中国 healthcare 行业：强劲交易活动与持续研发进展推动 healthcare 评级上调

Robust deal activity and continued R&Dprogress driving healthcare re-rating Price Objective Change 07 July2026 CSPC:another collaboration with AstraZeneca EquityChinaHealthcare On 2 July, CSPC announced a collaboration agreement with AstraZeneca (AZ) to leverageCSPC’s siRNA drug-discovery and extrahepatic targeted-delivery platforms. CSPC and AZwill co-develop PCCs for two renal disease targets. AZ will have the option to obtainexclusive global, or ex-China, rights for each preclinical candidate, while CSPC will retainChina rights to one candidate. CSPC will receive an upfront payment of US$30mn and iseligible for up to US$540mn/US$1.2bn in development/sales milestone payments pluspotential single-digit royalties. We add the US$30mn upfront payment to our estimatesand raise our 2027 revenue/NP estimate by 0.8%/2.0%, as well as lift our long-termsales estimates. Our PO increases to HK$7.6 from HK$6.8. However, we reiterate ourUnderperform rating on CSPC given continued sales pressure on its key marketed drugs. David Li>>Research AnalystMerrill Lynch (Hong Kong)+852 3508 4531davidbo.li@bofa.com Sandra Sun>>Research AnalystMerrill Lynch (Hong Kong)sandra.sun@bofa.com Ethan Cui>>Research AnalystMerrill Lynch (Hong Kong)ethan.cui@bofa.com Gushengtang:footprint expansion through acquisitions On 5 July, Gushengtang (GST) announced the acquisitions of Shahe Hospital and BeijingHongyang Hospital. The acquisitions will expand the company’s medical institutionnetwork and strengthen its presence in Beijing. Mgmt. expects the acquired hospitals togenerate synergies with GST’s existing medical institutions and online healthcareplatform. The transactions will be funded by proceeds from the company’s recent shareplacement and convertible bond issuance, as well as internal cash resources. Wemaintain our Buy rating and HK$32.60 PO on GST. Innovent:commercialization deal with Lilly on CDK4/6 Recently, Innovent announced a commercialization agreement with Lilly for Verzenios(abemaciclib) in mainland China. Under the agreement, Innovent will be responsible forthe product’s imports, marketing, distribution, and promotion. Verzenios was the firstCDK4&6 inhibitor to be included in the NRDL in 2021 and has since securedreimbursement coverage for both early and advanced breast cancer indications. Toreflect the revenue contribution from abemaciclib from 2H26, we lift our 2026/27/28revenue estimates by 3.3%/5.3%/4.7%. Consequently, we raise our DCF-derived PO toHK$119.2 (from HK$116.8) and reiterate our Buy rating given the company’s enrichedcommercial products portfolio and solid in-house R&D capabilities. Abbreviations: siRNA: Small interfering ribonucleicacidPCC: Pre-clinical CandidateGST: GushengtangCDK4/6: Cyclin-Dependent Kinase 4/6NRDL: National Reimbursement DrugListHER2: Human Epidermal Growth FactorReceptor 2mBC: Metastatic Breast Cancer1/2L: first/second-lineNMPA: National Medical ProductsAdministrationPCa: prostate cancerEGFR: Epidermal Growth FactorReceptorADC: Antibody-Drug ConjugateNSCLC: Non-Small Cell Lung CancerNP: Net Profit Hengrui:multiple innovative drug R&D updatesHengruihas announced multiple R&D updates recently. It disclosed that the marketing application for SHR-A1811’s third indication (1L/2L HER2-low mBC) has been acceptedby NMPA and granted priority review. In addition, Hengrui received clinical trial approvalsfor several innovative drug candidates, including HRS-4508 (for breast and lung cancers),SHR-6914 (for PCa), HRS-7525 (for solid tumor), and several combo therapies. Althoughwe are concerned about the potential impact on generics from the new round of anti-corruption campaign, especially in low-tier cities, we still believe its sales growth oninnovative drugs portfolio can achieve 30% growth in 2026E. We reiterate our Buy ratingand RMB$72.70 PO on Hengrui. >> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 7 to 11. Analyst Certification on page 4. PriceObjective Basis/Risk on page 3.12991128 Estimate changes CSPC Separately, CSPC has initiated two Phase III studies for SYS6010 (EGFR ADC) in NSCLCrecently. We add the US$30mn upfront payment to our estimate and raise our 2027revenue/NP estimates by 0.8%/2.0%. As the partnered candidates remain at thepreclinical stage, we do not include any revenue contribution from these candidates inour estimates. We also raise our SYS6010 NSCLC penetration ass