医药行业周报（2024年第11期）：地方化债或有利医院和ICL行业

Investment Rating - The report indicates a positive outlook for the pharmaceutical industry, with a recommendation to "overweight" the sector based on expected performance relative to the benchmark index [28]. Core Insights - The pharmaceutical sector has shown resilience, with the Hang Seng Healthcare Index rising by 2.8%, outperforming the market by 1 percentage point during the week of November 1-8, 2024 [8]. - The report highlights a significant scale of local hidden debt replacement amounting to 12 trillion yuan, which may benefit hospitals and the ICL industry [14]. - The report notes that all 13 sub-sectors within the pharmaceutical industry experienced growth, with hospitals leading at a 13.1% increase [14]. Summary by Sections Market Review - The Hang Seng Composite Index increased by 1.8%, while the pharmaceutical industry accounted for 4.5% of the market capitalization as of November 8, 2024 [8]. - The highest weekly gains among sub-sectors were seen in CRO at 9%, followed by medical services and internet healthcare at 6% each [8][10]. Important News - The National Medical Insurance Administration's data analysis revealed issues related to the traceability of certain products, indicating potential illegal activities in the distribution chain [15][16]. - The report discusses the expansion of public hospital staffing in Chongqing, which aims to improve service delivery and reduce costs associated with medical supplies [19]. Sub-sector Performance - The report provides insights into the valuation of various sub-sectors, indicating that most are trading at a PEG ratio of 0.5-1, with medical services and CRO being below 0.5 [10]. - The pharmaceutical sub-sector is projected to have a PEG ratio exceeding 2 in 2025, indicating potential growth opportunities [10].