医药行业周报：设备更新现进展，预计板块业绩趋势平稳

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The pharmaceutical industry is expected to see a recovery in 2025, driven by innovation and internationalization, with a focus on innovative drugs and improving fundamentals in the innovative drug supply chain [3][19]. - The report highlights the potential for recovery in the medical device sector due to ongoing equipment updates and supportive government policies [14][23]. - The overall sentiment is that despite recent downturns, the long-term growth logic of the pharmaceutical industry remains intact, presenting investment opportunities in 2025 [18][19]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From January 6 to January 10, 2025, the pharmaceutical sector underperformed the CSI 300 index, with a decline of 3.16% compared to a 1.13% drop in the index [5][6]. - Since the beginning of 2024, the pharmaceutical sector has seen a decline of 18.37%, significantly underperforming the CSI 300 by 27.15 percentage points [5]. 2. Valuation Level Changes - As of January 10, 2025, the pharmaceutical sector's valuation stands at 24.73 times PE, with a premium of 112.16% over the CSI 300 and 30.91% over all A-shares excluding banks [6][10]. 3. Industry Events and Policy Overview - On January 8, 2025, the National Development and Reform Commission and the Ministry of Finance issued a notice to enhance support for equipment updates in the medical sector, which is expected to boost procurement activities [14][15]. - The report notes a weak procurement environment in 2024, but a recovery is anticipated in 2025 as equipment updates are implemented [14][16]. 4. Investment Strategy - The report emphasizes focusing on sectors with strong growth potential and sound industrial logic, particularly innovative drugs and the medical device sector, which are expected to improve in 2025 [19][23]. - The report suggests that cyclical sectors may also see a rebound if economic fundamentals improve, particularly in consumer healthcare [19]. 5. Recommended Stocks - Key recommended stocks include: - Hengrui Medicine: Expected to recover from a transitional phase with several innovative drugs gaining market traction [27]. - Innovent Biologics: Anticipated to enter a rapid growth phase with significant product launches [27]. - BeiGene: Noted for its strong performance in the oncology space with promising product pipelines [27]. - Aibomed: Recognized for its growth in ophthalmic devices and expected product launches [30]. - Tongrentang: A classic Chinese medicine brand expected to benefit from marketing reforms and channel management improvements [31]. 6. Sector Outlook - The innovative drug sector is projected to gradually recover, with improved order trends and a favorable environment for new product launches [22]. - The medical device industry is expected to return to stable growth, supported by policy implementations and market demand [23]. 7. Consumer Healthcare - The consumer healthcare sector is anticipated to rebound as consumer confidence improves, with significant growth potential in medical services and retail pharmacy sectors [26]. 8. Summary of Recommendations - The report provides a robust list of companies across various segments, emphasizing those with strong growth potential and innovative capabilities, while also considering the risks associated with market dynamics and policy changes [33].