China Healthcare "Tour Takes from Southwest China: conviction reinforced..."

研报英文原文证据摘录

China Healthcare "Tour Takes from Southwest China: conviction reinforced..."

Global Research

13 May 2026ab

China Healthcare Equities

ChinaTour Takes from Southwest China: conviction

reinforced in biotech and CROs Healthcare

Chen Chen, PhD

Analyst

chen-zb.chen@ubs.com

Diverging subsector performance; investor sentiment remains mixed +86-10-5832 8201

On 6-8 May, we hosted 20 institutional investors for site visits in Chongqing and Henry Liu, CFA

Chengdu in Southwest China, covering 12 companies and meeting with three industry Analyst

experts. Attendance was highest at meetings with a pharmacy expert, Kelun Biotech S1460520110002

and Keymed. While generalist interest in healthcare has been muted recently due to henry-za.liu@ubs.com

sector rotations, specialists are mainly focusing on top-line/bottom-line growth for +86-105-832 8509

2026, midterm subsector trends, biopharma R&D catalysts and business-development Anita Wei

(BD) progress/potential. The tour reinforced our high conviction in the momentum of the Analyst

biotech and CRO sectors. We continue to monitor potential inflection points on services anita.wei@ubs.com

and vaccines. See inside for individual company takeaways. +852-2971 7459

Jun Deng

Biopharmas — constructive outlook on R&D and commercial execution Analyst

Biotech companies remain constructive on commercial ramp-up of their core drugs jun.deng@ubs.com

following NRDL inclusion, as well as pipeline progress. Regarding the much anticipated +852-3712 2103

release of OptiTROP-L05 (sac-TMT for 1L NSCLC) data at ASCO 2026, Kelun Biotech Liz Han, CFA

mgmt noted that, while PFS data was immature at the cut-off, the hazard ratios (HR) for Analyst

survival should be the primary focus. Keymed reiterated its IL-4Ra 2026 sales target of liz.han@ubs.com