关注受益于地方政府化债的企业&创新科研相关资产

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology sector [3][8]. Core Viewpoints - The report emphasizes that the market is gradually returning to rationality after significant fluctuations driven by policy changes. It suggests that the pharmaceutical sector, which has seen a substantial decline since 2021, may begin to recover in Q4 2024 due to ongoing anti-corruption efforts and fiscal stimulus measures from local governments [8][9]. - The report recommends focusing on high-quality assets in innovative pharmaceuticals and related upstream sectors that are likely to benefit from a rebound in investment demand [8][9]. Summary by Sections Market Performance - The pharmaceutical and biotechnology sector experienced a weekly return of -6.00%, underperforming the CSI 300 index by 2.75%, ranking 18th among 31 sub-industry indices. The chemical pharmaceuticals sub-sector had the smallest decline at -5.16%, while the medical services sub-sector saw the largest drop at -6.84% [8][25]. - Over the past month, the sector's return was 18.20%, also underperforming the CSI 300 by 4.33%, with medical services showing the highest monthly gain of 28.57% [8][15]. Industry Policies - Recent announcements from various provincial medical insurance bureaus have included the inclusion of assisted reproductive medical services in the basic medical insurance payment scope [8]. Investment Recommendations 1. Focus on Companies Benefiting from Local Government Debt Relief: - Companies like Kingmed Diagnostics, Dian Diagnostics, and Capbio are expected to recover government receivables faster. Other companies include Puxiang Technology and HeXin Instruments, which primarily serve local governments [9]. 2. High-Quality Innovative Drug Assets: - Companies such as Innovent Biologics, BeiGene, and Zai Lab are highlighted as key players in the innovative drug sector [9]. 3. Companies Benefiting from Procurement Policies: - Companies like Shandong Pharmaceutical Glass and Linuo Paradigma are expected to benefit from improved standards in drug packaging and procurement policies [9]. 4. Leaders in Medical Consumer Services: - Notable companies include Aier Eye Hospital and Tongce Medical, which are positioned to benefit from a recovery in consumer confidence [9]. Sub-Industry Insights - The report highlights the TCE (T-cell Engager) sector as a promising investment opportunity, with significant clinical advancements and partnerships being formed in this area [10][11].