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2021-03-21

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China’s Healthcare Companies Are the Next Big Thing. Where Investors Should Look<blockquote>中国的医疗保健公司是下一个大事件。投资者应该关注哪些方面</blockquote>

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Where Investors Should Look<blockquote>中国的医疗保健公司是下一个大事件。投资者应该关注哪些方面</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112503569","media":"Barron's","summary":"Chineseinternet stocksmight be showing their age over the past month or so, as investors wonder whet","content":"Chineseinternet stocksmight be showing their age over the past month or so, as investors wonder whether the likes ofAlibaba Group Holding(ticker:BABA) andTencent Holdings(700.Hong Kong) can keep up their feverish growth pace. But a new industry could be just coming into its own: healthcare.<blockquote>中国互联网股在过去一个月左右的时间里可能会显示出它们的年龄，投资者想知道阿里巴巴集团控股（股票代码：BABA）和腾讯控股（700.Hong）等公司能否保持狂热的增长速度。但一个新的行业可能刚刚诞生：医疗保健。</blockquote> Names likeWuXi Biologics(2269.Hong Kong) andPing An Healthcare &amp; Technology(1833.Hong Kong) have a fraction of the online giants’ market cap. A confluence of factors all but assures that they will get much bigger: an aging population, bottlenecks in China’s state medical system, surging prowess in drug research, and state support. “The opportunity in Chinese healthcare is completely better than in e-commerce,” says Taizo Ishida, who runs the emerging Asia strategy for Matthews Asia. “The pipeline is solid, and stocks are still cheap in a way.”<blockquote>药明生物（2269.香港）和平安医疗科技（1833.香港）等公司的市值只是这些在线巨头的一小部分。这些因素的结合几乎可以肯定，它们会变得更大：人口老龄化、中国国家医疗系统的瓶颈、药物研究实力的激增以及国家的支持。“马修斯亚洲新兴亚洲战略负责人石田泰三说：”中国医疗保健的机会完全好于电子商务。“管道是坚实的，在某种程度上，股票仍然很便宜。”</blockquote> From a standing start around 2009, Chinese drugmakers have advanced to rival the West in biotechnology. Last year smashed all investment records with 80 new public companies and $29 billion in private-equity investment, says Greg Scott, CEO of consulting firm ChinaBio. “I’d say they can’t maintain this pace, but I’ve been saying that for a number of years,” he quips.<blockquote>从2009年左右的起步，中国制药商已经在生物技术领域与西方相媲美。咨询公司 ChinaBio 首席执行官格雷格·斯科特 (Greg Scott) 表示，去年，80 家新上市公司和 290 亿美元的私募股权投资打破了所有投资记录。“我想说他们无法保持这样的速度，但我已经这么说很多年了，”他打趣道。</blockquote> From this deluge, a few companies are emerging with track records and diversified income streams that don’t depend on a single blockbuster. WuXi Biologics is Ishida’s favorite. Its bread and butter is testing and manufacturing for other pharma powers. This assures steady earnings, while it experiments with its own drugs. “WuXi Biologics is becoming the TSMC of medical,” Ishida says, referring toTaiwan Semiconductor Manufacturing(TSM), the linchpin of global microchip production.<blockquote>从这场洪流中，一些公司正在崛起，拥有业绩记录和多元化的收入来源，而不依赖于单一的大片。药明生物是石田的最爱。它的面包和黄油正在为其他制药公司进行测试和生产。这确保了稳定的收益，同时它还在试验自己的药物。“石田说：”药明生物正在成为医学界的台积电，他指的是全球微芯片生产的关键台积电。</blockquote> Tom Masi, co-manager of the emerging wealth strategy at GW&amp;K Investment Management, is partial toJiangsu Hengrui Medicine(600276.China), a veteran generics maker that has upgraded to biotech. It’s battlingInnovent(1801.Hong Kong) andBeiGene(BGNE) for supremacy in China’s enormous oncology market.<blockquote>GW&amp;K Investment Management 新兴财富策略联席经理汤姆·马西 (Tom Masi) 是江苏恒瑞医药 (600276.China) 的部分股东，该公司是一家已升级为生物技术的老牌仿制药制造商。它正在与 Innovent (1801.Hong Kong) 和百济神州 (BGNE) 争夺中国巨大的肿瘤市场的霸主地位。</blockquote> Healthcare innovationoutside the laboratory is no less vibrant, and potentially lucrative, in China. Communist planners of yore routed all medical needs, from treatment for a lingering cold to brain surgery, through hospital centers, where harried physicians may see 100 patients a day, says Chelsea Rodstrom, analyst for the recently launchedGlobal X China Disruptionexchange-traded fund (KEJI).<blockquote>在中国，实验室之外的医疗保健创新同样充满活力，而且利润丰厚。最近推出的 Global X China Disruption 交易所交易基金 (KEJI) 的分析师切尔西·罗德斯特罗姆 (Chelsea Rodstrom) 表示，过去的共产主义策划者将所有医疗需求（从治疗挥之不去的感冒到脑部手术）都通过医院中心进行，在那里，饱受折磨的医生每天可能要看 100 名患者。</blockquote> This untenable situation became intolerable during the Covid-19 pandemic. Ping An Healthcare, a spin-off of China’s top insurance company, saw explosive growth for its Good Doctor telemedicine service, which the state supported by reimbursing for the visits. “Healthcare is a perfect nexus for all the innovative themes in China,” Rodstrom says. “It’s using tech and AI to address demographic trends.”<blockquote>这种站不住脚的局面在新冠肺炎疫情期间变得无法忍受。中国顶级保险公司平安医疗的子公司，其好医生远程医疗服务在国家报销就诊费用的支持下实现了爆炸式增长。“罗德斯特罗姆说：”医疗保健是中国所有创新主题的完美纽带。“它正在利用技术和人工智能来应对人口趋势”。</blockquote> Another outmoded legacy is hospitals’ monopoly on dispensing drugs, leaving Chinese patients waiting for hours just to get prescriptions filled. The nation’s tech powers are on this problem with a vengeance.Alibaba Health Information Technology(241.Hong Kong), sister firm to the e-commerce giant, is focusing on an online pharmacy. Hot on its heels isJD Health International(6618.Hong Kong), which was spun off from rival merchantJD.com(JD) late last year.<blockquote>另一个过时的遗留问题是医院垄断配药，导致中国病人为了配药要等上几个小时。阿里巴巴健康信息技术（241.Hong Kong）是这家电子商务巨头的姊妹公司，该公司正专注于网上药店。紧随其后的是去年底从竞争对手京东（JD）分拆出来的京东健康国际（6618.Hong Kong）。</blockquote> If Chinese healthcare shares are cheap, compared with internet stocks, they are still expensive, based on their own histories. Ping An healthcare jumped 50% over the past year. WuXi Biologics has tripled. The whole sector corrected lately.<blockquote>如果中国医疗保健股与互联网股相比很便宜，那么根据它们自己的历史，它们仍然很贵。平安医疗在过去一年里上涨了50%。药明生物涨了两倍。整个板块最近都进行了修正。</blockquote> When it will rebound is a big question. “Over the next three months, it might get interesting to increase our positions,” GW&amp;K’s Masi says.<blockquote>何时反弹是一个大问题。“GW&amp;K 的马西说：”在接下来的三个月里，增加我们的仓位可能会变得很有趣。</blockquote>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China’s Healthcare Companies Are the Next Big Thing. Where Investors Should Look<blockquote>中国的医疗保健公司是下一个大事件。投资者应该关注哪些方面</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina’s Healthcare Companies Are the Next Big Thing. Where Investors Should Look<blockquote>中国的医疗保健公司是下一个大事件。投资者应该关注哪些方面</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarron's2021-03-19 22:08\n\n</h4>\n</header>\n<article>\nChineseinternet stocksmight be showing their age over the past month or so, as investors wonder whether the likes ofAlibaba Group Holding(ticker:BABA) andTencent Holdings(700.Hong Kong) can keep up their feverish growth pace. But a new industry could be just coming into its own: healthcare.<blockquote>中国互联网股在过去一个月左右的时间里可能会显示出它们的年龄，投资者想知道阿里巴巴集团控股（股票代码：BABA）和腾讯控股（700.Hong）等公司能否保持狂热的增长速度。但一个新的行业可能刚刚诞生：医疗保健。</blockquote> Names likeWuXi Biologics(2269.Hong Kong) andPing An Healthcare &amp; Technology(1833.Hong Kong) have a fraction of the online giants’ market cap. A confluence of factors all but assures that they will get much bigger: an aging population, bottlenecks in China’s state medical system, surging prowess in drug research, and state support. “The opportunity in Chinese healthcare is completely better than in e-commerce,” says Taizo Ishida, who runs the emerging Asia strategy for Matthews Asia. “The pipeline is solid, and stocks are still cheap in a way.”<blockquote>药明生物（2269.香港）和平安医疗科技（1833.香港）等公司的市值只是这些在线巨头的一小部分。这些因素的结合几乎可以肯定，它们会变得更大：人口老龄化、中国国家医疗系统的瓶颈、药物研究实力的激增以及国家的支持。“马修斯亚洲新兴亚洲战略负责人石田泰三说：”中国医疗保健的机会完全好于电子商务。“管道是坚实的，在某种程度上，股票仍然很便宜。”</blockquote> From a standing start around 2009, Chinese drugmakers have advanced to rival the West in biotechnology. Last year smashed all investment records with 80 new public companies and $29 billion in private-equity investment, says Greg Scott, CEO of consulting firm ChinaBio. “I’d say they can’t maintain this pace, but I’ve been saying that for a number of years,” he quips.<blockquote>从2009年左右的起步，中国制药商已经在生物技术领域与西方相媲美。咨询公司 ChinaBio 首席执行官格雷格·斯科特 (Greg Scott) 表示，去年，80 家新上市公司和 290 亿美元的私募股权投资打破了所有投资记录。“我想说他们无法保持这样的速度，但我已经这么说很多年了，”他打趣道。</blockquote> From this deluge, a few companies are emerging with track records and diversified income streams that don’t depend on a single blockbuster. WuXi Biologics is Ishida’s favorite. Its bread and butter is testing and manufacturing for other pharma powers. This assures steady earnings, while it experiments with its own drugs. “WuXi Biologics is becoming the TSMC of medical,” Ishida says, referring toTaiwan Semiconductor Manufacturing(TSM), the linchpin of global microchip production.<blockquote>从这场洪流中，一些公司正在崛起，拥有业绩记录和多元化的收入来源，而不依赖于单一的大片。药明生物是石田的最爱。它的面包和黄油正在为其他制药公司进行测试和生产。这确保了稳定的收益，同时它还在试验自己的药物。“石田说：”药明生物正在成为医学界的台积电，他指的是全球微芯片生产的关键台积电。</blockquote> Tom Masi, co-manager of the emerging wealth strategy at GW&amp;K Investment Management, is partial toJiangsu Hengrui Medicine(600276.China), a veteran generics maker that has upgraded to biotech. It’s battlingInnovent(1801.Hong Kong) andBeiGene(BGNE) for supremacy in China’s enormous oncology market.<blockquote>GW&amp;K Investment Management 新兴财富策略联席经理汤姆·马西 (Tom Masi) 是江苏恒瑞医药 (600276.China) 的部分股东，该公司是一家已升级为生物技术的老牌仿制药制造商。它正在与 Innovent (1801.Hong Kong) 和百济神州 (BGNE) 争夺中国巨大的肿瘤市场的霸主地位。</blockquote> Healthcare innovationoutside the laboratory is no less vibrant, and potentially lucrative, in China. Communist planners of yore routed all medical needs, from treatment for a lingering cold to brain surgery, through hospital centers, where harried physicians may see 100 patients a day, says Chelsea Rodstrom, analyst for the recently launchedGlobal X China Disruptionexchange-traded fund (KEJI).<blockquote>在中国，实验室之外的医疗保健创新同样充满活力，而且利润丰厚。最近推出的 Global X China Disruption 交易所交易基金 (KEJI) 的分析师切尔西·罗德斯特罗姆 (Chelsea Rodstrom) 表示，过去的共产主义策划者将所有医疗需求（从治疗挥之不去的感冒到脑部手术）都通过医院中心进行，在那里，饱受折磨的医生每天可能要看 100 名患者。</blockquote> This untenable situation became intolerable during the Covid-19 pandemic. Ping An Healthcare, a spin-off of China’s top insurance company, saw explosive growth for its Good Doctor telemedicine service, which the state supported by reimbursing for the visits. “Healthcare is a perfect nexus for all the innovative themes in China,” Rodstrom says. “It’s using tech and AI to address demographic trends.”<blockquote>这种站不住脚的局面在新冠肺炎疫情期间变得无法忍受。中国顶级保险公司平安医疗的子公司，其好医生远程医疗服务在国家报销就诊费用的支持下实现了爆炸式增长。“罗德斯特罗姆说：”医疗保健是中国所有创新主题的完美纽带。“它正在利用技术和人工智能来应对人口趋势”。</blockquote> Another outmoded legacy is hospitals’ monopoly on dispensing drugs, leaving Chinese patients waiting for hours just to get prescriptions filled. The nation’s tech powers are on this problem with a vengeance.Alibaba Health Information Technology(241.Hong Kong), sister firm to the e-commerce giant, is focusing on an online pharmacy. Hot on its heels isJD Health International(6618.Hong Kong), which was spun off from rival merchantJD.com(JD) late last year.<blockquote>另一个过时的遗留问题是医院垄断配药，导致中国病人为了配药要等上几个小时。阿里巴巴健康信息技术（241.Hong Kong）是这家电子商务巨头的姊妹公司，该公司正专注于网上药店。紧随其后的是去年底从竞争对手京东（JD）分拆出来的京东健康国际（6618.Hong Kong）。</blockquote> If Chinese healthcare shares are cheap, compared with internet stocks, they are still expensive, based on their own histories. Ping An healthcare jumped 50% over the past year. WuXi Biologics has tripled. The whole sector corrected lately.<blockquote>如果中国医疗保健股与互联网股相比很便宜，那么根据它们自己的历史，它们仍然很贵。平安医疗在过去一年里上涨了50%。药明生物涨了两倍。整个板块最近都进行了修正。</blockquote> When it will rebound is a big question. “Over the next three months, it might get interesting to increase our positions,” GW&amp;K’s Masi says.<blockquote>何时反弹是一个大问题。“GW&amp;K 的马西说：”在接下来的三个月里，增加我们的仓位可能会变得很有趣。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/treasury-yields-have-surged-here-are-some-income-options-51615550401\">Barron's</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/treasury-yields-have-surged-here-are-some-income-options-51615550401","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112503569","content_text":"Chineseinternet stocksmight be showing their age over the past month or so, as investors wonder whether the likes ofAlibaba Group Holding(ticker:BABA) andTencent Holdings(700.Hong Kong) can keep up their feverish growth pace. But a new industry could be just coming into its own: healthcare.\nNames likeWuXi Biologics(2269.Hong Kong) andPing An Healthcare & Technology(1833.Hong Kong) have a fraction of the online giants’ market cap. A confluence of factors all but assures that they will get much bigger: an aging population, bottlenecks in China’s state medical system, surging prowess in drug research, and state support. “The opportunity in Chinese healthcare is completely better than in e-commerce,” says Taizo Ishida, who runs the emerging Asia strategy for Matthews Asia. “The pipeline is solid, and stocks are still cheap in a way.”\nFrom a standing start around 2009, Chinese drugmakers have advanced to rival the West in biotechnology. Last year smashed all investment records with 80 new public companies and $29 billion in private-equity investment, says Greg Scott, CEO of consulting firm ChinaBio. “I’d say they can’t maintain this pace, but I’ve been saying that for a number of years,” he quips.\nFrom this deluge, a few companies are emerging with track records and diversified income streams that don’t depend on a single blockbuster. WuXi Biologics is Ishida’s favorite. Its bread and butter is testing and manufacturing for other pharma powers. This assures steady earnings, while it experiments with its own drugs. “WuXi Biologics is becoming the TSMC of medical,” Ishida says, referring toTaiwan Semiconductor Manufacturing(TSM), the linchpin of global microchip production.\nTom Masi, co-manager of the emerging wealth strategy at GW&K Investment Management, is partial toJiangsu Hengrui Medicine(600276.China), a veteran generics maker that has upgraded to biotech. It’s battlingInnovent(1801.Hong Kong) andBeiGene(BGNE) for supremacy in China’s enormous oncology market.\nHealthcare innovationoutside the laboratory is no less vibrant, and potentially lucrative, in China. Communist planners of yore routed all medical needs, from treatment for a lingering cold to brain surgery, through hospital centers, where harried physicians may see 100 patients a day, says Chelsea Rodstrom, analyst for the recently launchedGlobal X China Disruptionexchange-traded fund (KEJI).\nThis untenable situation became intolerable during the Covid-19 pandemic. Ping An Healthcare, a spin-off of China’s top insurance company, saw explosive growth for its Good Doctor telemedicine service, which the state supported by reimbursing for the visits. “Healthcare is a perfect nexus for all the innovative themes in China,” Rodstrom says. “It’s using tech and AI to address demographic trends.”\nAnother outmoded legacy is hospitals’ monopoly on dispensing drugs, leaving Chinese patients waiting for hours just to get prescriptions filled. The nation’s tech powers are on this problem with a vengeance.Alibaba Health Information Technology(241.Hong Kong), sister firm to the e-commerce giant, is focusing on an online pharmacy. Hot on its heels isJD Health International(6618.Hong Kong), which was spun off from rival merchantJD.com(JD) late last year.\nIf Chinese healthcare shares are cheap, compared with internet stocks, they are still expensive, based on their own histories. Ping An healthcare jumped 50% over the past year. WuXi Biologics has tripled. The whole sector corrected lately.\nWhen it will rebound is a big question. “Over the next three months, it might get interesting to increase our positions,” GW&K’s Masi says.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1788,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/350465203"}