医药行业周报：本周医药下跌6.0%，广东力争2027生物医药产业集群规模超万亿，恒瑞白紫美国获批

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [3][19]. Core Insights - The pharmaceutical sector experienced a decline of 6.0% this week, underperforming compared to the Shanghai Composite Index, which fell by 3.6% [5][11]. - The Guangdong province aims to develop a biopharmaceutical and health industry cluster exceeding 1 trillion yuan by 2027, with a pharmaceutical industrial scale surpassing 500 billion yuan [11]. - Key clinical trial results were announced for Broady's BGM0504, showing significant weight loss in participants, with reductions of 10.8%, 16.2%, and 18.5% in different dosage groups [11]. - Heng Rui's paclitaxel (albumin-bound) received FDA approval in the U.S., marking it as the first manufacturer to gain approval for this generic drug in the U.S. market [11]. - The overall valuation of the pharmaceutical sector stands at 26.4 times PE (2024E), ranking 4th among 31 primary industries [7][11]. Market Performance - The pharmaceutical sector's performance this week ranked 18th among 31 sub-industries, with various segments showing declines, including hospitals (-9.8%), offline pharmacies (-8.8%), and blood products (-8.8%) [5][7]. - The report highlights the upcoming third-quarter earnings disclosures for listed companies, recommending attention to those expected to exceed performance expectations, such as Heng Rui, BeiGene, and Aibao Medical [11]. Key Events - Guangdong's action plan for high-quality development in the biopharmaceutical industry includes 38 key tasks aimed at innovation and industry aggregation [11]. - The IPO registration for Shantou Ultrasound has been approved, indicating growth in the medical imaging and industrial non-destructive testing sectors [11]. - Ruikang Pharmaceutical announced a dual improvement action plan focusing on quality and cost reduction, aiming to enhance profit margins in its drug and device distribution segment [12][13].