Strategy

报告摘要

• The HSHCI fell 10.6% during 1-15 October, significantly underperforming the HSI, mainly due to profit-taking. Insilico, XtalPi, Akeso and WuXi Bio, which had led outperformers in previous weeks, were the major laggards. Chinese biopharmas will deliver their strongest ESMO showing yet, with 29 studies accepted as late-breaking abstracts. With market focus shifting from business development to robust Phase III data delivery, China's innovation strength should continue to support the sector's positive outlook. Maintain MARKET WEIGHT.