医药行业估值吸引，看好医药新消费

Investment Rating - The report assigns a "Buy" rating for the pharmaceutical industry, indicating a positive outlook for the sector over the next 12 months [16]. Core Insights - The pharmaceutical industry is currently undervalued, with the MSCI China Healthcare Index down 26.5% year-to-date, underperforming the MSCI China Index by 33.7%. The dynamic P/E ratio for the industry stands at 24.0x, below the 12-year historical average [2]. - Anticipation of policy support for medical device upgrades is expected to stimulate demand, with a projected 25% increase in investment in medical equipment by 2027 compared to 2023 levels [3]. - The report highlights strong sales performance in new consumer pharmaceuticals, with significant growth in online sales for brands like 可复美 and 可丽金 during the "618" shopping festival [2]. Summary by Sections Industry Overview - The report emphasizes the attractiveness of the pharmaceutical industry's valuation and the expected recovery in performance due to supportive policies and regulatory normalization [2][3]. Market Dynamics - The report notes that the National Healthcare Security Administration has initiated actions to regulate drug prices, which will increase price transparency and potentially impact retail pharmacies [3]. - The upcoming medical device upgrade policies are expected to lead to a resurgence in hospital procurement, benefiting leading domestic companies like 迈瑞医疗 and 联影医疗 [3]. Investment Opportunities - The report continues to favor innovative drug and device leaders, as well as high-growth medical consumer stocks, citing the potential for significant market rebounds driven by policy support and international market expansion [3].