医药生物行业周报：行业三季度业绩承压，基金重仓持股总市值提升

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [4]. Core Insights - The pharmaceutical and biotechnology industry experienced a decline in performance during the third quarter of 2024, with total revenue of CNY 18,426.59 billion, a year-on-year decrease of 0.51%, and a net profit attributable to shareholders of CNY 1,460.31 billion, down 7.48% [5][24]. - The industry index fell by 2.90%, ranking 29th among 31 primary industry indices, indicating a challenging market environment [15]. - The report highlights significant developments, including the approval of Eli Lilly's non-covalent BTK inhibitor in China and Novartis' acceptance of an IND application for a novel tri-target antibody drug [5][6]. Market Review - The Shanghai Composite Index closed at 3,272.01, down 0.84%, while the CSI 300 Index fell by 1.68% during the reporting period [15]. - The performance of various sub-sectors within the industry varied, with traditional Chinese medicine and pharmaceutical commerce showing slight declines, while chemical preparations and biological products faced more significant drops [15]. Q3 Performance Analysis - In Q3 2024, the pharmaceutical and biotechnology industry generated revenue of CNY 5,968.62 billion, a decrease of 0.81% year-on-year, and a net profit of CNY 404.50 billion, down 15.75% [24][31]. - The report notes that the raw materials sector showed resilience with a revenue increase of 6.99%, while the biological products sector faced a substantial decline of 27.63% [24][31]. Fund Holdings - As of Q3 2024, the total market value of fund holdings in the pharmaceutical sector rose to CNY 3,037.40 billion, although the proportion of fund holdings decreased to 9.66% [6][24]. - The report indicates a continued trend of over-allocation in the pharmaceutical sector, with a standard allocation ratio of 6.71% [6]. Investment Recommendations - The report suggests focusing on innovative drugs and medical devices, particularly companies with strong R&D capabilities and competitive advantages, such as Heng Rui Medicine and Mindray Medical [8]. - It also highlights the potential of chain pharmacies and medical service providers to benefit from policy changes and market recovery [8].