从中报业绩预告，看医药行业投资方向

Investment Rating - Industry Rating: Positive [1] Core Insights - As of July 15, 2024, several pharmaceutical companies have disclosed their half-year performance forecasts, indicating a generally positive growth trend in the blood products and raw materials sectors, while chemical drugs and biological products show a mixed performance [2] - The demand for blood products has increased due to heightened awareness of their clinical value, leading to a stable supply and promising growth potential [2] - The Chinese medicine sector's performance is influenced by product demand changes and inventory cycles, while the CXO sector faces challenges due to declining investment sentiment and the end of high-margin COVID-19 orders [2] - The medical services sector shows strong demand for serious medical needs, while low-value consumables are experiencing a recovery in both volume and price [2] Summary by Relevant Categories Blood Products - Companies like Tian Tan Bio and Pai Lin Bio are expected to show strong profit performance due to increased demand and stable supply [50] - The recognition of the clinical value of blood products has led to an expected increase in demand growth [50] Raw Materials - Companies such as Qian Hong Pharmaceutical and Hai Pu Rui are benefiting from a recovery in profitability due to increased market demand and stable supply dynamics [50] - The demand for certain raw materials remains robust, supported by industry barriers and favorable policies [50] Chemical Drugs and Biological Products - Companies like Yi Fan Pharmaceutical and Ao Sai Kang are experiencing improved net profit margins due to the release of key products and operational efficiency [50] - However, companies like Tonghua Dongbao are facing significant declines in performance due to inventory adjustments and price reductions from new procurement policies [50] Traditional Chinese Medicine - The performance of companies like Zuo Li Pharmaceutical is driven by increased demand for core products, while Dong E E Jiao is seeing a recovery in sales due to improved inventory levels [50] CXO Sector - The sector is currently at a low point due to multiple adverse factors, including reduced investment sentiment and the conclusion of high-margin orders [51] Medical Services - Companies like International Medicine are gradually reducing losses, benefiting from improved operational efficiency and increased patient volume [51] Low-Value Consumables - The sector is witnessing a recovery as the inventory cycle for disposable nitrile gloves ends, leading to simultaneous increases in volume and price [51] Retail Pharmacies - The retail pharmacy market is under pressure, with a reported decline in sales and increased operational costs due to new store openings and competitive environments [51]