Lates News

Galaxy Securities of China pointed out that they continue to have confidence in the growth of innovative drugs and expect an increase in the speed of growth in equipment and services in the second half of 2025. 1) They continue to be optimistic about medical innovation: in the second half of the year, it is expected that innovative drugs will continue to see valuation improvement due to the expected push from domestic Class B catalog and commercial insurance policies. 2) Medical investment and financing are expected to recover: the prosperity of the secondary market is expected to bring about a rebound in primary market investment and financing, as CXO and upstream sentiment improve. 3) Medical equipment is expected to bottom out and rebound: bidding data has started to improve, and pent-up demand for replacement is gradually being released. 4) The growth rate of medical services is expected to reach a turning point: the nationwide DRG/DIP payment reform has achieved overall coverage in pilot areas, and signs of recovery in the ophthalmology field are emerging. 5) Medical consumption is waiting for recovery: observing the effects of domestic consumption stimulus policies, it is expected that the clearance of channel inventory and the recovery of end demand will be beneficial to the revival of medical consumption. In terms of investment recommendations, the significant valuation repair of the medical innovative drug sector in 2025 is expected to drive the recovery of other sectors in the second half of the year. They are optimistic about the innovative drug industry chain, leading companies in specific industries, and the revival of medical consumption.