医药行业周报：血管介入类耗材全国联采即将开启

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector for the second half of 2024, focusing on undervalued stocks, overseas expansion, and essential hospital needs [2][14]. Core Insights - The pharmaceutical industry index rose by 1.04% this week, outperforming the CSI 300 index by 0.06 percentage points, ranking 18th in industry performance. Year-to-date, the pharmaceutical sector has declined by 11.85%, lagging behind the CSI 300 by 26.25 percentage points, ranking 28th [2][28]. - The current valuation level for the pharmaceutical industry (PE-TTM) is 27 times, with a premium of 76.56% relative to all A-shares, a decrease of 2.31 percentage points. The premium relative to the CSI 300 is 115%, an increase of 0.08 percentage points [2][33]. - The best-performing sub-sector this week was hospitals, which increased by 3.6%. The three sub-sectors with the smallest declines year-to-date are chemical preparations, raw materials, and pharmaceutical distribution, with declines of 0.5%, 0.5%, and 3.4%, respectively [2][38]. Summary by Sections Current Investment Strategy - The report emphasizes three main investment directions: 1. Dividend stocks including high-yield OTC stocks and sectors related to state-owned enterprise reforms. 2. Medical device exports, including IVD, ventilators, and coronary stents, with a positive outlook on innovative drugs and similar products going overseas. 3. Post-medical corruption, focus on essential hospital needs such as blood products, orthopedics, anesthetics, insulin, IVD, and electrophysiology [2][14]. Recommended Portfolios - Hong Kong Stock Portfolio: Includes companies like Rongchang Bio (9995), Hutchison China MediTech (0013), and Kangfang Biotech (9926) [2][19]. - Recommended Portfolio: Features companies such as Betta Pharmaceuticals (300558), Sino Medical (688108), and Shanghai Laishi (002252) [3][15]. - Conservative Portfolio: Comprises companies like Heng Rui Medicine (600276), New Industry (300832), and East China Medicine (000963) [3][24]. - Sci-Tech Innovation Board Portfolio: Includes companies like Shouyao Holdings-U (688197) and Zai Lab-U (688266) [3][27]. Market Performance - The report notes that the Hong Kong stock portfolio increased by 3.8% last week, outperforming the market by 5.9 percentage points and the pharmaceutical index by 7.7 percentage points [2][20]. - The recommended portfolio rose by 1.6%, outperforming the market by 0.6 percentage points [2][21]. - The conservative portfolio experienced a decline of 0.9%, underperforming the market by 1.9 percentage points [2][24]. - The Sci-Tech Innovation Board portfolio increased by 2.9%, outperforming the market by 1.9 percentage points [2][26].