医药生物行业周报：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]. Core Viewpoints - The report suggests that the market is gradually returning to rationality after significant fluctuations driven by policy changes, with a focus on fundamental long-term logic [8]. - It anticipates a gradual recovery in Q4 2024, supported by ongoing anti-corruption efforts and the normalization of centralized procurement policies, alongside fiscal stimulus measures from local governments [8][9]. Summary by Sections 1. 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 [8]. - Over the past month, the sector's return was 18.20%, also underperforming the CSI 300 by 4.33%, with the medical services sub-sector showing the highest monthly gain of 28.57% [8][15]. 2. Investment Recommendations - Focus on companies benefiting from local government debt restructuring, such as: - Third-party medical testing firms like Kingmed Diagnostics, Dian Diagnostics, and Capbio [8]. - Companies primarily serving local governments, including Juguang Technology and Hexin Instruments [8]. - Firms reliant on medical institutions or government procurement, such as Mindray Medical and United Imaging [8][9]. - Emphasis on high-quality innovative drug assets and upstream research innovation chains, including companies like Innovent Biologics and BeiGene [9]. - Attention to enterprises benefiting from centralized procurement policies, such as Shandong Pharmaceutical Glass and Aikang Medical [9]. 3. Sub-industry Insights - The report highlights the TCE (T-cell Engager) sector as a promising investment opportunity, noting significant clinical advancements and collaborations among domestic pharmaceutical companies [10][11]. - It mentions recent partnerships and clinical trial developments in the TCE space, indicating a growing interest and potential for future growth [11][12]. 4. Valuation Metrics - The current PE (TTM) for the pharmaceutical and biotechnology sector is 26.54, which is below the historical average of 31.81 [17][18]. - The sector has underperformed the CSI 300 index over various time frames, with a one-month performance lag of 4.33 percentage points [15][22].