医疗服务行业周报：板块有所回调，季报披露期关注成长与改善

Investment Rating - The industry rating is maintained at "Overweight" [5][9]. Core Viewpoints - The medical service sector has experienced a significant decline, with a 6.84% drop last week, indicating a need for attention during the quarterly report disclosure period [2][9]. - The integration of assisted reproductive technology into medical insurance across 23 provinces is expected to reduce patient costs and enhance market penetration, suggesting a growing development space for the industry [5][50]. - The current valuation of the medical service sector is at historical lows, with a PE ratio of 31.09 and a PB ratio of 2.79, indicating potential for recovery [3][24]. Summary by Sections Industry Performance - The pharmaceutical and biological sector fell by 6.00%, ranking 18th among 31 primary industries, underperforming the CSI 300 index by 2.75% [2][11]. - The medical service sub-sector reported a drop of 6.84%, with significant declines in private medical companies [2][21]. Valuation Metrics - The current PE for the medical service sector is 31.09, with a historical maximum of 37.59 and a minimum of 20.88 over the past year. The PB stands at 2.79, with a maximum of 4.41 and a minimum of 2.06 [3][24]. - The medical service sector's valuation is at the 13.44th percentile historically, indicating a low relative valuation [3][24]. Industry Dynamics - Recent developments include the Nobel Prize awarded for breakthroughs in microRNA, which may influence future research and applications in the medical field [4][42]. - The National Medical Insurance Administration has strengthened the management of social supervisors for medical insurance funds, enhancing oversight and security [4][45]. - The adjustment of the 2024 medical insurance drug list is underway, with public consultations ongoing [4][46]. Future Outlook - The report suggests focusing on high-growth areas such as clinical CRO services and private medical institutions, particularly in ophthalmology and comprehensive hospitals [5][50]. - The anticipated improvement in the performance of private medical institutions in the second half of the year is expected to drive recovery in the sector [5][50].