医药行业周报：看多医药行情

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector, emphasizing a favorable market environment for the second half of 2024, particularly focusing on undervalued stocks, overseas expansion, and essential hospital needs [2][10]. Core Insights - The pharmaceutical index increased by 15.28% during the week, underperforming the CSI 300 index by 0.42 percentage points, ranking 15th in industry performance. Year-to-date, the pharmaceutical sector has declined by 16.49%, lagging behind the CSI 300 by 24.43 percentage points, ranking 29th [2][22]. - The current valuation level for the pharmaceutical industry (PE-TTM) is 25 times, with a premium of 79.7% relative to all A-shares, 33.82% relative to A-shares excluding banks, and 115.66% relative to the CSI 300 [2][24]. - The best-performing sub-sectors this week were hospitals, vaccines, and offline pharmacies, which rose by 27%, 20.4%, and 18.6%, respectively. The sub-sectors with the smallest declines year-to-date are pharmaceutical distribution, raw materials, and chemical preparations, with declines of 6.8%, 7.3%, and 7.5% [2][25]. Summary by Sections Investment Strategy and Key Stocks - The report reiterates the mid-term strategy for 2024, highlighting three main investment themes: dividend stocks including high-yield OTC stocks, medical device exports, and essential hospital needs post-medical anti-corruption [10]. - Recommended stocks include: - Betta Pharmaceuticals (300558) - Sino Medical (688108) - Shanghai Laishi (002252) - Rongchang Bio (688331) - Yihe Jiaye (301367) - Mayinglong (600993) - Meihua Medical (301363) [10][12]. Performance Analysis of Recommended Combinations - The recommended combination saw an overall increase of 15.45%, underperforming the market by 0.3 percentage points but outperforming the pharmaceutical index by 0.2 percentage points [13]. - The stable combination increased by 13.9%, underperforming the market by 1.8 percentage points and the pharmaceutical index by 1.4 percentage points [14]. - The Sci-Tech Innovation Board combination rose by 13.7%, underperforming the market by 2 percentage points and the pharmaceutical index by 1.6 percentage points [17]. - The Hong Kong stock combination increased by 6.3%, underperforming the market by 6.7 percentage points and the pharmaceutical index by 6.4 percentage points [20]. Market Performance - The pharmaceutical sector's performance this week was driven by macroeconomic policies, including a reduction in the reserve requirement ratio and interest rates, aimed at boosting the capital market and supporting companies [2][9].