Investment Rating - The report maintains a positive outlook on the pharmaceutical sector for the second half of 2024, focusing on undervalued stocks, overseas expansion, and essential hospital needs as key investment themes [3][11]. Core Insights - The pharmaceutical industry index fell by 2.9% in the past week, underperforming the CSI 300 index by 1.22 percentage points, ranking 30th in terms of performance. Year-to-date, the industry has declined by 11.74%, lagging behind the CSI 300 index by 25.12 percentage points, ranking 31st [1][9]. - The current valuation level for the pharmaceutical industry (PE-TTM) is 27 times, with a premium of 83.88% relative to the entire A-share market, and a premium of 129.02% compared to the CSI 300 index [1][9]. - The best-performing sub-sector this week was offline pharmacies, which rose by 5.9%. The top three sub-sectors since the beginning of the year are raw materials, chemical preparations, and pharmaceutical distribution, with respective declines of -0.9%, -1.4%, and -2.5% [1][9]. Summary by Sections Investment Strategy and Key Stocks - The report emphasizes three main investment directions: 1. Dividend stocks including high-yield OTC stocks and sectors related to state-owned enterprise reforms [3][11]. 2. Medical device exports, including IVD, ventilators, and coronary stents, with a positive outlook for innovative drugs and similar products [3][11]. 3. Post-medical corruption, focusing on essential hospital needs such as blood products, orthopedics, anesthetics, and insulin [3][11]. - Recommended stocks include: - Hong Kong stocks: Rongchang Bio (9995), Hengrui Medicine (600276), and others [3][11]. - Recommended combination: Sino Medical (688108), Shanghai Laishi (002252), and others [3][11]. - Conservative combination: Hengrui Medicine (600276), Xin Chuang (300832), and others [3][11]. - Sci-tech board combination: Shouyao Holdings-U (688197), Zexing Pharmaceutical-U (688266), and others [4][12]. Market Performance - The report provides a detailed analysis of the weekly performance of various stock combinations, indicating that the Hong Kong stock combination fell by 1.6%, underperforming the market by 1.2 percentage points but outperforming the pharmaceutical index by 4.2 percentage points [17][19]. - The recommended combination saw an overall decline of 1.19%, outperforming the market by 0.5 percentage points and the pharmaceutical index by 1.7 percentage points [18][19]. - The conservative combination experienced a decline of 2.1%, underperforming the market by 0.4 percentage points but outperforming the pharmaceutical index by 0.8 percentage points [20][21]. Latest News and Policies - The report highlights the recent announcement from the Anhui Provincial Medical Insurance Bureau regarding the upcoming inter-provincial alliance centralized procurement for in vitro diagnostic reagents, which includes 16 tumor markers and 9 thyroid function tests [2][10]. - The procurement rules are similar to last year's centralized procurement for infectious diseases and sex hormones, with a 50% price reduction baseline set, indicating a relatively moderate approach [2][10].
医药行业周报：创新药国谈和三季报落地
Southwest Securities·2024-11-03 16:00