医药与健康护理行业月报：政策陆续出台支持我国经济发展，看好生物医药新质生产力定位

Investment Rating - The report indicates a positive outlook for the biopharmaceutical industry, highlighting its role as a new productive force in China's economic development [1]. Core Insights - The Shanghai Composite Index rose by 17.4% in September, while the SW Biopharmaceutical Index increased by 21.3%, ranking 16th among all Shenwan first-level industries. Notably, the medical services sector performed best with a 37.0% increase, followed by biological products at 22.9% and medical devices at 20.4% [1][6]. - The report emphasizes the government's ongoing support for the biopharmaceutical sector, particularly following the State Council's approval of the "Full Chain Support for Innovative Drug Development Implementation Plan" in July 2024. This is expected to enhance the fundamentals of listed companies in the sector [1]. - As of the end of September 2024, the price-to-earnings (PE) ratio for the pharmaceutical sector (TTM) was 25.38 times, representing a premium of 79.70% compared to the overall A-share market [1][7]. Summary by Sections Monthly Performance - The monthly portfolio for September 2024 included stocks such as Teva Biopharmaceuticals, New Industry, Microchip Biopharmaceuticals, Mindray Medical, and others, with an average increase of 20.68%. However, this portfolio underperformed the overall pharmaceutical index, which rose by 22.26%, resulting in a relative underperformance of 1.58% [2][3][4]. Stock Highlights - The top-performing stocks in the biopharmaceutical sector for September included Shuangcheng Pharmaceutical (+213.4%), Aier Eye Hospital (+64.0%), and Micron Technology (+60.3%). Conversely, the worst performers were Jingfeng Pharmaceutical (-22.2%), Dali Pharmaceutical (-7.6%), and Lexin Medical (-5.4%) [6].