医药生物行业报告（2024.09.30-2024.10.4）：全面看多，更应把握分化后的超额收益机会

Investment Rating - The report maintains a bullish outlook on the pharmaceutical and biotechnology industry, emphasizing the need to seize opportunities for excess returns during the differentiation phase [5][10]. Core Viewpoints - The pharmaceutical sector has rebounded approximately 29% since the end of September due to favorable national policies, reversing a four-year decline. Current PE ratios are 32x for A-shares and 23x for Hong Kong stocks, indicating a potential valuation recovery [5][10]. - The report highlights a mixed performance in the industry, with certain segments like blood products and medical consumables showing positive revenue growth, while others like vaccines and traditional Chinese medicine face challenges due to high base effects [5][10]. - The differentiation phase is expected to favor stocks that are undervalued, have strong performance, and logical growth trajectories, alongside thematic stocks related to national reforms and asset integration [5][12]. Summary by Sections Overall Market Performance - The pharmaceutical and biotechnology sector rose by 11.15% this week, outperforming the CSI 300 index by 2.67 percentage points, ranking 8th among 31 sub-industries [6][27]. - The hospital sector saw the highest increase at 15.64%, followed by vaccines at 15.01% and medical consumables at 14.15% [6][31]. Recommendations and Beneficiaries - Recommended stocks include International Medical, Saint Noble Bio, Innotec, Kangchen Pharmaceutical, and Jianzhijia. Beneficiary stocks include Heng Rui Pharmaceutical, Rongchang Bio, Nuo Cheng Jianhua, and others [7][15]. Sub-sector Insights - Innovative Drugs: The report anticipates increased support for innovative drugs from both central and local policies, with a focus on high clinical value products [15]. - ICL: The report notes a positive trend in revenue growth and margin improvement for ICL companies, driven by increased market penetration and improved management [15]. - Medical Services: The hospital sector is expected to see stable growth in the second half of the year, with a focus on companies with strong cash flow and growth potential [41]. - Traditional Chinese Medicine: The report suggests that the sales growth of traditional Chinese medicine is gradually recovering, with opportunities arising from recent procurement policies [42]. - IVD: The IVD sector is expected to benefit from increased demand for respiratory testing and overseas exports, with several companies poised for performance improvement [16][37].