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《大行》高盛:內地CDMO板塊穩健 看好藥明康德(02359.HK)凱萊英(06821.HK)等
高盛就內地醫藥行業發表研究報告,指CDMO企業的業績反映該板塊的周期維持穩健,能見度日益取決於後期及商業化項目的敞口,而非早期融資條件。而AI亦未有對訂單量、訂單積壓質量或定價造成結構性破壞。相反,醫療器械與醫療服務企業的業績印證了不同股份的復甦進度參差。雖然大部分集中帶量採購(VBP)與醫保支付方式改革(DRG/DIP)的阻力似乎已被消化,但銷量復甦、定價...
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《大行》高盛:內地CDMO板塊穩健 看好藥明康德(02359.HK)凱萊英(06821.HK)等
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高盛就內地醫藥行業發表研究報告,指CDMO企業的業績反映該板塊的周期維持穩健,能見度日益取決於後期及商業化項目的敞口,而非早期融資條件。而AI亦未有對訂單量、訂單積壓質量或定價造成結構性破壞。

相反,醫療器械與醫療服務企業的業績印證了不同股份的復甦進度參差。雖然大部分集中帶量採購(VBP)與醫保支付方式改革(DRG/DIP)的阻力似乎已被消化,但銷量復甦、定價能力與盈利能見度仍存在差異。

股份方面,該行對評級為「買入」的股份持更正面態度,包括藥明康德(02359.HK)  +2.300 (+1.859%)    Short selling $324.28M; Ratio 38.130%   、凱萊英(06821.HK)  +5.600 (+5.634%)    Short selling $4.50M; Ratio 3.608%   、微創機器人(02252.HK)  -1.020 (-3.148%)    Short selling $11.71M; Ratio 9.644%   及精鋒醫療(02675.HK)  -0.050 (-0.095%)   。另外,該行將愛康醫療(01789.HK)  0.000 (0.000%)    Short selling $5.08M; Ratio 21.778%   評級升至「買入」,反映其執行力重啟、利潤率改善及中期能見度更清晰,並將微泰醫療(02235.HK)  0.000 (0.000%)   升級至「中性」,因國內競爭影響優於預期,且有序達成2026年指引。

相反,該行對威高股份(01066.HK)  -0.130 (-3.495%)    Short selling $24.86M; Ratio 29.407%   及通策醫療(600763.SH)  -0.550 (-1.272%)   持謹慎態度,兩者分別降級至「中性」及「沽售」。前者受累於持續的VBP相關利潤壓力及短期增長乏力,後者收入加速回升但仍不明朗,上行空間有限。(ss/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-27 16:25.) (A Shares quote is delayed for at least 15 mins.)

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