医药生物行业周报：四季度体检行业进入旺季

Investment Rating - The industry investment rating is "Outperform the Market" [1][38]. Core Viewpoints - The medical and biological sector is experiencing a recovery in consumer confidence, which is expected to boost demand for medical services [5]. - The fourth quarter marks the peak season for the health check industry, with increased demand driven by year-end health checks and promotional activities from health check institutions [30]. - The medical and biological index has shown a significant increase of 1.62% from December 2 to December 6, 2024, outperforming the CSI 300 index by 0.17 percentage points [4][20]. Summary by Relevant Sections Industry Performance - The medical and biological index rose by 1.62% during the period from December 2 to December 6, 2024, ranking 23rd among sectors [4][20]. - All sub-sector indices achieved positive returns and outperformed the CSI 300 index during the same period [22]. Sub-sector Analysis - The chemical pharmaceutical index increased by 4.89%, the medical services index by 2.84%, and the biological products index by 2.44%, all outperforming the CSI 300 index [22]. - The medical device index rose by 1.57%, while the traditional Chinese medicine index increased by 1.95% [22]. Valuation Metrics - As of December 6, 2024, the TTM price-to-earnings ratio for the medical and biological sector is 27.89 times, showing a recovery compared to the levels in July-August 2024, but still below the valuation levels of 2021 [25][26]. Investment Recommendations - Focus on stable growth areas such as medical devices and pharmaceuticals, with specific companies recommended for investment [5]. - The CXO sector and medical equipment sector are expected to gradually recover in 2025, with specific companies highlighted for potential investment [5]. - Innovative companies with potential for international expansion are also recommended for investment consideration [5].