The 2025 Analyst Conference, hailed as the "Oscars of the Capital Markets," concluded successfully in Shanghai on November 28. The event gathered over 300 distinguished participants, including authoritative scholars, heads of public and private funds, listed company chairpersons, top fund managers, and chief analysts, to explore future opportunities in China's capital markets.
During the prestigious "Golden Qilin" awards ceremony, Zhongtai Securities' Zhu Jiaqi team was honored as "Elite Analysts" in the innovative drug sector. In an exclusive interview, Zhu Jiaqi, Chief Pharmaceutical Analyst at Zhongtai Securities Co.,Ltd., shared insights on current investment logic and 2026 outlook for the healthcare sector.
Zhu observed that 2025 showcased a distinct "two-polar" strength in healthcare: blue-chip leaders maintained robust performance through solid industry positioning and fundamental resilience, while select small-cap companies with technological breakthroughs or operational improvements also delivered outstanding results. She anticipates this trend will continue in 2026, recommending a "blue-chip foundation + dark horse enhancement" strategy—maintaining core holdings in high-quality sectors while actively allocating to high-growth potential small/mid-cap stocks for balanced stability and upside.
For 2026 investment themes, Zhu highlighted two key directions: 1) Innovation-driven opportunities: Innovative drugs and their industrial chain remain the sector's long-term growth engine, with their tech attributes closely tied to market risk appetite, making them ideal for offensive positioning. 2) Turnaround potential: After policy adjustments and valuation digestion, subsectors like medical devices, traditional Chinese medicine, and consumer healthcare show signs of fundamental recovery, offering both valuation repair and earnings improvement potential for defensive allocation during market volatility.
Zhu emphasized that innovative drugs, as high-growth assets, exhibit valuation systems closely linked to tech stock risk preferences, requiring investors to maintain dynamic perspectives on valuation fluctuations.
Regarding sector rotation, she noted healthcare investments primarily balance between "growth (innovative drugs)" and "safety (turnaround plays)." Optimistic markets favor high-beta innovative drugs, while risk-off sentiment typically flows into reasonably valued turnaround stories.
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