China Healthcare: Weekly recap: A policy-heavy week; H126 preview for CRO and medtech

研报英文原文证据摘录

China Healthcare: Weekly recap: A policy-heavy week; H126 preview for CRO and medtech

Global Research

17 July 2026ab

China Healthcare Equities

ChinaWeekly recap: A policy-heavy week; H126

preview for CRO and medtech Healthcare

Chen Chen, PhD

Analyst

chen-zb.chen@ubs.com

A/H-share healthcare sector pulls back; CRO/ medtech H126 preview +86-10-5832 8201

From 13-17 July, the HSHCI/HSBIO indices fell 2.0%/2.8%, and the SW Healthcare A/H Henry Liu, CFA

indices fell 0.6%/1.9%, ranking 11/25 among A/H-share sectors. Among healthcare Analyst

subsectors, TCM outperformed in both A shares (+5.2%) and H shares (+4.2%), mainly S1460520110002

due to policy tailwinds (see our report) and tactical sector rotation, in our view. We henry-za.liu@ubs.com

published our H126 preview for CRO/ medtech and updated our subsector top picks to +86-105-832 8509

Wuxi Apptec and MicroPort Medbot/Angelalign, respectively. Our overall sector Anita Wei

top picks include BeOne, Wuxi Apptec, JD Health and Simcere (see page 3). Analyst

anita.wei@ubs.com

+852-2971 7459

Top stories: Key regulatory updates in China Jun Deng

This week, the NHC and two other authorities issued a notice establishing a tiered Analyst

framework for medical equipment VBP in China, which we expect to facilitate pricing jun.deng@ubs.com

transparency and market consolidation (see note). The NHSA released the final form +852-3712 2103

review results for the 2026 NRDL negotiations. We note no material changes vs. the Michelle Zhu

initial results (see here), with 601 of 664 drugs passing (91% pass rate). Among pre- Analyst

applications, 10 out of 50 failed to pass. The NHSA also published its 2025 annual S1460522090003

report on national basic medical insurance (BMI). We highlight: 1) total coverage michelle.zhu@ubs.com