医药行业周报：建议聚焦基本面趋势向上个股

Investment Rating - The report suggests focusing on stocks with upward fundamental trends, particularly after the release of Q3 reports, in a market with improving sentiment and liquidity [2][19]. Core Views - The pharmaceutical sector has underperformed, with a decline of 3.92% in the week and 9.76% year-to-date, lagging behind the CSI 300 index by 0.63 and 25.43 percentage points respectively [1][42]. - The current valuation level for the pharmaceutical industry is at 28 times PE-TTM, with a premium of 84.28% over the entire A-share market [1][44]. - Key sub-sectors showing resilience include pharmaceutical distribution, raw materials, and chemical preparations, with year-to-date performances of +2.6%, +1%, and -1.1% respectively [1][42]. Summary by Sections 1. Investment Strategy and Key Stocks - The report emphasizes the importance of focusing on stocks with positive fundamental trends, especially in light of recent market improvements [2][19]. - Notable acquisitions, such as Merck's $5.9 billion upfront payment for global rights to the PD-1/VEGF dual antibody LM-299, highlight the potential of this drug class [2][18]. - The report reiterates a positive outlook for the pharmaceutical sector in the second half of 2024, focusing on undervalued stocks, overseas expansion, and essential hospital needs [3][19]. 2. Market Performance - The pharmaceutical index has seen a decline of 3.92% this week, ranking 19th among industries, and a year-to-date decline of 9.76%, ranking 31st [1][42]. - The best-performing sub-sector this week was pharmaceutical distribution, which increased by 0.1% [1][42]. 3. Recommended Stocks - Recommended stocks include Sino Medical (688108), Enhua Pharmaceutical (002262), and Shanghai Laishi (002252), among others, with a focus on their growth potential and market positioning [3][19][20]. - The report also includes a Hong Kong stock combination featuring companies like Rongchang Bio (9995) and Hengrui Medicine (600276) [3][20]. 4. Weekly Performance Analysis - The recommended stock combination saw an overall decline of 5.69%, underperforming the market by 2.4 percentage points [25][29]. - The Hong Kong stock combination experienced a decline of 4.5%, outperforming the market by 1.8 percentage points [30][31]. - The stable stock combination decreased by 3.7%, slightly underperforming the market [35][36]. 5. Sector Valuation - The current PE-TTM for the pharmaceutical industry is 28, with a premium of 84.28% over the entire A-share market [1][44]. - The report notes a decrease in premium rates compared to previous periods, indicating potential valuation adjustments [1][44].