医药生物行业周报：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 industry, 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 disclose their Q3 2024 results in October, with a focus on those likely to exceed expectations. In the medium to long term, the marginal impact of policy events on pharmaceutical companies is expected to diminish, and high-quality companies with strong innovation capabilities are 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 return was +1.04% last week, outperforming the CSI 300 by +0.06%, ranking 18th among 31 first-level sub-indices. The chemical pharmaceutical sector had the highest weekly increase of 2.98%, while the medical device sector saw the largest decline of 0.47% [7][22]. 2. Recent Performance - Over the past month, the pharmaceutical and biotechnology sector returned +20.09%, underperforming the CSI 300 by 2.72 percentage points, ranking 18th among 31 first-level sub-indices. The medical services sub-sector had the highest monthly increase of 29.05% [9][15]. 3. Valuation Metrics - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector is 26.64 times, compared to a historical average of 31.78 times over the past five years. This indicates that the sector is currently valued at a relatively low level historically [11][12]. 4. Key Investment Themes - Focus on high-quality innovative drug core assets and upstream research industry chain companies, such as Innovent Biologics, Kingmed Diagnostics, and BeiGene. Additionally, companies benefiting from procurement policies or marginal clearance, such as Aikang Medical and Spring Medical, are highlighted. Consumer healthcare leaders like Aier Eye Hospital and Tongce Medical are also recommended for attention [8]. 5. Notable Companies - Companies such as Jin Domain Medical, Dian Diagnostics, and Cap Bio are expected to benefit from the acceleration of receivables recovery from local governments. Other companies primarily relying on government procurement, like Mindray Medical and United Imaging Healthcare, are also noted for potential gains [8].