医药行业周报：本周医药上涨1.6％，美生物安全法案未纳入NDAA，财政部拟规定在政府采购中给予本国产品20％价格评审优惠

Investment Rating - The report rates the pharmaceutical industry as "Overweight," indicating an expectation for the industry to outperform the overall market [28]. Core Insights - The pharmaceutical sector saw a weekly increase of 1.6%, while the Shanghai Composite Index and the Wind All A Index (excluding financials and oil) both rose by 2.3% during the same period. The pharmaceutical index ranked 23rd among 31 sub-industries [2][8]. - The overall valuation of the pharmaceutical sector is at 28.9 times PE for 2024E, placing it 8th among the 31 first-level industries [10][14]. Market Performance - The weekly performance of various sub-sectors includes: - Raw materials (+1.1%) - Chemical preparations (+0.5%) - Traditional Chinese medicine (+1.0%) - Vaccines (+2.0%) - Medical devices (+2.1%) - Medical consumables (+2.9%) - Medical R&D outsourcing (+6.2%) [10][11]. Key Events - The U.S. Biosecurity Act was not included in the National Defense Authorization Act (NDAA), indicating a setback for related companies [3][16]. - The Ministry of Finance proposed a 20% price evaluation discount for domestically produced products in government procurement [3][18]. - A new regulation in Hainan encourages the development of new medical technologies, effective from February 1, 2025 [4][21]. Investment Recommendations - Companies to watch include WuXi AppTec, Kanglong Chemical, and Kelun Pharmaceutical due to the exclusion of the Biosecurity Act from the NDAA [4]. - Recommended companies benefiting from the newly published medical insurance directory include Heng Rui Medicine, BeiGene, and Changchun High-tech [4].