医药行业周报：本周医药上涨15.3％，受经济政策提振消费医疗板块涨幅明显

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [5][17]. Core Insights - The pharmaceutical sector saw a significant increase of 15.3% this week, outperforming the Shanghai Composite Index, which rose by 12.8% [5][6]. - The overall valuation of the pharmaceutical sector is currently at 25.0 times PE (2024E), ranking it 4th among 31 primary industries [5][6]. - Key sub-sectors such as hospitals and vaccines showed remarkable growth, with hospitals increasing by 27.0% and vaccines by 20.4% [5][6]. Market Performance - The report highlights that the pharmaceutical and biological index rose by 15.3%, while the overall market (excluding financials and oil) increased by 15.0% [5][6]. - Among the secondary sub-sectors, medical services led with a 21.1% increase, followed by hospitals at 27.0% and vaccines at 20.4% [5][6]. Key Events - The National Healthcare Security Administration announced a new "driving license-style scoring" system for personnel in designated medical institutions, which could impact their eligibility for medical insurance payments [8]. - Junshi Biosciences signed a licensing agreement for a new allergic rhinitis drug, with a total transaction value potentially exceeding 1.5 billion [8]. - Huayuan Bio projected a net profit of 232 million to 262 million for the first three quarters of 2024, marking a year-on-year growth of 55.77% to 75.92% [9][10]. Investment Recommendations - The report suggests focusing on innovative drug companies that showed strong performance in Q2, such as Heng Rui Medicine and Zhaoli Pharmaceutical, and highlights potential opportunities in the CXO sector as demand improves [5][6].