China Healthcare Crowding monitor: China pharma

This report monitors positioning crowding in China's pharma sector using UBS Quant crowding data. UBS's crowding scores range from -30 (most crowded shorts) to +30 (most crowded longs), based on a proprietary combination of multiple datasets providing a comprehensive view of investor positioning through a dynamic daily score. As of 18 September 2026, within the pharma coverage Haisco, CSPC and Kelun Pharma were the most crowded longs, while Hansoh and United Lab were the most crowded shorts. In the two weeks from 4 September to 18 September, long positioning increased most for CSPC and Kelun Pharma, while short positioning expanded most for Huadong and SBP. Longs: UBS initiated coverage on Haisco with a Buy rating and an Rmb80.00 price target, expecting pipeline milestones and new BD deals to provide upside;