高盛-中国医疗行业分析  12月4日  PDF  48页

Industry context
There is increasing investor interest in China’s healthcare sector, which (1)
has been a laggard during the past market rally, (2) is economically
insensitive in nature, and (3) is poised for growth as spending on
healthcare by the Chinese government is expected to rise. However, the
domestic healthcare industry is complex. This report highlights the
opportunities, risks, key trends and companies to watch.
Source of opportunity
Investments in the medical device and CRO sectors are compelling for the
long term, based on favorable macro trends. We believe the recent market
weakness provides a good entry point, and long-term favorable returns are
supported by the scarcity of investable opportunities and strong growth
visibility. Furthermore, despite the current market flux, the pharmaceutical
segment presents substantial long-term opportunities in the areas of
branded generics and innovative drugs. We believe a micro-oriented
approach would enable investors to identify attractive risk/reward in the
pharma sector.