医药行业周报：继续看好医药板块Q4表现

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and an "Increase" rating for 信达生物, 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [2][29]. Core Views - The pharmaceutical sector is expected to perform well in Q4 2024, with anticipated improvements in fundamentals and policy support for innovative drugs and medical devices [14][23]. - The report highlights the importance of focusing on high-growth areas such as innovative drugs and medical devices, while also considering companies with strong financial metrics [21][24]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From October 7 to October 11, the pharmaceutical sector declined by 5.92%, underperforming the沪深 300 index, which fell by 3.25% [6][8]. - Year-to-date, the pharmaceutical sector has decreased by 11.10%, lagging behind the沪深 300 index by 24.39 percentage points [6]. 2. Industry Events/Policy Overview - The Nobel Prize in Physiology or Medicine was awarded for research in microRNA, highlighting its potential in disease diagnosis and treatment [13]. - The government announced a series of policies aimed at boosting economic growth, including support for local debt resolution and capital market stabilization [13]. 3. Industry Investment Strategy - The report suggests that the pharmaceutical sector is entering a recovery phase, with Q4 2024 expected to see improved performance due to favorable policy developments and a low comparative base from 2023 [14][23]. - Historical analysis indicates that the pharmaceutical sector performs well when market sentiment favors growth-oriented stocks [14]. 4. Recommended Companies - 恒瑞医药: Transitioning through innovation challenges, with several innovative drugs beginning to gain market traction [29]. - 信达生物: Entering a phase of accelerated growth, with major products expected to launch next year [29]. - 百济神州: Continued strong performance of its drug泽布替尼, with a positive outlook on various product lines [29]. - 翰森制药: A comprehensive pharmaceutical company with promising product pipelines [29]. - 爱博医疗: Growth driven by innovative R&D and new product launches [29]. - 恩华药业: Steady growth in the anesthetic sector, supported by a robust product pipeline [29]. - 鱼跃医疗: Leading domestic home medical device company with stable growth across key segments [29]. 5. Recommended Portfolio - The report includes a recommended portfolio featuring companies like 爱尔眼科, 迈瑞医疗, and 恒瑞医药, emphasizing their strong market positions and growth potential [30][31].