短期布局Q3业绩超预期，长期持续关注科技创新核心资产

Investment Rating - The report maintains a positive investment rating for the pharmaceutical and biotechnology sector, consistent with the previous rating [3]. Core Insights - The market has entered a phase of oscillation and adjustment after significant fluctuations before the holiday. Companies are expected to report Q3 2024 results in October, with a focus on stocks likely to exceed expectations. In the medium to long term, the marginal impact of policy events on pharmaceutical companies is expected to diminish, with high-quality companies demonstrating innovation likely to recover first. Additionally, local government debt relief and real estate support measures are anticipated to boost investment and restore consumer confidence, benefiting upstream assets in the innovation supply chain and consumer healthcare companies [8]. Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector's performance over the past week showed a return of +1.04%, slightly outperforming the CSI 300 index by +0.06%. Among the six sub-sectors, the chemical pharmaceuticals sector had the highest weekly increase of 2.98%, while the medical devices sector experienced the largest decline of 0.47% [7][8]. 2. Recent Performance Metrics - Over the past month, the pharmaceutical and biotechnology sector returned +20.09%, underperforming the CSI 300 index by 2.72 percentage points. The medical services sub-sector had the highest monthly increase of 29.05%, while the pharmaceutical commerce sub-sector had the lowest increase of 16.19% [9][15]. 3. Valuation Metrics - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector is 26.64, which is below the five-year historical average of 31.78. This indicates that the sector is currently valued at a relatively low level compared to its historical performance [11][12]. 4. Investment Focus Areas - Key investment themes include: 1. High-quality innovative drug core assets and upstream research industry chain companies, such as Innovent Biologics and BeiGene [8]. 2. Companies benefiting from procurement policies or marginal clearance, including those in the medical glass packaging sector [8]. 3. Leading consumer healthcare companies, such as Aier Eye Hospital and Tongce Medical [8]. 4. Companies likely to benefit from local government debt relief, including third-party medical testing firms [8]. 5. Notable Stock Performances - In the recent week, notable stock performances included Changshan Pharmaceutical, which rose by 49.75% due to regulatory approval for its product in Niger, and Guoxin Health, which increased by 35.26% due to alignment with national healthcare policies [25].