医药生物行业周报：医药“跨年行情”建议关注CXO、医疗消费、创新药械

Investment Rating - The investment rating for the pharmaceutical and biotechnology sector is "Positive" [2]. Core Viewpoints - The report anticipates a recovery in the pharmaceutical sector's performance in 2025, driven by marginal improvements in medical insurance payments and a low base effect from 2024 [8][9]. - Key investment themes include "expanding domestic demand," "new quality productivity," and "state-owned enterprise reform," which are expected to guide stock selection [8][9]. - The CXO sector is expected to experience a valuation recovery following the exclusion of the bioterrorism bill from the NDAA [8][9]. Summary by Sections 1. Weekly Market Performance - The pharmaceutical and biotechnology sector's return for the week was +1.62%, outperforming the CSI 300 index by +0.17%, ranking 23rd among 31 primary sub-indices [6]. - The medical services sub-sector had the highest weekly increase at +4.64%, while the chemical pharmaceuticals sub-sector had the lowest at +0.61% [6][35]. 2. Sector Trends and Valuation - The pharmaceutical sector has underperformed over the past month with a -2.00% return, but it has outperformed the CSI 300 index by +2.16% [19]. - The current PE (TTM) for the pharmaceutical and biotechnology sector is 28.14 times, which is below the historical average of 31.63 times [21][22]. 3. Focus on Specific Stocks - Under "expanding domestic demand," recommended stocks include Changchun High-tech, Zhifei Biological, and Meien Health [8]. - For "new quality productivity," focus on CXO companies like WuXi AppTec and innovative drugs such as Innovent Biologics and BeiGene [9]. - In the context of "state-owned enterprise reform," companies like Sinopharm and China Resources are highlighted [10]. 4. TCE Sector Update - The TCE (T-cell engagers) sector has seen significant breakthroughs, particularly with Janux Therapeutics' promising clinical data for its drug JANX007 in treating mCRPC [13][17]. - The report suggests that TCE technology could lead to new investment opportunities, especially in the context of solid tumors and autoimmune diseases [17].