医药生物行业定期报告：复盘历次牛市，数说医药表现，亟需加大仓位配置

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1]. Core Views - The report emphasizes the need to increase allocation in the pharmaceutical sector, highlighting the potential for significant returns following the semi-annual reports. It identifies three main investment themes: innovation, recovery, and policy support [3][4][12]. Summary by Sections 1. Mid-term Investment Strategy and Recommended Portfolio Performance - The pharmaceutical sector is advised to gradually increase allocation, with expectations of excess returns post semi-annual reports. Key policies for 2024 include improved year-on-year growth in Q3, comprehensive promotion of DRG/DIP, and enhanced efficiency assessments for state-owned enterprises [12][13]. 2. Review of Historical Bull Markets in Pharmaceuticals - The report reviews the performance of the pharmaceutical sector during past bull markets, noting that the current market shows signs of a bull run. The pharmaceutical index has outperformed the broader market recently, and historical data suggests that the sector has often performed well during bull markets [3][25]. 3. Weekly Market Review and Hotspot Tracking (2024.9.30-10.4) - The report notes that the CITIC Pharmaceutical Index rose by 11.1% during the week, outperforming the CSI 300 Index by 2.7 percentage points. The top-performing stocks included Changyu Holdings (+20.05%) and Yangpu Medical (+20.04%) [3][4]. 4. Recommended Stocks - The report suggests focusing on specific stocks within the three main themes: - Innovation: Recommended stocks include Heng Rui Medicine, Innovent Biologics, and WuXi AppTec [3][4]. - Recovery: Suggested stocks include Aier Eye Hospital and Mindray Medical [3][4]. - Policy: Recommended stocks include China National Pharmaceutical Group and Taiji Group [3][4]. 5. Long-term Focus Areas and Stocks - The report identifies key long-term investment themes such as adjusting existing holdings in response to aging populations and import substitution, seeking new growth through international expansion and major products, and capturing variables related to state-owned enterprise reforms [13][19]. 6. Recent Portfolio Performance - The report indicates that the recommended weekly portfolio underperformed the pharmaceutical index by 0.8 percentage points but outperformed the broader market by 1.8 percentage points [21]. 7. Historical Performance Analysis - The report provides a detailed analysis of the pharmaceutical sector's performance during previous bull markets, indicating that the sector has often been a strong performer, particularly in the mid to late stages of bull markets [25][26]. 8. Market Dynamics - The report highlights that the pharmaceutical sector's market capitalization has increased significantly, and it is expected to play a pivotal role in the current bull market due to its combined consumer and technology attributes [3][25].