HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>The National Health Commission and three other departments issued new document to promote the coordinated development of TCM and western medicine.</li>
<li>After the completion of the volume-based purchase (VBP) of chemical drugs commonly used in clinical practice, biosimilar drugs and Chinese patent medicine will gradually be included in the framework of the VBP.</li>
<li>The National Health Commission of PRC issued relevant policies and continued emphasis on the diagnosis of autoimmune diseases, which is expected to promote the rapid development of the autoimmune disease diagnosis market in China.</li>
</ul>Company news:News about the updated progress on drugs of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a>, <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a> and <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>. Market review:Last week, stock price for healthcare sector in A share decreased 0.8%, while CSI 300 decreased 3.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
The National Health Commission and three other departments issued new document to promote the coordinated development of TCM and western medicine.
After the completion of the volume-based purchase (VBP) of chemical drugs commonly used in clinical practice, biosimilar drugs and Chinese patent medicine will gradually be included in the framework of the VBP.
The National Health Commission of PRC issued relevant policies and continued emphasis on the diagnosis of autoimmune diseases, which is expected to promote the rapid development of the autoimmune disease diagnosis market in China.
Company news:News about the updated progress on drugs of Innovent Biologics Inc (1801 HK), InnoCare Pharma Ltd (9969 HK), CStone Pharmaceuticals (2616 HK) and Akeso Biopharma Inc (9926 HK). Market review:Last week, stock price for healthcare sector in A share decreased 0.8%, while CSI 300 decreased 3.03% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:<ul>
<li>Recently, the results of the 7th demographic census was released, which is expected to drive the demand of the assisted reproduction industry.</li>
<li>The Ministry of Commerce, the State Administration of Traditional Chinese Medicine (TCM) and other seven departments jointly issued an announcement to support the development of TCM service trade and the promotion of TCM going global.</li>
<li>The room for import substitution in China chromatography packing/chromatographic medium industry would be very large.</li>
</ul>Company news:News about the updated progress on drugs and acquisition of <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a>, <a href="https://www.smartkarma.com/entities/everest-medicines-ltd" target="_blank" data-smartkarma-citation="entities:29224:1" rel="noopener">Everest Medicines (1952 HK)</a> and <a href="https://www.smartkarma.com/entities/innocare-pharma-ltd" target="_blank" data-smartkarma-citation="entities:28355:1" rel="noopener">InnoCare Pharma Ltd (9969 HK)</a>.Market review:Last week, stock price for healthcare sector in A share decreased 0.69%, while CSI 300 increased 0.46% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Recently, the results of the 7th demographic census was released, which is expected to drive the demand of the assisted reproduction industry.
The Ministry of Commerce, the State Administration of Traditional Chinese Medicine (TCM) and other seven departments jointly issued an announcement to support the development of TCM service trade and the promotion of TCM going global.
The room for import substitution in China chromatography packing/chromatographic medium industry would be very large.
Company news:News about the updated progress on drugs and acquisition of Innovent Biologics Inc (1801 HK), Shenzhen Mindray Bio-Medical Electronics (300760 CH), Everest Medicines (1952 HK) and InnoCare Pharma Ltd (9969 HK).Market review:Last week, stock price for healthcare sector in A share decreased 0.69%, while CSI 300 increased 0.46% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

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

MSCI Emerging Markets Index / Technical Analysis

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight. We continue to attribute much of EM’s outperformance to the intact downtrend in the US dollar (DXY). As long as weakness in the DXY persists we believe EM’s outperformance is likely to continue.

EM Remains Global Leadership -- Remain Overweight

1. Industry viewpoints:<ul>
<li>An important document supporting the development of the traditional Chinese medicine industry has been released recently.</li>
<li>The market size of cardiac pacemakers in China is expected to reach RMB28 billion in the future.</li>
<li>China's health care products market is expected to maintain rapid growth in the future. </li>
</ul>2. Company news:News about the progress of new drugs and strategic collaboration from <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, <a href="https://www.smartkarma.com/entities/sihuan-pharmaceutical-hldgs" target="_blank" data-smartkarma-citation="entities:33:1" rel="noopener">Sihuan Pharmaceutical Hldgs (460 HK)</a> and <a href="https://www.smartkarma.com/entities/jiangsu-hengrui-medicine-co-ltd" target="_blank" data-smartkarma-citation="entities:14128:1" rel="noopener">Jiangsu Hengrui Medicine (600276 CH).</a>3. Market review:Last week, stock price for healthcare sector in A share increased 6.31%, while CSI 300 increased 5.91% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

1. Industry viewpoints:
An important document supporting the development of the traditional Chinese medicine industry has been released recently.
The market size of cardiac pacemakers in China is expected to reach RMB28 billion in the future.
China's health care products market is expected to maintain rapid growth in the future. 
2. Company news:News about the progress of new drugs and strategic collaboration from Innovent Biologics Inc (1801 HK), Sihuan Pharmaceutical Hldgs (460 HK) and Jiangsu Hengrui Medicine (600276 CH).3. Market review:Last week, stock price for healthcare sector in A share increased 6.31%, while CSI 300 increased 5.91% over the same period of time.4. Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Chine Healthcare Weekly(Feb12)-TCM New Policy,Cardiac Pacemaker,Health Care Product,Innovent,Hengrui

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

DZT Research

DZT 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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 POLY DEVELOPMENTS, CHINA PETROLEUM AND CHEMICAL, Longi Green, EOPTOLINK TECHNOLOGY, SATELLITE CHEMICAL, HENGLI PETROCHEMICAL, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, YUNNAN ALUMINIUM.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 POLY DEVELOPMENTS, CHINA PETROLEUM AND CHEMICAL, Longi Green, EOPTOLINK TECHNOLOGY, SATELLITE CHEMICAL, HENGLI PETROCHEMICAL, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, YUNNAN ALUMINIUM.


CSI 100 Index Earning Revision (Jun): POLY DEVELOPMENTS, CHINA PETROLEUM AND CHEMICAL

China

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. manufactures and markets Chinese traditional medicines, including Pientzehuang, Pientzehuang capsules, Pientzehuang lozenge, cough syrup, and other related products.

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. (600436 CH)

Zhangzhou Pientzehuang Pharmaceutical Co., Ltd.

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Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. (600436 CH)

China Healthcare Weekly (July.2)

The article analyzed the new document about the development of TCM and western medicine,potential start time of VBP on biosimilar...

Xinyao (Criss) Wang

China Healthcare Weekly (May.21)

The article analyzed the results and potential impact of the 7th demographic census,new policy on TCM market,insights on China chromatography...

Xinyao (Criss) Wang

EM Remains Global Leadership -- Remain Overweight

Price and RS uptrends for the MSCI EM index continues to underpin our bullish outlook for emerging market equities -- remain overweight.

Vermilion Research

Chine Healthcare Weekly(Feb12)-TCM New Policy,Cardiac Pacemaker,Health Care Product,Innovent,Hengrui

This article analyzed industry viewpoints include new policy about traditional Chinese medicine, cardiac pacemakers market, health care products...

Xinyao (Criss) Wang

CSI 100 Index Earning Revision (Jun): POLY DEVELOPMENTS, CHINA PETROLEUM AND CHEMICAL

We analyzed CSI 100's consensus for Jun 2026 and highlighted changes of EPS in POLY DEVELOPMENTS (600048 CH), CHINA PETROLEUM AND CHEMICAL (600028...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)