医药行业周报：政策支持“真创新”，“差异化+国际化”趋势不变

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 (Hengrui Medicine) and an "Increase" rating for 信达生物 (Innovent Biologics), 百济神州 (BeiGene), 翰森制药 (Hansoh Pharmaceutical), 爱博医疗 (Aibomed), 恩华药业 (Enhua Pharmaceutical), and 鱼跃医疗 (Yuwell) [2][23]. Core Insights - The report emphasizes the ongoing trend of "true innovation" supported by policies, with a focus on "differentiation + internationalization" as the core logic for innovation drugs [2][13]. - The pharmaceutical sector is expected to see a marginal improvement in fundamentals in the second half of 2024, driven by a low base effect from the previous year and the upcoming policy implementation [16][18]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From September 16 to September 20, the pharmaceutical sector declined by 0.79%, while the Shanghai and Shenzhen 300 Index rose by 1.32%. Year-to-date, the pharmaceutical sector has underperformed the index by 19.63 percentage points, ranking 27th among 30 sectors [6][10]. 2. Industry Events/Policy Overview - Key events include the announcement of increased tariffs on medical gloves by the U.S. Trade Representative, which will impact domestic production and exports [12]. Additionally, the annual medical insurance drug negotiation is approaching, with 445 drugs passing the formal review, indicating a stable trend in the number of drugs participating in negotiations [13][15]. 3. Industry Investment Strategy - The report highlights that the logic for quality innovative drugs to achieve accelerated volume through medical insurance negotiations remains unchanged. The macroeconomic environment, with the U.S. entering a rate-cutting cycle, is expected to improve liquidity and overall valuations for innovative drug companies [13][16]. 4. Recommended Companies - Recommended companies include: - 恒瑞医药 (Hengrui Medicine): Transitioning through innovation pains with multiple innovative drugs starting to gain traction [23]. - 信达生物 (Innovent Biologics): Entering a period of accelerated growth with major products expected to launch next year [23]. - 百济神州 (BeiGene): Continuing to exceed expectations with its product pipeline [23]. - 翰森制药 (Hansoh Pharmaceutical): A quality comprehensive pharmaceutical company with expanding international opportunities [23]. - 爱博医疗 (Aibomed): Growth driven by innovative R&D and new product launches [23]. - 恩华药业 (Enhua Pharmaceutical): Steady growth in the psychiatric anesthesia sector [23]. - 鱼跃医疗 (Yuwell): Leading domestic home medical device company with stable growth [23]. 5. Recommended Portfolio - The report suggests a portfolio including: - 爱尔眼科 (Aier Eye Hospital): Leading domestic medical service provider with strong recovery potential [24]. - 迈瑞医疗 (Mindray): Leading medical device company with robust R&D and sales capabilities [24]. - 恒瑞医药 (Hengrui Medicine): Integrated platform for innovative drugs with strong self-research capabilities [24].