医药生物行业周报：建议关注政府化债、科研产业链、消费医疗主题

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [1]. Core Views - The macroeconomic landscape is influenced by the recent US election results, with potential impacts on China-US trade due to tariffs and technology controls. Domestically, fiscal policies are expected to increase local government debt resources by 1 trillion yuan and reduce hidden debts related to shantytown renovations by 200 billion yuan, alleviating local government debt pressures [7]. - The report anticipates that the performance of most pharmaceutical and biotechnology companies has bottomed out, with potential recovery expected in Q4 2024 and 2025 as policies related to equipment upgrades and anti-corruption measures take effect [7]. - Investment opportunities are identified in companies benefiting from local government debt relief, consumer healthcare, quality innovative assets, and the upstream research and development supply chain [7][8]. Summary by Sections Industry Performance - The pharmaceutical and biotechnology sector recorded a weekly return of +6.43%, outperforming the CSI 300 index by +0.92%, ranking 14th among 31 first-level sub-indices. The medical services sub-sector had the highest weekly increase of 10.11% [5][21]. - Over the past month, the sector's return was +2.27%, underperforming the CSI 300 by -1.48%, ranking 29th among the sub-indices [10][19]. Key Investment Targets 1. Beneficiaries of Local Government Debt Relief: - Companies such as Kingmed Diagnostics, Dian Diagnostics, and Capbio are expected to accelerate the recovery of government receivables [7]. - Firms primarily serving local governments include Juguang Technology, Hexin Instruments, and Leibotai Technology [7]. - Companies relying on medical institutions or government procurement include Mindray Medical, United Imaging, and Haikang Medical [7]. 2. Consumer Healthcare: - Companies in consumer healthcare are expected to benefit from economic recovery and government fiscal stimulus, including Changchun High-tech and Zhifei Biological [8]. - Outpatient medical devices and OTC drug companies are also highlighted for potential growth [8]. 3. Innovative Drug and R&D Supply Chain: - Key innovative drug companies include Innovent Biologics and BeiGene, while innovative medical device firms include Mindray Medical and United Imaging [8]. 4. State-Owned Enterprise Reforms and Mergers: - The report suggests that state-owned enterprise reforms and mergers are likely to accelerate in 2025, with companies like Sinopharm and China Resources being potential beneficiaries [8]. 5. Companies Benefiting from Procurement Policies: - Companies such as Aikang Medical and Chuntian Medical are expected to benefit from the consistency evaluation standards and procurement policies [9]. Valuation Metrics - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector is 28.68, which is below the historical average of 31.72 [12][13].