医药行业周报：药品反垄断法出台，业绩预报持续落地

Investment Rating - The report maintains a "Buy" rating for several companies, including 恒瑞医药 (600276), 恩华药业 (002262), and 亿帆医药 (002019) [16][17]. Core Insights - The pharmaceutical industry index increased by 0.09% during the week, underperforming the 沪深 300 index by 0.45 percentage points, ranking 13th among industries [5][11]. - The industry has seen a decline of 3.75% since the beginning of 2025, trailing the 沪深 300 index by 1.16 percentage points, ranking 20th [5][11]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 25.4 times, with a premium of 71.67% relative to the entire A-share market [5][26]. - The newly released anti-monopoly guidelines aim to regulate the pharmaceutical sector, promoting healthy and innovative development [12][13]. - The report highlights three main investment themes for 2025: innovation and international expansion, thematic investments, and dividend stocks [13][14]. Summary by Sections Investment Strategy and Key Stocks - The report suggests focusing on innovative drugs and their international expansion, particularly with the successful negotiation rates for innovative drugs in medical insurance [13]. - Recommended stocks include 恒瑞医药 (600276), 恩华药业 (002262), and 亿帆医药 (002019) among others [14][15]. Market Performance - The pharmaceutical sector's performance is analyzed, with the best-performing sub-sector being medical research outsourcing, which rose by 2.7% [5][30]. - The report notes that 224 stocks in the pharmaceutical sector had positive returns, while 256 stocks declined during the week [37]. News and Policies - The report discusses the impact of the newly released anti-monopoly guidelines on the pharmaceutical industry, emphasizing the need for compliance and innovation [12][13]. - It also mentions the ongoing disclosure of annual performance forecasts by pharmaceutical companies, suggesting investors pay attention to these developments [12]. Company Recommendations - The report provides a detailed analysis of recommended stocks, highlighting their growth potential and market positioning [16][17][18]. - Specific companies such as 恒瑞医药 and 上海医药 are noted for their strong performance and innovative pipelines [17][18].