医药行业周报：持续重视出海增长方向

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of October 13, 2024 [2]. Core Views - The growth potential of overseas markets is a key driver for the valuation expansion of the pharmaceutical sector, with significant export growth to RCEP countries, the Belt and Road Initiative, and ASEAN nations [3]. - The respiratory diagnostic market presents opportunities for domestic companies to enter the global market, highlighted by recent FDA certifications for rapid testing products [4]. - The gradual opening of online payment for medical insurance is expected to expand the retail market, with a shift towards O2O models [5]. - The active maintenance of prices by production companies suggests continued performance growth in the raw materials sector [6]. - The approval of recombinant human serum albumin for market entry indicates ongoing industry consolidation [7]. - The potential for domestic GLP-1 drugs to enter international markets is promising, with significant sales growth reported [8]. Summary by Sections 1. Industry Performance Tracking - The pharmaceutical industry index has underperformed the CSI 300 index by 2.75 percentage points over the past week, with a decline of 6.00% [17]. - Over the past month, the pharmaceutical industry index has increased by 16.97%, lagging behind the CSI 300 index by 5.04 percentage points [20]. 2. Sub-industry Performance - The chemical pharmaceutical sub-sector experienced the smallest decline at 5.16% over the past week, while the medical services sector saw the largest decline at 6.84% [21]. - The medical services sub-sector had the highest growth over the past month at 29.29% [21]. 3. Key Companies and Earnings Forecast - The report includes a list of recommended companies with their respective earnings per share (EPS) forecasts and investment ratings, such as: - Zhejiang Pharmaceutical (Buy) with an EPS forecast of 0.89 for 2024 [11]. - Zhongsheng Pharmaceutical (Buy) with an EPS forecast of 0.48 for 2024 [11]. - Meihua Medical (Buy) with an EPS forecast of 0.96 for 2024 [11]. 4. Recent Industry Policies and News - Recent policies include the implementation of clinical trial supervision measures for medical devices, aimed at enhancing management and compliance [40]. - Notable industry news includes the approval of various drugs and clinical trials by the National Medical Products Administration, indicating active development in the sector [41][46].