Summary of Conference Call Industry Overview - The discussion focuses on the pharmaceutical industry, specifically the future layout in three major areas of the sector [1] Core Insights and Arguments - The strategy analyst emphasizes the importance of the pharmaceutical sector in the current market landscape and outlines key areas for future investment [1] Additional Important Content - The call features insights from a chief pharmaceutical analyst, indicating a collaborative approach to discussing strategic opportunities within the industry [1]

医药：景气度温和回升，把握创新药和消费两大核心领域，兼顾器械板块改善 20241016 摘要 • 医药板块投资策略主要分为两部分：创新药作为底仓配置的重要组成部分， 并在反弹期重点关注生物制药和创新药。医药板块具有"可攻可守"的特 点，在反弹过程中，更重视估值扩张逻辑，而分子端不应出现明显波动。 • 创新药具有持续性，主要原因在于融资现金流得到明显改善，尤其是在美 债收益率下行时，融资成本下降，带动生产、消费、投资及研发意愿上升， 使得整体估值得到修复。 • 选择具体投资标的时，应考虑上市制度差异及盈利约束。港股市场中很多 医药公司能够优先上市，但盈利约束较少，因此 ROE 水平对其影响相对较 小。而在 A 股市场上，由于诊断方式更为严苛，因此 ROE 水平成为筛选的 重要因子。此外，对于外需占比较高的公司，其盈利结构、毛利率等表现 通常更好。 • 医疗器械设备领域受益于财政政策中提到的设备更新换代投资，政府计划 投入 1,500 亿元用于设备更新换代，将直接推动医疗器械设备行业的发展。 • 目前医药板块处于历史性的估值低点，机构配置也创下新低，仅达到标配 市值 7%左右，表明当前不仅是估值低点，也是机构配置 ...

Summary of the Conference Call Industry Overview - The conference call focused on the pharmaceutical and healthcare sector, discussing the latest trends and investment opportunities within this industry [1] Core Insights and Arguments - The host emphasized the importance of staying updated on the latest developments in the pharmaceutical and healthcare sectors to identify potential investment opportunities [1] Other Important Content - The call was structured as an interactive session, inviting audience participation to discuss various topics related to the industry [1]

you Share investment experience to guide the market. Hello, everyone. Welcome to join me in the face-to-face. I'm Xinyi. Today, in the live broadcast, we're going to focus on a sector that everyone is also very concerned about in this round of rebound, medicine. We all know that from the end of September, the market's expectations for the combination of macro policies have been very full, all the way to the end of the week, including the medical sector. A lot of popular sectors have seen a lot of growth. Wh ...

you Hello everyone, welcome to our live stream. We have arranged several live streams for you this week to keep up with the pace of the A-share market. Yesterday, we have invited a few of the managers to help us analyze some of the red-chip-style blocks, including some indexes. Today, we are very honored to invite Pan Tianqi, the fund's fund manager, to come to our live stream to discuss the investment in the two fields of medicine and consumption. Welcome, Mr. Pan Tianqi. Please say hello to our friends in ...

各位直播间的观众朋友们大家好欢迎来到会天副基金直播间我是今天的主持人一帆新浪朋友们好久不见了我们今天回到直播间要聊的话题就是医药 在这两周的一个快速反弹的行情当中大家肯定也注意到医药是有非常突出的表现的但是大家可能没有注意到的是其实医药当中的一些细分的方向在前期就已经有了不错的回升了我们也知道其实持仓医药的投资者有很多尤其是上一轮牛市当中入场的投资者有很多人都选择了医药可能一直到现在还是保留着一定的持仓大家都非常的关心就是之后的话 随着这样的一个普涨的行情逐渐转向了分化大家都很关心后续医药应该是怎么投所以我们今天就请到了会天赋基金指数一量化投资部医药行业的研究员张圆圆老师来为大家做一个解读欢迎圆圆大家好我是指数一量化投资部的研究员张圆圆欢迎圆圆也欢迎各位观众朋友们来到我们直播间那我们就话不多说快速进入到我们今天直播内容的一个干货的分享当中 首先可以请严严来为我们做一个简单的自弹吗就是这一轮反应其实来得非常的迅猛啊那么在这个普照的行情之下医药的表现怎么样呢嗯好的谢谢一芬 是这样的就是直播间大家肯定都关注到我们在那个十一国庆节前的时候A股有一波非常迅猛的这样子的一个反弹在这个反弹下大概是9月24号开始持续了大概一 ...

Summary of Conference Call Records Industry Overview - The pharmaceutical and consumer sectors have shown strong performance since the mid-year meeting on September 24, with the CITIC Pharmaceutical Index and CITIC Food and Beverage Index both experiencing cumulative increases of over 40% [1][2]. Core Insights and Arguments - Current market conditions should not be hastily classified as a rebound or reversal; a comprehensive assessment of fundamentals, data, and market conditions is necessary for real-time judgment [1][3]. - Many sub-sectors within the pharmaceutical industry have shown improvement in operational margins in Q3, with expectations that this trend will be validated by the upcoming Q3 reports at the end of October [1][4]. - As of September 23, the overall valuation of the pharmaceutical industry is at historical lows, suggesting that a combination of fundamental improvements and valuation recovery is reasonable [1][4]. - Historical trends indicate that the pharmaceutical sector often performs well during significant market rallies due to its dual attributes of technology and performance evaluation [1][7]. Important but Overlooked Content - The market is expected to revert to mean or fundamental analysis over the long term, necessitating attention to corporate performance, industry trends, and macroeconomic conditions [1][5]. - The pharmaceutical manufacturing sector has faced negative year-on-year growth in both revenue and profit in 2022 and 2023, primarily due to high base fluctuations from 2020 and 2021 [1][6]. - Despite recent underperformance compared to other sectors, the pharmaceutical sector is recommended for increased focus and potential accumulation due to its historical resilience in larger market movements [1][7]. - The correlation between Hong Kong and A-share markets exists, particularly for companies listed in both markets, which can lead to synchronized market reactions [1][9]. - Consumer sentiment during the National Day holiday showed improvement compared to earlier pessimistic expectations, indicating a potential recovery in consumer spending [1][10]. Investment Products - The "Guolian Pharmaceutical Consumption Mixed Product" focuses on various sub-sectors within the pharmaceutical industry, with dynamic adjustments based on industry conditions and performance [1][11]. - The "Guolian Medical Health Mixed" product has a higher concentration in the pharmaceutical sector compared to the "Guolian Pharmaceutical Consumption Mixed," which allows for flexible allocation between pharmaceutical and consumer sectors [1][12]. - Investors optimistic about the pharmaceutical and consumer sectors are encouraged to consider the "Guolian Pharmaceutical Consumption Mixed" product, while those focused solely on healthcare may prefer the "Guolian Medical Health Mixed" product [1][14].

医药行业近期更新及医药投资策略 20241007 摘要 • 医药板块近期表现波动较大，弹性最大的股票往往与当前热点相关，而非 基本面最好的公司。建议投资者关注产业趋势和基本面，选择具备长期竞 争力的公司进行布局。 • 不同细分行业在不同市场环境下表现各异。降息周期中，创新药板块对政 策变化更为敏感，而经济基本面预期向好时，消费医疗表现会更好。近期 消费医疗、B 超以及部分创新药公司涨幅居前。 • 建议关注港股中的核心标杆企业以及 A 股中的优质创新药龙头。在消费医 疗领域，可寻找竞争格局良好且业绩稳步上升的公司。在 B 超上游领域， 应选择业绩和基本面已经有所改善的企业。 • 推荐关注百济神州、恒瑞医药、科伦博泰、汉森制药、康方生物等创新药 龙头企业，以及爱博医疗、爱尔眼科等消费医疗公司。 • 未来随着全链条政策逐步推行、审评及经验加速，以及创新品种放量速度 和峰值提升，医药板块将持续向好。许多优秀公司的估值仍处于合理位置， 未来发展前景可期。 • 分销板块基本面已触底，并出现改善信号，尤其是以海外业务为主的公司。 下半年环比呈现改善趋势，但同比仍有压力。短期来看，生物安全法案可 能在年内落地，对分销板块来说 ...

好的 各位投资者朋友 大家早上好 在这个时点我们也是为各位就是说做一个中报的一个总结及其展望及其下半景展望尤其大家也非常关注像你应该话就是股市的话通常是大涨流动性通常事情改善的非常明显然后接到业绩来看的话怎么样的一个演绎然后后面是一个怎么样的变化我们是也有做了一些研究供大家参考我们看的话从首先从中报的业绩来看的话是 由于上年度这个高气温的原因今年的中棒的话是有一个沉压的表光数据上是沉压的当时的话也有一些板块也是有一些编辑上赶上尤其像那个大化药板块包括原料药化学制药然后还有一些那个还有那个医疗服务相关板块还是不错的可以进行一个关注然后的话各个西方赛道的这个 优势企业就是说也前期就是超低的一些企业还是也可以继续关注我们看第一个就是说医保分成四个部分跟大家做个介绍首先是医保控费行业承压或注定 我们再看到这个医保是最大的支付方,从今年的数据来看,尤其是2023年以来的话,这个支出增速是成为大于这个收入增速的,尽管说23年的这个医保的人数在13.3亿人,这个藏宝率也保持在高位,但是藏宝人数是略有下降的。 再看这个医保节存的话在23年的话是有一个比较大的一个下滑这也累计的这个医保节存出现下降然后是支出的速度大于这个增这个 ...

The Chinese medical industry is in a state of panic. After the statement, Dr. Shen started to speak. This meeting is for professional investors, clients, and clients. The third party's speech only represents their personal views. All information or views do not constitute investment advice. According to the regulatory regulations, the meeting is responsible for communicating sensitive internal information. After the meeting, the legal authority is authorized to publish in advance. Any organization or person ...