呼和浩特市的生育政策有望逐步扩散：妇儿医疗领域龙头中长期价值有望提升

Core Viewpoints - The long-term value of leading companies in the maternal and child healthcare sector is expected to increase due to optimistic expectations from the expansion of fertility policies in Hohhot City to other provinces [5][17] - The current TTM-PE of the pharmaceutical and biotechnology industry is 42.03 times, which is 68% higher than the historical low of 25 times, indicating a reasonable valuation relative to the market [5][8] - The report suggests focusing on companies in the maternal and child healthcare sector, such as Jinxin Reproductive, Weisi Medical, and David Medical, due to the anticipated increase in newborn numbers and related healthcare services [5][17] Industry Performance Review - The pharmaceutical and biotechnology sector outperformed the CSI 300 index with a weekly increase of 1.77%, ranking 12th among 27 sub-industries [12][11] - The healthcare industry showed a reasonable valuation with a premium of 228% over the CSI 300, which is lower than the average premium of 253% over the past decade [5][8] - The medical commercial sector led the gains within the pharmaceutical and biotechnology sector, rising by 6.44% [12][11] Investment Recommendations - The report emphasizes the importance of fertility policies as a key driver for consumption growth, suggesting that various local policies will enhance the long-term valuation of maternal and child healthcare companies [5][17] - It is recommended to pay attention to innovative pharmaceutical companies with true innovation capabilities, as they are expected to have greater valuation elasticity [5][17] - The report also highlights opportunities in the innovative drug industry chain and AI's long-term impact on the pharmaceutical sector, suggesting that high-tech medical companies will be favored by the market [5][17] Industry Dynamics - BMS's CAR-T therapy received EU approval for expanded indications, showcasing the ongoing advancements in innovative therapies [17] - The first PROTAC molecule demonstrated clinical benefits in a phase III trial, indicating progress in targeted therapies [18] - A new treatment for resistant hypertension showed significant blood pressure reduction in clinical trials, reflecting advancements in hypertension management [21][22]