医药行业周报：三季报临近，关注业绩预期

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector for the second half of 2024, focusing on undervalued stocks, overseas expansion, and essential hospital needs as the three main investment themes [2][14]. Core Insights - The pharmaceutical and biotechnology index fell by 6% this week, underperforming the CSI 300 index by 2.75 percentage points, ranking 19th in industry performance. Year-to-date, the sector has declined by 12.75%, lagging behind the CSI 300 by 26.05 percentage points, ranking 28th [2][28]. - The current valuation level for the pharmaceutical industry (PE-TTM) is 27 times, with a premium of 78.88% relative to the entire A-share market, a decrease of 4.7 percentage points. The premium relative to the CSI 300 is 114.92%, down by 7.9 percentage points [2][35]. - The report highlights the awarding of the 2024 Nobel Prize in Physiology or Medicine to researchers in the miRNA field, indicating significant potential for growth in this area as many products are still in early development stages [2][14]. Summary by Sections Investment Strategy and Key Stocks - The report emphasizes three main investment directions: 1. Dividend stocks including high-yield OTC stocks and sectors related to state-owned enterprise reforms. 2. Medical devices for overseas markets, including IVD, ventilators, and coronary stents, with innovative drugs also showing promise abroad. 3. Post-medical corruption reforms, focusing on essential hospital needs such as blood products, orthopedics, anesthetics, insulin, and IVD [2][14]. - Recommended stocks include: - Hong Kong Stock Portfolio: Rongchang Biopharmaceutical (9995), Hutchison China MediTech (0013), and others. - Recommended Portfolio: Betta Pharmaceuticals (300558), Sino Medical (688108), and others. - Steady Portfolio: Hengrui Medicine (600276), New Industry (300832), and others. - Sci-Tech Innovation Board Portfolio: Shouyao Holdings-U (688197), Zai Lab-U (688266), and others [3][15][23]. Market Performance - The report notes that the best-performing sub-sector this week was other biological products, which fell by 4.3%. The smallest declines year-to-date were in chemical preparations, raw materials, and pharmaceutical circulation, with declines of 3.4%, 3.4%, and 4.9%, respectively [2][40]. - The report also provides insights into the performance of various stock portfolios, indicating that the Hong Kong stock portfolio fell by 8.9%, underperforming the market by 9.5 percentage points [19][20]. Recent News and Developments - The report mentions that the third-quarter earnings reports are approaching, suggesting a focus on performance expectations [2][14]. - It highlights significant developments in companies such as Hutchison China MediTech, which met performance expectations, and others that are making strides in their respective fields [18][20].