医药生物行业深度：聚焦创新药产业链，静待消费医疗改善

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the pharmaceutical and biotechnology industry [2] Core Viewpoints - The pharmaceutical and biotechnology sector has underperformed the CSI 300 index, with a decline of 4.05% in 2024, ranking last among 31 primary industries [11] - The report emphasizes the potential of the innovative drug industry chain as a key investment focus, driven by strong R&D capabilities and favorable government policies [7][30] - The consumer healthcare sector is expected to improve due to ongoing economic stimulus policies, with retail pharmacies showing stable growth [7][30] Summary by Sections Industry Review - The pharmaceutical and biotechnology sector's performance in 2024 was -4.05%, significantly lagging behind the CSI 300 index [11] - The average PE ratio for the sector is 26.95, ranking 6th among 31 industries, indicating a low premium compared to historical levels [14] - Revenue for major pharmaceutical manufacturing enterprises was 22,633.70 billion, with a profit total of 3,050.70 billion, reflecting a 2.70% decline [17] Innovative Drug Industry Chain - The innovative drug sector is supported by comprehensive government policies, with a focus on enhancing R&D and international recognition [31][30] - The report highlights the increasing number of NDA approvals for domestic innovative drugs, indicating a strong growth trajectory for "true innovative" companies [7][30] - The CXO sector is experiencing stable revenue growth from overseas clients, with new orders increasing significantly [7][30] Consumer Healthcare - Retail pharmacies are expected to see improved performance due to stable pricing policies and a focus on leading pharmacy chains [7][30] - Medical testing companies are likely to benefit from improved receivables collection and ongoing economic stimulus measures [7][30] - The hospital sector is projected to improve as the demand for quality medical resources continues to rise, particularly in areas like dentistry and ophthalmology [7][30]