医药生物行业周报：预付金制度+市值管理催化，建议关注医药商业、国企改革及优质创新资产

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Viewpoints - The report indicates a trend of marginal improvement in policies affecting the pharmaceutical sector, with many companies' performances likely having bottomed out. A turning point in overall performance is expected in 2025. Recent initiatives such as "market value management" and local government debt relief are anticipated to accelerate stock price recoveries in the sector [12][11]. - The report suggests focusing on companies that may benefit from the prepayment system and local government debt relief, those with a price-to-book (PB) ratio below 1, consumer healthcare stocks, quality innovative assets, and state-owned enterprise reforms and mergers and acquisitions [12][13]. Summary by Sections 1. Industry Weekly Viewpoints - The pharmaceutical and biotechnology sector's return this week was -3.92%, underperforming the CSI 300 index by -0.63%, ranking 18th among 31 primary sub-indices. The smallest decline was in the medical commercial sector at -1.52%, while the largest decline was in medical services at -5.51% [9][10]. - Over the past month, the sector's return was +5.41%, outperforming the CSI 300 by 1.83%, ranking 20th among 31 primary sub-indices [9]. 2. Industry Performance and Valuation - The pharmaceutical and biotechnology industry index has a current PE (TTM) of 27.64, compared to a historical average of 31.70. The industry is currently at a relatively low valuation compared to its historical range [20][21]. - The industry has outperformed the CSI 300 index by 1.83 percentage points over the last month, with a return of 5.41% [18]. 3. Key Stocks and Recommendations - Companies expected to benefit from the prepayment system and local government debt relief include China National Pharmaceutical Group, Shanghai Pharmaceuticals, and others [13][15]. - Stocks with a PB ratio below 1 recommended for attention include Liuyao Group (PB 0.95), Oriental Bio (PB 0.94), and others [15]. - Consumer healthcare stocks that may benefit from economic recovery and government fiscal stimulus include Changchun High-tech and others [16]. - Quality innovative drug core assets recommended include Innovent Biologics and others [16]. - State-owned enterprise reforms and mergers and acquisitions are expected to accelerate in 2025, with companies like China National Pharmaceutical Group and others highlighted [16].