opportunities and rebounds this year. We analyzed the possible trajectory of stock price fluctuations in different sectors, and also our top pick.


2023H2 China Healthcare Investment Strategy and Top Pick

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

Chery Automobile Co. Ltd. / Index Rebalance

<ul>
<li>We screen China stocks ahead of a global index's August 2026 quarterly review, with 16 ADD and 22 DELETE candidates.</li>
<li>Nine of 16 ADD candidates are Information Technology names, and six cleared the May cutoffs without being added.</li>
<li>The DELETE list splits into 12 names below the retention lines across the full cutoff range and 10 borderline names.</li>
</ul>


We screen China stocks ahead of a global index's August 2026 quarterly review, with 16 ADD and 22 DELETE candidates.
Nine of 16 ADD candidates are Information Technology names, and six cleared the May cutoffs without being added.
The DELETE list splits into 12 names below the retention lines across the full cutoff range and 10 borderline names.


MS-China Sep 2026 Index Rebalance Forecast

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM, JIANGSU ETERN, NCI, CHINA LIFE.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM, JIANGSU ETERN, NCI, CHINA LIFE.


MS-China Index Earning Revision (Jul): TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

<ul>
<li>Fujian will lead 27 provinces to launch the centralized procurement of electrophysiological medical consumables. Its scale is comparable to the national VBP. Unlike many people's optimism, we see potential concerns.</li>
<li>The centralized procurement of orthodontic materials and brackets led by Shaanxi Province has made new progress, which is beyond the expectations of many people since invisible braces are included.</li>
<li>We analyzed China HPV market potential and valuation logic. We expected that the valuation of related companies would have a significant downward space ahead.</li>
</ul>


Fujian will lead 27 provinces to launch the centralized procurement of electrophysiological medical consumables. Its scale is comparable to the national VBP. Unlike many people's optimism, we see potential concerns.
The centralized procurement of orthodontic materials and brackets led by Shaanxi Province has made new progress, which is beyond the expectations of many people since invisible braces are included.
We analyzed China HPV market potential and valuation logic. We expected that the valuation of related companies would have a significant downward space ahead.


China Healthcare Weekly (Oct.21) - Electrophysiology VBP; Orthodontics VBP New Progress; HPV Vaccine

China

Chongqing Zhifei Biological Products Company Ltd. researches, manufactures, and sells vaccines and biological products including prevention products, blood products, diagnostic reagents, and therapeutic agents.

Chongqing Zhifei Biological Products (300122 CH)

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Chongqing Zhifei Biological Products (300122 CH)

2023H2 China Healthcare Investment Strategy and Top Pick

There're structural opportunity in China healthcare in 23H2. We advise investors not to miss out.Risks remain, offloading after rebound is...

Xinyao (Criss) Wang

MS-China Sep 2026 Index Rebalance Forecast

We forecast 16 ADD candidates and 22 DELETE candidates for the MS-China August 2026 Quarterly Index Review, with the announcement expected after US...

Ke Yan, CFA, FRM

MS-China Index Earning Revision (Jul): TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM

We analyzed MS-China's consensus for Jul 2026 and highlighted changes of EPS in TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM,...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

We analyzed CSI 300's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), GUANGZHOU AUTOMOBILE (601238 CH),...

Ke Yan, CFA, FRM

China Healthcare Weekly (Oct.21) - Electrophysiology VBP; Orthodontics VBP New Progress; HPV Vaccine

Unlike others' optimism,we see potential concerns in electrophysiology VBP; Orthodontics VBP is beyond expectation since invisible braces are...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)