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2026-10-28 14:24:25 CLSA said in a research report that the recent pullback in China's healthcare sector was mainly driven by macro concerns, which have largely been priced in. Overseas progress and domestic operations continue to improve, while the macro environment has stabilized. The broker views the recent correction as a buying opportunity. The broker noted that sample hospital data showed sequential improvement in drug sales from July to September, with stronger MoM momentum in September, possibly reflecting companies and physicians gradually adapting to new compliance requirements. It expects 3Q26 earnings to improve, with the upcoming earnings season potentially serving as a near-term catalyst. The importance of out-of-hospital and self-pay markets is rising. With more innovative drugs being launched and demographic trends evolving, the broker believes the mainland market will eventually become a growth engine again. At ESMO 2026, Chinese assets accounted for 29 of the 96 LBAs and five of the 12 Presidential Symposiums. Key developments included positive Phase III results for SKB BIO (06990.HK)'s TROP2 ADC sac-TMT in first-line non-squamous non-small cell lung cancer and endometrial cancer; AKESO (09926.HK)'s AK112 achieving success versus durvalumab in a Phase III first-line biliary tract cancer study; INNOVENT BIO (01801.HK)'s CLDN18.2 ADC IBI343 delivering successful first Phase III readout in late-stage gastric cancer; as well as first Phase I data for GENFLEET-B (02595.HK)'s GFH276 and registered clinical data for LEADS BIOLABS-B (09887.HK)'s LBL-024. Further data readouts are expected at ESMO Asia from Dec 4-6, including CSPC PHARMA (01093.HK)'s SYS6010. US-China legislation related to innovative drug licensing has largely been settled, with limited impact on normal outbound license-out transactions, removing a major uncertainty surrounding overseas expansion. The broker maintained its China healthcare stock basket unchanged, noting that healthcare accounts for less than 2% of total fund holdings. Valuation discounts provide more attractive long-term buying opportunities, while further overseas clinical progress and new Phase III asset BD transactions should also support the sector.(ad/j)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |