兴证医药2024年11月投资月报：三季报行业延续稳健趋势，继续重点关注创新+国际化

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and "Hold" ratings for 信达生物, 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [1][4]. Core Insights - The pharmaceutical sector continues to show a steady trend, with a focus on innovation and internationalization. The third quarter of 2024 saw a 0.39% year-on-year increase in revenue, while net profit attributable to shareholders decreased by 5.85% [2][3]. - The report anticipates a marginal improvement in the sector's fundamentals, driven by policy implementations in Q4 2024, particularly in the innovative drug sector [3][4]. - Key investment themes include focusing on high-growth segments and the innovation + internationalization strategy, with an emphasis on innovative drugs and medical devices [3][12]. Summary by Sections 1. November 2024 Pharmaceutical Industry Strategy and Recommended Portfolio - The report highlights the performance of the pharmaceutical sector in October 2024, noting a decline in the 中信医药 index by 4.54% [8][30]. - The investment strategy for November emphasizes the importance of innovation and internationalization, with a focus on the innovative drug sector [2][3]. 2. Pharmaceutical Sector Performance in October 2024 - The report indicates that the pharmaceutical sector's revenue growth was 0.39% year-on-year, while net profit saw a decline of 5.85% [2][11]. - Specific sub-sectors such as biological products and medical services faced further profit pressure compared to previous reports [2][11]. 3. Recommended Companies - 恒瑞医药 is noted for overcoming transitional challenges with several innovative drugs gaining traction [4][26]. - 信达生物 is entering a phase of accelerated growth, with significant products expected to launch next year [4][26]. - 百济神州 continues to exceed expectations with its product pipeline showing promising trends [4][26]. - Other recommended companies include 翰森制药, 爱博医疗, and 恩华药业, each with unique growth drivers and market positions [4][26]. 4. Market Valuation Levels - As of October 31, 2024, the pharmaceutical sector's valuation was reported at 27.08 times earnings, with a premium of 130.73% over the 沪深 300 index [32][33]. 5. Individual Stock Performance - In October 2024, 173 stocks in the pharmaceutical sector saw gains, while 298 stocks experienced declines, indicating a challenging market environment [34].