医药：估值和市场情绪显著修复，积极把握新投资主线

Investment Rating - Industry investment rating: Positive [1] Core Viewpoints - The pharmaceutical manufacturing industry shows significant marginal improvement in revenue and profit, with the high base effect from pandemic-related products now eliminated. The overseas biopharmaceutical investment and financing landscape is experiencing a steady recovery. The medical insurance fund's income remains stable, with sufficient reserves, while expenditure growth shows resilience. Overall, the industry fundamentals are in a bottoming and recovery phase [2][3]. - As of October 10, 2024, the PE (ttm) for the pharmaceutical and biotechnology sector (Shenwan) is 32.0 times, with a premium rate of 142.42% compared to the CSI 300 index. The median PE (ttm) since 2012 is 36.19 times, indicating a valuation percentile of 30.52%. The current valuation level still has a safety margin and upward elasticity, although it has moved away from the significantly undervalued range after a short-term rapid increase. The performance of individual stocks is expected to diverge as the market stabilizes, presenting structural opportunities [2][3]. Summary by Sections Industry Performance - The pharmaceutical manufacturing industry has shown a notable improvement in overall performance, with the high base effect from pandemic-related products dissipating. For the first eight months of 2024, the cumulative revenue growth rate is -0.5%, and the profit growth rate is -0.3% [7]. Medical Insurance Fund - As of July 2024, the total income of the basic medical insurance fund reached 1.58 trillion yuan, an increase of 4.02%, while expenditures were 1.38 trillion yuan, up 14.87%. The trend of expenditure growth outpacing income growth continues, but the fund remains in a positive balance [9]. Investment Strategy - The report suggests focusing on the following investment lines: 1. The pharmaceutical sector, particularly companies with clear operational trends and growth potential. 2. Medical service companies, which are expected to benefit from an aging population and stable profit margins. 3. Medical equipment companies, which will see growth as the demand for new configurations and upgrades continues. 4. Blood products, which are expected to maintain high certainty and growth potential. 5. Research reagents/services, with specific companies recommended for investment [14][16].