HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The National Health Commission issued a new document, aiming to relax the approval of large medical equipment configuration, which would be a significant benefit for the industry.</li>
<li>Whether the "Me-Better" strategy of pharmaceutical enterprises is reasonable or not depends on the understanding level of disease/molecule of the followers and the basis for early clinical project establishment.</li>
<li>Unlike overseas markets, the core asset of China pharmaceutical industry isn’t innovative drugs but TCM considering policy environment.We recommend investors leave a place in portfolio to invest in TCM companies.</li>
</ul>


The National Health Commission issued a new document, aiming to relax the approval of large medical equipment configuration, which would be a significant benefit for the industry.
Whether the "Me-Better" strategy of pharmaceutical enterprises is reasonable or not depends on the understanding level of disease/molecule of the followers and the basis for early clinical project establishment.
Unlike overseas markets, the core asset of China pharmaceutical industry isn’t innovative drugs but TCM considering policy environment.We recommend investors leave a place in portfolio to invest in TCM companies.


China Healthcare Weekly (Mar24)-Medical Device New Policy,Reassess Me-Too Strategy,TCM Is Core Asset

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We previously discussed our belief that equities were in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area on S&amp;P 500</li>
<li>And, as you will see below, countless other indexes and Sectors are testing important resistance levels. We continue to expect 4100-4165 on the S&amp;P 500 to cap upside</li>
<li>Buy ideas highlighted within defensives, including Consumer Staples, Health Care, and Communications: CMCSA, CHTR, UL, KHC, CAG, SJM, CPB, LLY, MRK, and NVO</li>
</ul>


We previously discussed our belief that equities were in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area on S&amp;P 500
And, as you will see below, countless other indexes and Sectors are testing important resistance levels. We continue to expect 4100-4165 on the S&amp;P 500 to cap upside
Buy ideas highlighted within defensives, including Consumer Staples, Health Care, and Communications: CMCSA, CHTR, UL, KHC, CAG, SJM, CPB, LLY, MRK, and NVO


Many Indexes/Sectors Testing Resistance; Limited Upside From Here; Buys in Staples and Health Care

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>US Value funds rotate in to Health Care, pushing allocations to their highest levels on record.</li>
<li>The average Health Care allocation stands at 18.25%, with 71.4% of Value managers overweight at +3.11% above benchmark.  Health Care has become <strong>the</strong> conviction sector holding among US Value managers.</li>
<li>The most widely held stocks in the sector are Cigna Corp and Unitedhealth Group, owned by 55.7% and 52.9% of Value managers respectively.</li>
</ul>


US Value funds rotate in to Health Care, pushing allocations to their highest levels on record.
The average Health Care allocation stands at 18.25%, with 71.4% of Value managers overweight at +3.11% above benchmark.  Health Care has become the conviction sector holding among US Value managers.
The most widely held stocks in the sector are Cigna Corp and Unitedhealth Group, owned by 55.7% and 52.9% of Value managers respectively.


<ul>
<li>We continue to view the price action over the past month as a bear market bounce in the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).</li>
<li>Each index appears to be forming a bearish flag pattern. Until the S&amp;P 500, QQQ, and IWM can break above their YTD downtrends, we remain bearish.</li>
<li>We continue to believe that this bear market is being fueled by the rising U.S. dollar (DXY), rising 10-yr Treasury yield, and the move higher in WTI crude oil.</li>
</ul>


We continue to view the price action over the past month as a bear market bounce in the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM).
Each index appears to be forming a bearish flag pattern. Until the S&amp;P 500, QQQ, and IWM can break above their YTD downtrends, we remain bearish.
We continue to believe that this bear market is being fueled by the rising U.S. dollar (DXY), rising 10-yr Treasury yield, and the move higher in WTI crude oil.


U.S. Indexes Form Bear Flag Patterns Within Downtrends; Opportunities Within Health Care

<ul>
<li>A bear market bounce is underway after the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM) found support at their respective downtrend channels, a possibility we discussed last week.</li>
<li>Still, until the S&amp;P 500, QQQ, and IWM can break above their various downtrends, we remain bearish, and believe investors should be using rallies to reduce overall exposure.</li>
<li>This 1-week rally has the NDX(QQQ) testing resistance at its falling wedge pattern; a break above $297 would likely mean this bear market bounce has another 2-4 weeks of upside.</li>
</ul>


A bear market bounce is underway after the S&amp;P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM) found support at their respective downtrend channels, a possibility we discussed last week.
Still, until the S&amp;P 500, QQQ, and IWM can break above their various downtrends, we remain bearish, and believe investors should be using rallies to reduce overall exposure.
This 1-week rally has the NDX(QQQ) testing resistance at its falling wedge pattern; a break above $297 would likely mean this bear market bounce has another 2-4 weeks of upside.


Signs of Disinflation?; Commodities Deteriorating; Another Bear Market Bounce; Pharma/Biotech Buys

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals.  The Company's products are sold in countries around the world.  Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

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Eli Lilly & Co (LLY US)

China Healthcare Weekly (Mar24)-Medical Device New Policy,Reassess Me-Too Strategy,TCM Is Core Asset

New policy to relax the approval of large medical equipment configuration is released, which brings opportunities. It's time to reassess "Me-Too"...

Xinyao (Criss) Wang

Many Indexes/Sectors Testing Resistance; Limited Upside From Here; Buys in Staples and Health Care

We continue to expect 4100-4165 on the $SPX to cap upside. Many other indexes and Sectors are also testing important resistance levels dating back...

Vermilion Research

US Value Funds Rotate in to Health Care

US Value managers have made an active rotation in to the Health Care sector, pushing allocations to their highest levels on record.

Steven Holden

U.S. Indexes Form Bear Flag Patterns Within Downtrends; Opportunities Within Health Care

We continue to view the price action over the past month as a bear market bounce in the S&P 500, Nasdaq 100 (QQQ), and Russell 2000 (IWM), as each...

Vermilion Research

Signs of Disinflation?; Commodities Deteriorating; Another Bear Market Bounce; Pharma/Biotech Buys

A bear market bounce is underway after the SPX, QQQ, and IWM found support at their respective downtrend channels. Until these indexes can break...

Vermilion Research

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