医药行业中央经济工作会议点评：激发医药创新活力，扩大对外开放合作

Investment Rating - The report assigns a "Recommended" rating for the pharmaceutical sector, indicating a positive outlook for the industry [4]. Core Insights - The Central Economic Work Conference highlighted safety, innovation, and openness as key development directions for the pharmaceutical industry. It emphasized boosting consumption, enhancing investment efficiency, and expanding domestic demand through improved healthcare subsidies and the promotion of new economic sectors [3]. - The investment focus for 2025 includes: 1. Pharmaceutical innovation as the core growth driver, with First-in-class (FIC) and First-in-class (FF) pipelines expected to grow faster than Me-too pipelines [3]. 2. Increased overseas exports anticipated under a backdrop of US dollar interest rate cuts, with high pricing levels leading to substantial market returns, particularly in innovative drugs, injectables, and high-end medical devices [3]. 3. Policy pressures driving cost reduction and efficiency improvements across the industry, with a focus on optimizing production processes, digital marketing, and smart logistics [3]. 4. Pharmaceutical consumption is expected to recover due to policy stimuli, with macroeconomic improvements likely benefiting consumer healthcare first [3]. Summary by Sections - Investment Suggestions: The pharmaceutical sector has undergone a prolonged adjustment period, resulting in low overall valuations and underweight public holdings. The report suggests that the sector may see a recovery in 2025 driven by policy support, presenting a favorable long-term investment opportunity, particularly in the innovative drug supply chain, overseas medical devices, and leading companies in niche markets [4]. - Company Earnings Forecasts and Valuations: - Kelun Pharmaceutical (002422.SZ): 2023A EPS 1.5, 2024E EPS 1.87, 2025E EPS 2.13, 2023A PE 21.13, 2024E PE 16.94, Investment Rating: Recommended [5]. - Mindray Medical (300760.SZ): 2023A EPS 9.6, 2024E EPS 10.94, 2025E EPS 12.99, 2023A PE 27.00, 2024E PE 23.69, Investment Rating: Recommended [5]. - Antu Bio (603658.SH): 2023A EPS 2.1, 2024E EPS 2.37, 2025E EPS 2.79, 2023A PE 21.51, 2024E PE 19.09, Investment Rating: Recommended [5]. - Shanghai Pharmaceuticals (601607.SH): 2023A EPS 1, 2024E EPS 1.36, 2025E EPS 1.52, 2023A PE 21.74, 2024E PE 15.95, Investment Rating: Recommended [5].