医药行业周报：供应链出口回暖，重点推荐海泰新光

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The pharmaceutical market has shown signs of rebound, supported by policy measures from the Medical Insurance Bureau, which provide strong backing for a bottoming out in the sector. The industry is expected to see marginal improvement in 2025, with structural opportunities worth watching [6][28] - The report highlights the recovery of the supply chain exports, particularly recommending Haitai New Light due to its potential for business recovery as overseas procurement demand gradually resumes [3][28] Summary by Sections Market Performance - From January 13 to January 17, the Shanghai and Shenzhen 300 Index rose by 2.14%, while the pharmaceutical index increased by 2.67%, resulting in an excess return of 0.53% compared to the broader market [6] - The number of stocks that rose this week was 435, while 57 stocks fell. The top gainers included Dabo Medical (+21.74%) and Jinhao Medical (+21.34%), while the largest declines were seen in *ST Puli (-15.63%) and Kangwei Century (-14.19%) [17][19] Sector Analysis - The medical device sector, particularly companies like Kaili Medical and Haitai New Light, is expected to reverse its fortunes in 2025. The traditional pharmaceutical sector has also completed a significant transformation towards innovation [6][28] - The report emphasizes the importance of innovation, overseas expansion, and the aging population as key drivers for the industry. The medical insurance system is also expected to continue its stable growth, promoting a multi-tiered payment system [28][29] Investment Recommendations - The report suggests focusing on innovative pharmaceuticals and medical devices, companies with overseas expansion capabilities, and those involved in domestic substitution. Specific companies to watch include Heng Rui Pharmaceutical, He Huang Pharmaceutical, and others in the medical device sector [28][31] - The investment portfolio for the week includes Kunyu Group, Haitai New Light, Kaili Medical, Yuyue Medical, and Zexing Pharmaceutical, while the January portfolio includes a broader range of companies [32]