医药行业周报：国产CGM出海可期，重点推荐三诺生物

Investment Rating - The industry investment rating is "Positive" (maintained) [27] Core Viewpoints - The report emphasizes the main themes of "innovation, overseas expansion, and aging population," highlighting the potential for valuation recovery in the pharmaceutical sector [39][48] - The report suggests that the pharmaceutical industry is expected to stabilize and rebound in 2025, driven by improvements in commercial health insurance and a multi-tiered medical security system [1][48] Summary by Sections Market Performance - From December 16 to December 20, the Shanghai and Shenzhen 300 Index fell by 0.14%, while the pharmaceutical and biotechnology index dropped by 2.13% [1] - Year-to-date, the pharmaceutical index has decreased by 10.62%, ranking last among all sectors [15][39] Key Recommendations - The report recommends focusing on specific stocks that are expected to benefit from the anticipated recovery in 2025, including: 1. Traditional Chinese medicine stocks such as Kunming Pharmaceutical Group, Taiji Group, Tongrentang, and others [1] 2. Individual stocks in niche segments that may see valuation increases, such as Jiutian Pharmaceutical, Renfu Pharmaceutical, and others [1] 3. Innovative drugs, with a focus on companies like Xinlitai, Hengrui Medicine, and others [1] Notable Stock Performances - The report notes that 68 stocks rose while 423 fell during the week, with notable gainers including Aipeng Medical (+24.63%) and Hanyu Pharmaceutical (+22.62%) [1][39] - Conversely, stocks like Lingkang Pharmaceutical (-25.15%) and Puli Pharmaceutical (-22.20%) experienced significant declines [1][39] Investment Portfolio - The current investment portfolio includes Kunming Pharmaceutical Group, Sanofi Biological, Yuyue Medical, Xinlitai, and Kexing Pharmaceutical [51] - The December investment portfolio features Jiutian Pharmaceutical, Kunming Pharmaceutical Group, Dongcheng Pharmaceutical, and others [69] Valuation Insights - As of December 20, 2024, the overall PE valuation for the pharmaceutical sector is 32.8X, indicating that valuations remain relatively low historically [22][46] - The report highlights that the pharmaceutical sector has absorbed recent policy changes and anticipates a strong rebound in Q4 2024 [46][48]