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《大行》摩通:藥明康德(02359.HK)被美列入1260H清單損情緒 實質業務影響有限
摩根大通發表研究報告指,美國國防部於周一發布了更新版1260H清單,其中藥明康德(02359.HK)亦被列入其中。該行坦言此舉令人有些意外,因為美國總統特朗普剛於5月訪問北京,且該名單在今年2月曾短暫將其列入後又迅速撤回。藥明康德已發表公告澄清此項認定為「顯然是個錯誤」,並表明將採取即時行動對此錯誤認定提出挑戰和修正。摩根大通指出,被列入1260H清單的後果...
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《大行》摩通:藥明康德(02359.HK)被美列入1260H清單損情緒 實質業務影響有限
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摩根大通發表研究報告指,美國國防部於周一發布了更新版1260H清單,其中藥明康德(02359.HK)  +3.600 (+3.082%)    Short selling $466.84M; Ratio 33.889%   亦被列入其中。該行坦言此舉令人有些意外,因為美國總統特朗普剛於5月訪問北京,且該名單在今年2月曾短暫將其列入後又迅速撤回。藥明康德已發表公告澄清此項認定為「顯然是個錯誤」,並表明將採取即時行動對此錯誤認定提出挑戰和修正。

摩根大通指出,被列入1260H清單的後果是藥明康德現時將被納入《生物安全法案》的法律管轄範圍。儘管該行承認被加入該名單將對藥明康德及其他中國CDMO(合同開發和製造組織)公司的股票投資情緒造成打擊,地緣政治風險可能重新成為投資者最關心的問題,但預計對其個股及客戶的實質業務直接影響很小。

摩根大通進一步解釋,因為《生物安全法案》雖會限制藥明康德的客戶獲得美國聯邦合同,但這些客戶與美國聯邦醫療保險(Medicare)和聯邦醫療補助(Medicaid)的業務與參與將不受影響,而對大多數美國及歐洲的製藥與生物科技公司而言,聯邦合同並非其主要業務板塊。此外,《生物安全法案》所包含的祖父條款(豁免條款),亦令藥明康德現有的項目不受此新進展的影響。

摩根大通對藥明康德的基本面持正面態度,主要由於小分子CRDMO領域競爭溫和且公司持續擴大產能、業務板塊多元化能受惠於不同領域的增長,以及受惠於顯著的GLP-1需求,旗下WuXi TIDES平台增長勢頭強勁。該行認為市場已消化美國關稅帶來的不確定性,因而維持對藥明康德的「增持」評級,其港股目標價維持於172元。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-10 16:25.)

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