医药生物行业周报：医药生物板块估值仍位于近年低位，医药及医美行业均存在回暖机会

Investment Rating - The industry investment rating is "Outperform the Market" [1][23]. Core Viewpoints - The pharmaceutical and medical beauty sectors are expected to have recovery opportunities despite the current low valuation levels [2][4]. - The Shenyin Wanguo Pharmaceutical Bio Index fell by 6.00% from October 8 to October 11, 2024, underperforming the CSI 300 Index by 2.75 percentage points [3][10]. - The current price-to-earnings ratio (TTM) for the pharmaceutical bio sector is 26.30 times, indicating a significant recovery compared to July-August 2024, but still at a relatively low level historically [3][15]. Summary by Sections Industry Overall Performance - The Shenyin Wanguo Pharmaceutical Bio Index ranked 18th with a decline of 6.00% from October 8 to October 11, 2024, compared to a 3.25% drop in the CSI 300 Index [10]. - All sub-sectors within the pharmaceutical bio sector experienced declines during this period, underperforming the CSI 300 Index [12]. Valuation Performance - The pharmaceutical bio sector's valuation remains at a low level historically, with a TTM P/E ratio of 26.30 as of October 11, 2024 [15][19]. - The sector has faced pressure on revenue and profit growth due to high bases and anti-corruption measures in the first half of 2024, but performance is expected to improve in the second half [4][19]. Investment Recommendations - The report suggests focusing on innovative investment opportunities, particularly in innovative medical devices and drugs that are entering rapid sales growth phases [5]. - Companies to watch include: - Innovative Devices: Baijun Medical, Sanyou Medical, Aikang Medical, etc. - Innovative Drugs: Heng Rui Medical, Xinda Biologics, etc. - Other sectors include traditional Chinese medicine, raw materials, CXO, medical services, vaccines, and retail pharmacies [5].