摩根大通-中国医疗业希望和机会
JP Morgan Healthcare sectorChina Healthcare Shattered landscape; hope and opportunity



Table of Contents
Investment summary................................................................3
Poor performance creates opportunity......................................................................3
Why the underperformance .....................................................................................4
Why would the sector recover .................................................................................5
Stock investment views ...........................................................................................7
Valuation Analysis and Price Targets.....................................................................14
Healthcare – a major pillar industry......................................15
Fundamentals driving industry growth to remain intact ..........................................15
Chemical-Drugs/APIs .............................................................27
Pharmaceutical demand by therapeutic area ...........................................................32
Selected chemical drug companies in China...........................................................33
Medical Equipment/Devices ..................................................36
Key success factors in Medical Devices.................................................................37
Selected medical equipment/devices companies in China.......................................38
Traditional Chinese Medicines..............................................40
Selected Pharmaceutical and TCM companies .......................................................42
Medical Distribution/Retailing...............................................44
Selected companies with extensive drug-distribution businesses.............................48
Chinese Vaccine Market ........................................................50
Selected companies in the vaccine space................................................................51