医药与健康护理行业周报：公共服务经费补助标准提高，医药行业增长确定性突出

Investment Rating - The investment rating for the pharmaceutical and healthcare industry is "Outperform the Market" and is maintained [3]. Core Insights - The report highlights that the increase in basic public health service funding standards for 2024 will enhance the growth certainty of the pharmaceutical industry. The per capita subsidy for basic public health services will rise to 94 yuan, and the subsidy for urban and rural residents' basic medical insurance will increase to 670 yuan per person per year. This is expected to generate an additional 359 billion yuan in funding for urban and rural residents' medical insurance, with total income projected to exceed 1.1 trillion yuan in 2024, reflecting a year-on-year increase of 3.4% [4][5]. Summary by Sections 1. Market Performance - In the week of October 14-20, the Shanghai Composite Index rose by 1.4%, while the SW Pharmaceutical Biotechnology Index increased by 1.04%, ranking 20th among Shenwan's primary industries. The top-performing sectors within biopharmaceuticals were chemical raw materials (+3.0%), chemical preparations (+3.0%), and medical services (+1.2%). The top three individual stock performers were Shuangcheng Pharmaceutical (+57.82%), Micron Technology (+49.18%), and Changshan Pharmaceutical (+39.77%). Conversely, the largest declines were seen in New Industry (-17.03%), Yihuilong (-16.09%), and Yaokang Biological (-15.01%) [5][6]. 2. Financial Projections - The report anticipates that the increase in urban and rural residents' medical insurance funding standards will lead to a projected income of approximately 1.1 trillion yuan in 2024, with a year-on-year increase of 3.4%. The total basic medical insurance income is expected to reach about 3.5 trillion yuan, reflecting an increase of 1,138 billion yuan compared to 2023. Additionally, the expected fiscal investment in basic public health services for 2024 is around 1,316 billion yuan, an increase of 61 billion yuan from 2023 [4][5]. 3. Monthly Portfolio Performance - The performance of Haitong's pharmaceutical portfolio for October 2024 shows an average decline of 3.9%, outperforming the overall pharmaceutical index, which fell by 5.9%. The top three performers in the monthly portfolio were Te Bao Biological (+16.1%), Aohua Endoscopy (+2.2%), and Baili Tianheng-U (-0.6%) [10][11].