医药生物行业双周报2024年第20期总第118期：宏观政策超预期落地，看好医药后期行情

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [4] Core Views - The report highlights that the pharmaceutical and biotechnology industry index increased by 27.12% during the reporting period, ranking 18th among 31 primary industries, slightly underperforming the CSI 300 index which rose by 27.18% [4][10] - The report emphasizes that the current valuation of the pharmaceutical and biotechnology industry remains at historical lows, indicating significant potential for valuation recovery, particularly for innovative and growth-oriented companies that have previously experienced sharp declines [3][4] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index rose by 27.12% during the reporting period, with hospitals and vaccines leading the gains at 50.08% and 40.10% respectively, while blood products and chemical preparations lagged behind with increases of 19.12% and 20.21% [4][10] - As of September 30, 2024, the industry’s PE (TTM) was 28.20x, up from 22.17x in the previous period, indicating an upward trend in valuation but still below the historical average [4][14] Important Industry News - The People's Bank of China, along with financial regulatory authorities, introduced new policies to support economic growth and stabilize the capital market, including a reduction in the reserve requirement ratio and policy interest rates [19][20] - The report notes that 22 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 0.71 billion, with 11 companies increasing their holdings by 0.86 billion and another 11 reducing by 1.56 billion [4] Company Dynamics - Notable approvals include Novo Nordisk's "Semaglutide" for heart failure indications in Europe and the first oral paclitaxel solution "RMX3001" approved in China [31][34] - Bristol-Myers Squibb's new schizophrenia drug "Cobenfy" received FDA approval, marking a significant advancement in treatment options [35] - Johnson & Johnson announced a strategic shift by closing its cardiovascular and metabolic drug department, focusing on oncology, immunology, and neurology [38]