医药生物行业周报：医美细分赛道仍存在增长潜力

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" [23]. Core Insights - The medical beauty segment still has growth potential, particularly in collagen injection products and regenerative medical aesthetics. Despite consumer pressure, there are attractive star products that can drive customer acquisition and profit for medical beauty institutions [3][18]. - The pharmaceutical industry possesses strong long-term growth drivers, especially in the context of aging populations and changing disease profiles. There are many unmet clinical needs, and the overseas market remains promising due to the continuous improvement of China's innovative drug development capabilities [3][4]. Summary by Sections Industry Performance - The Shenwan Pharmaceutical and Biotechnology Index increased by 3.11% from October 21 to October 25, 2024, outperforming the CSI 300 Index by 2.32 percentage points [2][10]. - All sub-sectors within the pharmaceutical and biotechnology industry saw an increase during the same period, with the overall sector's price-to-earnings ratio (TTM) reaching 27.07 times, a significant improvement compared to the lows in July-August 2024 [2][14]. Investment Recommendations - The report suggests focusing on innovative medical devices and drugs that are entering rapid sales growth phases, such as companies like Baijun Medical, Sanyou Medical, and others in the innovative drug sector like Heng Rui Medicine and Xin Da Biology [4]. - It also highlights opportunities arising from a recovery in consumer confidence, recommending companies like Jiangsu Wuzhong and Huadong Medicine [4]. Medical Aesthetics Growth - The regenerative medical aesthetics market has limited existing products and appeals to consumers due to its high-end positioning. For instance, Jiangsu Wuzhong reported a significant revenue increase in its medical aesthetics business, driven by the successful launch of its core product Aesthefill [19]. - The report notes that the number of approved collagen injection products in mainland China is still low, with humanized recombinant collagen products being particularly advantageous due to their superior biocompatibility [19].