医药生物行业周报：建议关注国企改革、科研产业链、创新药械主题

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Views - The report emphasizes the importance of state-owned enterprise reform and innovation in the pharmaceutical sector, suggesting that these areas are worth continuous attention. It notes that many pharmaceutical companies have reached a performance bottom, with potential recovery in valuations expected in Q4 2024 and 2025 [10][11]. - Recent policies from the State-owned Assets Supervision and Administration Commission (SASAC) support the use of market value management tools to enhance competitive advantages and promote mergers and acquisitions in state-owned enterprises [10]. Summary by Sections Industry Overview - The pharmaceutical and biotechnology sector experienced a weekly return of -2.13%, underperforming the CSI 300 index by 1.99 percentage points, ranking 13th among 31 sub-industry indices. The Chinese medicine sub-sector had the smallest decline at -0.55%, while the chemical pharmaceuticals sub-sector saw the largest drop at -2.78% [8][27]. - Over the past month, the sector's return was -2.93%, again underperforming the CSI 300 by 1.39 percentage points, ranking 27th among the sub-indices [14][25]. Policy Developments - On December 19, the results of centralized procurement for artificial cochlear implants and peripheral vascular stents were announced, with an average price reduction of approximately 60%. This procurement is expected to be implemented in May 2025 [9]. Investment Opportunities - The report identifies key companies to watch in the context of state-owned enterprise reform, including China National Pharmaceutical Group and China Resources Pharmaceutical Group, as well as local state-owned enterprises like Harbin Pharmaceutical Group and Tongrentang [10]. - In the innovation pharmaceutical and medical device sectors, companies such as Innovent Biologics, Kingmed Diagnostics, and Mindray Medical are highlighted as potential investment opportunities [10][11]. Market Valuation - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 27.31 times, which is below the historical average of 31.59 times, indicating that the sector is currently undervalued [16][17]. - The report notes that the industry has underperformed the CSI 300 index over the past month, with a decline of 2.93% compared to the index's performance [14][25].