China Healthcare Handbook 2022

Crouch, Stalk Cautiously, Hunt

CITI'S TAKE

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China’s healthcare sector has a critical year ahead. Complementing our recent sector outlook report (see Be Cautious Near Term; Prefer Quality Leaders), this in-depth handbook comprises both top-down and bottom-up analyses to help investors navigate the key trends we forecast for 2022. Read on for our deep dive analysis that includes proprietary corporate scorecards, our pharma pipeline database, and sub-sector perspectives. Stock picks: Among pharma names, our top picks are Hengrui, Hansoh and CSPC. We prefer CXO/biotech leaders with proven track records and overseas expansion potential; our top picks are Wuxi AppTec and Junshi. In the healthcare service segment, we prefer quality leaders with sustainable growth models – top pick Aier.