医药生物行业周报：低估板块全面反弹，中远期业绩指引调整值得关注（附多抗研究专题）

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical sector, highlighting a comprehensive rebound in undervalued segments [1][2]. Core Insights - The report emphasizes that the development of multi-specific antibodies is still in the early exploratory stage, with companies like BaiLi Tianheng actively working on multiple products [8][12]. - The pharmaceutical sector has seen a 3.11% increase this week, outperforming the CSI 300 index by 2.32 percentage points, with sub-sectors like medical infrastructure and pharmaceutical outsourcing performing well [19][24]. - The report suggests that the demand for raw materials is expected to gradually recover in Q3-Q4 2024, driven by the expiration of patents for major products and the end of inventory destocking [21][22]. Summary by Sections Industry View and Investment Recommendations - Multi-specific antibody research is in its early stages, with BaiLi Tianheng developing several products [8][15]. - Investment suggestions include focusing on companies with strong performance in the formulation sector and those with high new product business ratios [21][22]. Industry Performance - The pharmaceutical sector's overall P/E ratio is reported at 27.33, with a premium of 37.11% compared to the overall A-share market excluding financials [24]. - The report notes significant performance differences among sub-sectors, with medical infrastructure and pharmaceutical outsourcing leading the gains [24]. Company Dynamics - Companies like Huahai Pharmaceutical and Enhua Pharmaceutical have received regulatory approvals for new products, indicating ongoing innovation and compliance with market requirements [25]. - The report highlights the strong financial performance of Chuaning Bio, with a 24.43% increase in revenue year-on-year [25].