医药行业周报：Q3医药业绩或现筑底信号，看好Q4板块反弹

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [1] Core Viewpoints - The pharmaceutical sector is expected to stabilize and rebound in Q4 2024, with a focus on structural high-growth segments and stocks [3][29] - The report highlights the performance of various sub-sectors, indicating a significant divergence in growth rates, with innovative drugs showing strong trends while traditional chemical drugs face challenges [2][9] - The overall PE valuation for the pharmaceutical sector is at a historically low level, suggesting potential for valuation recovery [29][30] Summary by Sections Market Performance Analysis - From October 28 to November 1, the Shanghai and Shenzhen 300 Index fell by 1.68%, while the pharmaceutical index dropped by 2.90% [1] - The number of rising stocks in the pharmaceutical sector was 127, while 364 stocks declined during the same period [1] - Year-to-date, the pharmaceutical index has decreased by 11.74%, ranking second to last among all sectors [3][15] Sub-sector Performance - The report notes that the pharmaceutical commercial sector increased by 1.4%, while other sectors like medical devices and biological products saw declines of 4.0% and 4.4%, respectively [1][18] - Year-to-date performance shows that chemical raw materials and traditional Chinese medicine have experienced relatively smaller declines compared to biological products and medical services [18] Investment Recommendations - The report suggests focusing on sectors expected to rebound in 2025, such as medical devices and traditional Chinese medicine [3][29] - Specific stocks to watch include: 1. For overseas expansion: Mindray Medical, United Imaging, and others [3][30] 2. For innovative drugs and devices: Hengrui Medicine, Hutchison China MediTech, and others [3][30] 3. For domestic substitution: KAILI Medical, Aohua Endoscopy, and others [3][30] 4. For aging and outpatient consumption: Yuyue Medical, Kunming Pharmaceutical, and others [3][30] 5. For high-barrier industries: Humanwell Healthcare, Enhua Pharmaceutical, and others [3][30] 6. For small but high-quality stocks: Baiyang Pharmaceutical, Pumen Technology, and others [3][30] Fund Holdings - As of Q3 2024, public funds' holdings in the pharmaceutical sector decreased, with pharmaceutical theme funds holding a total market value of 304.9 billion yuan, accounting for 9.7% of total public fund holdings [2][12]