医药行业周报：24年三、四季度哪些板块增速快：看好低基数、产业景气度高以及政策推动等板块

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The report highlights the potential for recovery in the pharmaceutical sector due to a low base effect from anti-corruption measures in the second half of 2023, with expectations for performance improvement in the second half of 2024 [9][15]. - It emphasizes the high industry sentiment for sectors like pharmaceutical glass, driven by supportive policies such as consistency evaluation and national procurement, which are expected to enhance demand [15][9]. Summary by Sections 1. Growth Prospects for Q3 and Q4 2024 - The anti-corruption campaign in H2 2023 led to a low base for performance metrics, with expectations for recovery as normal clinical activities resume [9][15]. - Specific companies recommended for investment include Fangsheng Pharmaceutical, Mindray Medical, and United Imaging Healthcare [9][15]. 2. Market Performance Review - From October 8 to October 11, 2024, the Shenwan Pharmaceutical and Biotechnology Index fell by 6.0%, underperforming the CSI 300 Index by 2.8% [5][17]. - Year-to-date, the index has decreased by 12.8%, lagging behind the CSI 300 Index's decline of 26.0% [5][17]. 3. Investment Strategy - The report outlines four main investment themes: undervalued blue-chip stocks, companies with positive short-term changes and a price-to-book ratio below 1, firms with solid fundamentals, and those expected to show high growth in H2 2024 [5][17]. - Recommended stocks include Kangfang Biotech, Humanwell Healthcare, and Yuantong Biological [5][17]. 4. Sector Valuation and Trading Volume - As of October 11, 2024, the overall valuation of the Shenwan Pharmaceutical sector is 30.49, ranking 10th among Shenwan's primary classifications [23]. - The total trading volume for the pharmaceutical sector in the past week was 699.8 billion, accounting for 6.9% of the total A-share market volume [27].