医药行业周报：医药个股普遍回调，博瑞BGM0504减重适应症2期试验公布

Investment Rating - The report maintains a "Buy" rating for several pharmaceutical stocks, including 云顶新耀 (01952.HK), 来凯医药 (02105.HK), 怡和嘉业 (301367.SZ), 药明康德 (603259.SH), 诺禾致源 (688315.SH), 微芯生物 (688321.SH), and 华纳药厂 (688799.SH) [1][2][4]. Core Views - The pharmaceutical sector is experiencing a general pullback, with the Shenwan Pharmaceutical and Biological Sector declining by 6%, underperforming the CSI 300 Index by 2.75 percentage points, ranking 18th among 31 Shenwan primary industries [1][7]. - The report highlights that the fundamentals of the pharmaceutical industry continue to show signs of recovery, with short-term performance expected from stocks that have a recovery logic in their earnings [4][32]. - The report suggests focusing on sectors affected by previous anti-corruption measures and centralized procurement, particularly in medical services and medical consumables, as well as the vaccine sector nearing the end of inventory reduction [4]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical sector's performance this week shows a decline across various sub-sectors, including chemical pharmaceuticals down by 5.16%, biological products down by 5.7%, medical devices down by 6.21%, traditional Chinese medicine II down by 6.6%, pharmaceutical commerce down by 6.76%, and medical services down by 6.84% [1][7][9]. 2. Key News - The report mentions that 180 new drugs were approved for clinical trials in September, a year-on-year increase of 37, primarily in the fields of anti-tumor drugs and immune modulators [32][33]. - A procurement notice for low-value medical consumables was issued by the Hunan Provincial Medical Insurance Bureau, indicating a trend towards price reductions in medical consumables due to centralized procurement [32]. 3. Key Announcements - 恒瑞医药 (Hengrui Medicine) received a notice of acceptance for its drug listing application for SHR2554, a new oral EZH2 inhibitor intended for the treatment of malignant tumors [37].