医药生物行业月度报告：业绩增长承压，重点关注创新药产业链、消费医疗

Investment Rating - The industry is rated as "Outperform the Market" [28] Core Viewpoints - The pharmaceutical and biotechnology sector is experiencing pressure on performance growth, with a focus on the innovative drug industry chain and consumer healthcare [1][4] - Despite short-term revenue and profit growth challenges, certain companies in the innovative drug and CXO sectors are showing promising performance [4][10] - The overall industry performance is expected to remain under pressure in Q4 2024 due to ongoing compliance checks and cost control measures, but there are positive changes anticipated in specific segments like innovative drugs and consumer healthcare [10][12] Summary by Sections 1. Industry Viewpoints - The pharmaceutical and biotechnology sector's performance in October 2024 was -3.29%, ranking 26th among 31 primary industries [3][8] - The average PE ratio for the sector as of October 31, 2024, was 27.08, ranking 6th among the primary industries [23][24] 2. Market Review 2.1 Overall Situation - From January to October 2024, the sector's performance was -2.25%, ranking 30th among 31 primary industries [15][19] - In October alone, the sector's performance was -3.29%, again underperforming compared to major indices [15][19] 2.2 Sub-industry Situation - Among the six sub-sectors, chemical pharmaceuticals and traditional Chinese medicine showed better performance, while medical devices and biological products lagged [19][21] 2.3 Individual Stock Performance - Notable stock performers in October included Shuangcheng Pharmaceutical (+128.48%) and Maike Audi (+113.21%), while stocks like Nuotai Bio (-29.42%) and Yahui Long (-23.87%) underperformed [21][22] 3. Industry Valuation - The sector's PE ratio is at a historical low, indicating potential undervaluation compared to the broader market [23][24] - The sector's premium over the CSI 300 index is 130.73%, suggesting a significant valuation gap [23][24]