药品行业周报：药品制造业绩复苏持续验证，四季度催化密集

Investment Rating - The industry rating is maintained at "Overweight" [6][19] Core Views - The pharmaceutical manufacturing sector is experiencing a recovery, with significant catalysts expected in the fourth quarter [5][18] - The focus is shifting from revenue growth to profitability in the biotech sector, with a diversified income and reduced costs aiding the transition to a profit cycle [5][18] - The report highlights potential investment opportunities in domestic products due to the tenth batch of national procurement, which involves 62 varieties and 263 specifications, with a total sales volume of nearly 55 billion yuan in public medical institutions [4][5] Summary by Sections Market Performance - The pharmaceutical and biological sector rose by 3.1%, ranking 16th among all primary industries, outperforming the entire A-share market by 0.39 percentage points [3][10] - Among the sub-sectors, raw materials and biological drugs outperformed the pharmaceutical index, both increasing by 3.5%, while chemical pharmaceuticals lagged with a 1.1% increase [3][10] - Year-to-date, raw materials and chemical pharmaceuticals have shown positive growth, while biological drugs have seen a significant decline of 14.8% [3][10] Investment Recommendations - The report suggests focusing on two main investment strategies: 1. Recovery line emphasizing internationalization and product-driven innovation in pharmaceuticals [7][18] 2. Restoration line focusing on demand recovery and efficiency improvements, particularly in the raw materials sector [7][18] - The report indicates that the traditional pharmaceutical industry is gradually emerging from a low point of transition, with innovation pipelines driving new growth [5][18] Industry Outlook - The pharmaceutical industry is entering a high-quality development phase, with a well-established innovation ecosystem formed during the 13th Five-Year Plan period [19] - The report anticipates a historical opportunity for transformation and upgrading in the pharmaceutical and biological industry as it moves into the 14th Five-Year Plan [19]