医药行业周报：继续重点关注创新药+创新药产业链，也可逐步关注消费医疗等领域

Investment Rating - The report provides investment ratings for key companies in the pharmaceutical sector: - 恒瑞医药 (Hengrui Medicine): Buy - 信达生物 (Innovent Biologics): Accumulate - 百济神州 (BeiGene): Accumulate - 翰森制药 (Hansoh Pharmaceutical): Accumulate - 爱博医疗 (Aibo Medical): Accumulate - 恩华药业 (Enhua Pharmaceutical): Accumulate [2] Core Insights - The pharmaceutical and biotechnology sector outperformed the market with a weekly increase of 2.92%, while the CSI 300 index rose by 1.79% during the week of December 11 to December 15 [1] - The report emphasizes the importance of innovation and internationalization in the pharmaceutical sector, suggesting a focus on innovative drugs and the related supply chain, as well as gradually paying attention to consumer healthcare [4][6] - Recent policy developments, such as the National Healthcare Security Administration's guidelines on medical insurance fund prepayments, are expected to alleviate financial pressures on medical institutions and support the pharmaceutical sector [6][27] Weekly Market Performance - From November 11 to November 15, the pharmaceutical sector underperformed the CSI 300 index, with a decline of 3.92% compared to a 3.29% drop in the index [5][17] - Year-to-date, the pharmaceutical sector has seen a decline of 8.21%, lagging behind the CSI 300 index by 23.88 percentage points, ranking 29th among 30 primary sub-industries [17][19] Valuation Levels - As of November 15, 2024, the pharmaceutical sector's valuation stood at 27.66 times PE (TTM), with a premium of 131.36% over the CSI 300 index and 36.89% over all A-shares excluding banks [19] Investment Strategy - The report suggests focusing on sectors with strong growth potential and sound industrial logic, with innovation and internationalization as core themes. It highlights the importance of innovative drugs and the medical device sector [27][28] - The report also notes that if the economic outlook improves, cyclical sectors such as consumer healthcare may perform better [28] Recommended Companies - Recommended companies include: - 恒瑞医药 (Hengrui Medicine): Transitioning through innovation, with several new drugs gaining traction [43] - 信达生物 (Innovent Biologics): Entering a phase of accelerated growth with promising drug candidates [43] - 百济神州 (BeiGene): Showing strong performance with its drug pipeline [43] - 翰森制药 (Hansoh Pharmaceutical): A comprehensive pharmaceutical company with expanding international opportunities [43] - 爱博医疗 (Aibo Medical): Driven by innovation and new product launches [43] - 恩华药业 (Enhua Pharmaceutical): Steady growth in the anesthetic sector with a robust product pipeline [43]