医药行业周报：2024年药企并购盘点，行业并购潮有望延续

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [69]. Core Insights - The report highlights a continuation of the merger and acquisition (M&A) trend in the pharmaceutical sector, driven by policy support and market demand, with significant activity noted in 2024 [20][21][29]. - Companies with differentiated technology platforms, a focus on large market diseases with limited treatment options, and founders with strong industry connections are more likely to be targeted for acquisition [32][36]. - The report emphasizes the importance of innovation as a key investment theme in the pharmaceutical sector, with specific recommendations for companies engaged in overseas expansion, single product innovation, and medical equipment updates [39][40][41]. Summary by Sections 1. M&A Overview - The Shanghai government has introduced a plan to support M&A activities, aiming to cultivate around 10 internationally competitive listed companies in key industries, targeting a transaction scale of 300 billion yuan by 2027 [20]. - The report outlines several notable M&A transactions in 2024, including AstraZeneca's acquisition of Gengxi Biotech for $1.2 billion, marking a significant trend in the biotech sector [21][22]. 2. Investment Recommendations - The report suggests focusing on "key players" in the industry, particularly those involved in overseas expansion and innovative product development [8]. - Specific companies recommended for investment include Kangfang Biotech, WuXi AppTec, and Microchip Biotech, among others [39]. 3. Market Performance - The pharmaceutical sector experienced a decline of 0.92% in the week of December 9-13, 2024, ranking 25th among all sectors [5][45]. - The report notes a divergence in performance among sub-sectors, with pharmaceutical distribution and traditional Chinese medicine showing positive trends, while chemical raw materials and medical devices faced declines [5][45].