医药生物行业跟踪分析：24M11化学药品原料药制造当月同比PPI值突破100

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology industry [3]. Core Insights - The report indicates that the price of raw materials for pharmaceuticals is stabilizing and showing signs of recovery, with the PPI for chemical drug raw materials manufacturing reaching 100.3 in November 2024, marking the first time it has exceeded 100 since January 2023 [10][27]. - Downstream formulation clients are nearing the end of inventory destocking, with many returning to normal stocking levels and some beginning to replenish inventories, which is expected to support price recovery in the sector [11][14]. Summary by Sections Raw Material Prices Stabilization - The PPI for chemical drug raw materials manufacturing fell below 100 in January 2023 and remained there throughout the year, reaching a low of 94.4 in May-June 2023. However, it rebounded to 100.3 in November 2024, showing a significant increase from the average of 95.47 in the first half of 2024 [27][10]. Specialty Raw Materials - Prices for hypertension products like Valsartan have stabilized around 710-720 CNY/kg since June 2023, while the export price for Atorvastatin has remained stable at 1300 CNY/kg since mid-2023 [2][18]. - Antibiotic product prices are experiencing slight fluctuations, with prices for upstream components like 6-APA and 7-ACA showing minor changes [2][63]. Investment Recommendations - The report suggests focusing on companies such as Xianju Pharmaceutical, Puluo Pharmaceutical, Huahai Pharmaceutical, Tianyu Co., Aorite, and Aoxiang Pharmaceutical, as they are expected to benefit from the anticipated recovery in raw material prices and market conditions [11][14].