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順應政策春風,關注醫藥績優股

國務院總理李克強4月12日主持召開國務院常務會議,確定發展“互聯網+醫療健康”措施,緩解看病就醫難題提升人民健康水準;決定對進口抗癌藥實施零關稅並鼓勵創新藥進口,順應民生期盼使患者更多受益。我們認為醫藥板塊整體有業績支撐,受經濟週期擾動小,受政策支持,擁有良好的前景。

在近期整體市場不確定增加時,醫藥板塊具有較好配置價值。醫藥流通板塊在醫藥板塊中表現一般,估值水準整體偏低。我們強調,隨著“兩票制”在我國大部分省市實施,其對醫藥流通企業調撥業務的衝擊將越來越小,長遠來看醫藥流通行業集中度會繼續提升,龍頭企業將主導市場,建議關注上海醫藥、華潤醫藥。

另外,我們建議關注創新藥領域,創新藥研發投入高,具有較高的技術壁壘,推薦關注在研產品強勁、業績長短期均有保障的石藥集團、康哲藥業。

撰稿: 周霖研究分析員
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+852 2277 6515

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euruszhou@phillip.com.hk
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