医疗器械行业发展展望深度研究报告.pdf
《医疗器械行业发展展望深度研究报告.pdf》由会员分享,可在线阅读,更多相关《医疗器械行业发展展望深度研究报告.pdf(25页珍藏版)》请在文库网上搜索。
1、9月1日 11月7日 12月30日 1月21日 931.4 11,338.5 7,342.7 1,108.5 恒生指數 恒生指數 恒生指數 恒生指數 风水指数 6 7 2019 年 中信里昂证券风水指数 行业点睛 五行起舞 在 风水里,五行逐月循环往复,周而复始,亦相互影 响。我们着眼于五行的相对强弱在每个月的此消彼 长。五行元素分量相同,才能实现投资组合的完美平衡 例如给火相关行业加点木或可激发好的表现。在相生规律 中,木助火,火反过来生土;金出自土而生水,水是生命 的基本成分,也是木生长所必需的。在相克规律中,水灭 火,火融金,让金变得软弱;金切木,木之根扎进土壤,吸 其养分,因而克土;土
2、成渠引水,因而克水。 火全年烧个不停。火相关行业主宰的十和十一月、其自身周 期之初、直至春末夏初,势力尤为强盛。科技股或表现 不错,但夏季疲软。电信、石油副产品和公用事业股亦能给 你的钱包和投资组合加热。 为期三年的涨势开启,没有洪水,但若配置均衡就有望乘风 破浪。旅游、油漆、物流、酒店和各种船运业有良好表现。 可能的阻滞包括政府监管和关税。八月和九月由土主宰, 也是其黄金时间。 今年土行业可以仰仗八字图中的火元素获得提振。建筑和房 地产夏末应有良好表现。外国房地产市场或能雄起。水与土 偶有冲突,年中开始,边缘支持可能耗尽,末梢看起来有点 焦黄。 相克 相生 相生規律 相克規律 FIRE WA
3、TER EARTH 旺 吉 吉 资源 公用事业 博彩 房地产 科技 旅游 策略 电信/互联网Korean steel Sector outlook - Overweight Find CLSA research on Bloomberg, Thomson Reuters, Factset and CapitalIQ - and profit from our evalutor proprietary database at For important disclosures please refer to page 93. Jihyang Hyun +82 2 397 8436 Andre
4、w Driscoll, CFA Head of Resources Research +852 2600 8528 Daniel Meng Head of China Materials +852 2600 8355 7 March 2018 Korea Materials Stock in focus Posco 005490 KS Rec BUY Market cap US$28,086m Price 348,500 Target 502,000 Up/downside 44% Hyundai Steel 004020 KS Rec O-PF Market cap US$6,414m Pr
5、ice 52,000 Target 60,000 Up/downside 15% Thinning the field China capacity cuts make remaining incumbents happier Macau flying high S pe c ia l repor t Februar y 2018 Top down catalysts driving growth 火 水 土bruary China pr erty cyclingChina property Sector outlook - Overweight Find CLSA research on
6、Bloomberg, Thomson Reuters, Factset and CapitalIQ - and profit from our evalutor proprietary database at For important disclosures please refer to page 106. Nicole Wong Head of Property Research +852 2600 8207 Alvin Huang +852 2600 8576 12 February 2018 China/HK Property Top BUYs China Coli 688 HK
7、 Market cap US$39.9bn Price HK$28.45 Target HK$36.00 Upside 27% KWG Property 1813 HK Market cap US$4.8bn Price HK$11.84 Target HK$14.00 Upside 18% Shimao 813 HK Market cap US$9.1bn Price HK$21.10 Target HK$25.50 Upside 21% Hong Kong Henderson Land 12 HK Market cap US$26.2bn Price HK$51.25 Target HK$
8、60.00 Upside 17% New World Dev 17 HK Market cap US$15.1bn Price HK$11.66 Target HK$15.00 Upside 29% Swire Properties 1972 HK Market cap US$19.6bn Price HK$26.25 Target HK$32.00 Upside 22% Upcycling Building more top cities iFlytek, Glodon in the fast lane CHINA SOFTWARE Special report May 2018 WORL
9、DS FIRST MIGHTY GIGALOPOLIS Golden age Special report September 2018 China online entertainment to double by 2020 恭喜 发财 王艳 Nicolas Baratte David Murphy Andrew Driscoll Charles Yonts Jon Galligan 杨灵修 梁向奕 恒生指数八字不缺木,但属阴性,在同属阴性的土猪年没 有吸引力。然而猪这种动物属于水,因此可以期待些许增 长。教育与环境相关行业年初年末有保护,秋末是出击的 最佳时机。 平 必选消费品 可选消费品
10、 医疗卫生/制药 WOOD 木China home appliances Sector outlook - Overweight Find CLSA research on Bloomberg, Thomson Reuters, Factset and CapitalIQ - and profit from our evalutor proprietary database at For important disclosures please refer to page 176. Dylan Chu +852 2600 8725 Dawei Feng, CFA Head of China
11、 Consumer Research +852 2600 8172 12 May 2017 China Consumer A-share initiations Gree 000651 CH Rec BUY Market cap US$27.4bn Price Rmb31.48 Target Rmb36.40 Total return 22% Little Swan 000418 CH Rec BUY Market cap US$3.6bn Price Rmb43.81 Target Rmb59.40 Total return 38% Midea 000333 CH Rec BUY Marke
12、t cap US$32.9bn Price Rmb35.15 Target Rmb42.20 Total return 24% Qingdao Haier 600690 CH Rec BUY Market cap US$11.7bn Price Rmb12.87 Target Rmb16.80 Total return 33% H-share rating downgrade Haier Electronics 1169 HK Rec (old) BUY Rec (new) O-PF Market cap US$6.5bn Price HK$18.54 Target (old) HK$18.6
13、0 Target (new) HK$19.70 Total return 8% Wheels & wings Initiating on A-share white-goods giants China healthcare Sector outlook - Overweight Find CLSA research on Bloomberg, Thomson Reuters, Factset and CapitalIQ - and profit from our evalutor proprietary database at For important disclosures plea
14、se refer to page 89. David Li Head of China Healthcare Res +852 2600 7068 Sandra Sun +852 2600 7931 12 January 2018 China Healthcare Key distributors Sinopharm 1099 HK Rec O-PF Market cap US$11,941m Price HK$33.75 Target HK$38.00 Upside +13% Shanghai Pharma 2607 HK Rec O-PF Market cap US$9,424m Pr
15、ice HK$20.85 Target HK$23.37 Upside +12% CR Pharma 3320 HK Rec O-PF Market cap US$8,341m Price HK$10.38 Target HK$11.65 Upside +12% Pain before gain Structural reforms will create a stronger industry Watch David Lis CLSA Video Podcast 初维嘉 刘彤 李博 基 于 五 行 之 行 业 选 择 今年八字图上火力过旺,融化了为数不多的金。金与木亦有 冲突,金元素势单力薄
16、,金融、法律和管理公司等相关行业 处境不妙。土能给予些许防护,尤其是夏季,因此宜减少主 动出击,以免产生重大损失。预计银行业监管将收紧。 二月 四月 六月 八月 十月 十二月 三月 五月 七月 九月 十 一月 一月 凶 银行 机械 金融Asean financials Sector outlook - Overweight No. of commercial banks vs fintechs in Asean Note: Fintechs without identifiable foundation year are excluded. Source: CLSA, CEIC, OJK, B
17、NM, BSP, MAS, BoT, newswires, companies, fintech associations. Find CLSA research on Bloomberg, Thomson Reuters, Factset and CapitalIQ - and profit from our evalutor proprietary database at For important disclosures please refer to page 37. 0 100 200 300 400 500 600 2000 2001 2002 2003 2004 2005 20
18、06 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (No.) Commerical banks FintechsAsheefa Sarangi Managing Director HK and Singapore Banks +852 2600 8300 Daniel JH Lee +852 2600 7452 11 April 2018 South East Asia Financial services DBS DBS SP Rec BUY Market cap US$53.9bn Price S$27.66 Target
19、 S$35.50 Up/downside +28% Mandiri BMRI IJ Rec O-PF Market cap US$25.6bn Price Rp7,550 Target Rp8,700 Up/downside +15% OCBC OCBC SP Rec BUY Market cap US$40.6bn Price S$12.76 Target S$15.75 Up/downside +23% Fintech shakeup Old and new players should make Southeast Asian banking more exciting The Ase
20、an banking sector is set to take a different route over the next few years, as fintech players carve out their own paths and partner with existing banks in more meaningful ways. In our view, as a market, Singapore is best positioned from the banks perspective. Our top picks are DBS (BUY), Mandiri (O
21、-PF) and OCBC (BUY). Moving into mainstream There are more than 600 fintechs headquartered in Asean. This number has grown exponentially over the past decade, driven, in our view, primarily by rapid tech adoption, infrastructure improvement, confidence in the stability and reliably of mobile technol
22、ogy, urbanisation, rising literacy, a greater pool of young people, the pull of the unbanked or underserved population and greater accessibility of capital for startups. Verticals to stand by Most fintechs in Southeast Asia appear to be concentrated in payments and settlement, lending and data analy
23、tics. These verticals are also where Asean banks look to be partnering. Some homegrown companies have the potential to survive as standalone entities, but most will need to partner with large domestic corporates to achieve scale and navigate around any licensing and regulatory barriers. We profile 1
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 医疗器械行业 发展 展望 深度 研究 报告