医药生物行业周报：医保外配处方集中治理，药店行业有望加速整合

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Overweight" [8][35]. Core Viewpoints - The pharmaceutical and biotechnology sector experienced a slight increase of 1.04% from October 14 to October 18, outperforming the CSI 300 index by 0.06 percentage points. However, the sector has declined by 11.85% year-to-date, underperforming the CSI 300 index by 26.25 percentage points [9][14]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 26.65 times, which is at a historical low, with a valuation premium of 115% compared to the CSI 300 index [9][18]. - The report highlights the recent regulatory changes by the National Medical Insurance Administration aimed at standardizing the management of external prescriptions, which is expected to lead to stricter industry regulations and increased operational costs for smaller pharmacies [10][30]. Summary by Sections Market Performance - The pharmaceutical and biotechnology sector rose by 1.04% in the last week, ranking 18th among 31 industries, while year-to-date, it has fallen by 11.85%, ranking 27th [9][14]. - The total market capitalization of the sector as of October 18 is 6.19 trillion yuan, accounting for 6.47% of the total A-share market [23][27]. Industry News - On October 16, the National Medical Insurance Administration issued a notice to regulate the management of external prescriptions, addressing issues such as false prescriptions and excessive medication [10][30]. - The report also mentions the issuance of the "Long-term Care Insurance Nursing Service Institution Designation Management Measures" to standardize long-term care services [29]. Investment Recommendations - The report suggests focusing on sectors such as innovative drugs, medical devices, healthcare services, and chain pharmacies for potential investment opportunities. Specific stock recommendations include Teabo Bio, Betta Pharmaceuticals, and International Medicine [11][33]. - The report emphasizes the importance of monitoring the marginal changes in the performance of listed companies as the third-quarter reporting season approaches [11][33].