China Healthcare Riding the Rebound, Low Market Correlation Story

研报英文原文证据摘录

China Healthcare Riding the Rebound, Low Market Correlation Story

J P M O R G A N Asia Pacific Equity Research

03 July 2026

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China Healthcare

Riding the Rebound, Low Market Correlation Story

China healthcare has been bouncing back recently, and we think the move has legs. Healthcare

ACIn the past 2 weeks, the Hang Seng Healthcare Index jumped 9% compared to HSI Yang Huang

that declined by 4%, signaling some investors could start buying healthcare. (852) 2800 3812

Onshore market has echoed the move, with the CSI300 Healthcare Index up 7% yang.huang@jpmorgan.com

in the same period. That was tracking the US biotech XBI index that gained 7% (Fig J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

1). With this rebound, we want to re-emphasize healthcare's low correlation to

Derek Choi

other sectors as a source of value and we see China healthcare's valuation as (852) 2800-8744

undemanding with sector PE near 5-year low (Fig 2) after stock decline in 1H26. derek.c.choi@jpmorgan.com

We think 2Q26/1H26 results should hold up, despite worries over domestic curbs J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

on medical-rep activities. Our channel feedback shows limited overall impact so

far especially for innovative drug sales. Our core sector thesis has stayed Eric Zhao, CFA

(86-21) 6106 6256

unchanged for 2026: China healthcare's fundamentals remain strong and we eric.zhao@jpmorgan.com