Morning Trend | FOSUN PHARMA slowly testing the bottom, is the bottoming window really coming?

FOSUN PHARMA (2196.HK) continued to fluctuate and explore the bottom on January 22, with several attempts to rebound during the day hindered by insufficient trading volume. Recently, the healthcare sector has experienced increased volatility, and the pressure to control medical insurance costs has led risk-averse funds to adopt a wait-and-see approach. At the company's latest annual strategy meeting, executives indicated a commitment to increasing investment in innovative drugs, but the market interpretation remains cautious, as the conversion of innovation into performance still requires a verification period. The stock price has repeatedly oscillated around the support level of HKD 19.36, with technical moving averages still exerting pressure, and the MACD death cross persists, with no signs of convergence in the downward slope; rebounds are primarily driven by short-term funds. Institutional investors in the market are mostly observing the situation, with no clear right-side signals. If there is an increase in activity in the pharmaceutical sector or positive developments in the company's major product research, it may trigger structural buying. In the short term, without strong stimuli, rebounds are likely to be given back, making defensive strategies more favorable. Continuous attention should be paid to policy and marginal changes in trading volume, and sudden drops during the day should not be taken lightly