医药行业周报：全国第三批中成药集采正式发文

Investment Rating - The report maintains a positive outlook on the pharmaceutical sector for the second half of 2024, focusing on undervalued stocks, overseas expansion, and essential hospital needs as key investment themes [1][7]. Core Insights - The pharmaceutical index rose by 3.11% in the week of October 21-25, outperforming the CSI 300 index by 2.32 percentage points. However, the sector has declined by 9.11% year-to-date, underperforming the CSI 300 by 24.42 percentage points [1][21]. - The current valuation level for the pharmaceutical industry is at 27 times PE-TTM, with a premium of 79.59% relative to the entire A-share market [1][26]. - The report highlights the official release of the third batch of traditional Chinese medicine centralized procurement, which includes 95 products across 20 product groups, indicating a continuation of previous procurement rules [1][7]. Summary by Sections 1. Investment Strategy and Key Stocks - The report emphasizes three main investment directions: high-dividend OTC stocks, medical device exports, and essential hospital needs post-medical corruption reforms [1][7]. - Recommended stocks include: - Hong Kong Stock Combination: Rongchang Biopharmaceutical (9995), Hutchison China MediTech (0013), and others [2][8]. - Recommended Combination: Betta Pharmaceuticals (300558), Sino Medical (688108), and others [8]. - Steady Combination: Hengrui Medicine (600276), New Industry (300832), and others [8]. - Sci-Tech Innovation Board Combination: Shouyao Holdings-U (688197), Zai Lab-U (688266), and others [8]. 2. Market Performance of the Pharmaceutical Sector - The pharmaceutical sector's performance is ranked 16th among industries for the week, with a notable increase in the medical research outsourcing sub-sector, which rose by 7.1% [1][21]. - Year-to-date, the best-performing sub-sectors include raw materials, chemical preparations, and pharmaceutical distribution, with respective changes of 3%, 0.6%, and -2.1% [1][7]. 3. Latest News and Policies - The report discusses the upcoming centralized procurement for traditional Chinese medicine, which is expected to impact the market significantly [1][7]. - It also notes that approximately 200 pharmaceutical companies have disclosed their quarterly results, suggesting a focus on performance expectations in the coming weeks [1][7].