Jinwu Financial News | Guozheng International points out that looking ahead to 2025, as the Federal Reserve begins its interest rate reduction cycle and with the high premium rate of AH stocks, the cost-effectiveness of Hong Kong stocks is becoming more prominent, leading to an improvement in liquidity. For the Medical Sector, driven by the continuous promotion of the "Medical Insurance + Commercial Insurance" model and policy support, the scale of the Industry is expected to expand further.
The bank is Bullish on three major investment themes: innovation, going abroad, and aligning with policy development:
1. Innovation: Innovative Drugs and medical instruments that are sensitive to interest rates are expected to continue benefiting from improving liquidity. The bank believes that the main factors driving the development of Innovative Drugs in 2025 are as follows: (1) Going abroad. Due to the significant pricing differences between China and the U.S., companies can continuously unlock market ceilings through license out. (2) National and local governments are successively introducing policies to encourage the development of Innovative Drugs. (3) Continuous exchanges and upgrades in the development of Innovative Drugs through medical insurance negotiations and centralized procurement. (4) The "Medical Insurance + Commercial Insurance" model opens up space for health insurance, providing greater room for the development of Innovative Drugs. Additionally, the bank is also optimistic about the growth of emerging tracks such as the obesity drug GLP-1 Industry Chain.
2. Going abroad: Innovative drug companies and medical instrument companies are expected to continuously unlock market ceilings through going abroad.
3. Aligning with policy development: Benefiting from policy stimulus and consumer recovery, the Consumer Medical and medical beauty sectors are expected to return to growth. The bank recommends paying attention to Consumer medical symbols that are steadily promoting endogenous and exogenous growth, have differentiated professional characteristics, and are low in valuation, as well as beauty product symbols that possess product strength, brand power, and marketing advantages.