药品行业周报：药品制造产业链复苏，关注创新及超跌个股机会

Investment Rating - The industry investment rating is maintained at "Overweight" [2][6][34] Core Viewpoints - The pharmaceutical manufacturing industry chain is recovering, with a focus on innovative and oversold stocks as investment opportunities [2][5] - The market experienced a correction with the pharmaceutical and biotechnology sector down by 6%, ranking 14th in terms of decline among all primary industries [2][9] - The industry has shown resilience during the recent market pullback, with biopharmaceuticals and chemical pharmaceuticals outperforming the pharmaceutical and biotechnology index [5][9] - The overall performance of the pharmaceutical sector has been volatile, with a significant increase of 39.9% from September 24 to October 8, followed by a decline of 13.4% from October 9 to October 13 [5][14] Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's relative return was -4.3% over one month, -1.4% over three months, and -20.6% over twelve months [4] - The absolute return was 18.2% over one month, 10.5% over three months, and -14.5% over twelve months [4] - The industry valuation as of October 11 shows a PE-TTM of 26.5X and a PB of 2.54X, both near negative one standard deviation [9][33] Investment Recommendations - Short-term strategies focus on identifying stocks with marginal improvements in performance, particularly in the context of market recovery and performance restoration [5][33] - Two mid-term investment strategies are recommended: 1. Focus on innovative drugs driven by internationalization and product strength [5][33] 2. Look for recovery in raw material pharmaceuticals and efficiency improvements [5][33] Long-term Outlook - The pharmaceutical industry is entering a high-quality development phase characterized by R&D upgrades and international integration, presenting historical opportunities for transformation and upgrading [6][34]