兴证医药2025年2月投资月报：医药板块持仓降至历史低位、继续看好创新药+创新药产业链

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical and biotechnology sector [2] Core Insights - The pharmaceutical sector is currently at a historical low, but there are expected investment opportunities in 2025, particularly in innovative drugs and their supply chains [13][14] - The report highlights the importance of innovation and internationalization as key themes for growth in the pharmaceutical industry [14] - The report notes that the medical device sector is also expected to see improvements in 2025, driven by policy implementation and economic recovery [17] Summary by Sections 1. January 2025 Market Review - From January 2 to January 27, 2025, the pharmaceutical and biotechnology sector underperformed the CSI 300 index, with a decline of 3.80% compared to a 2.99% drop in the index [7][30] - The pharmaceutical sector index fell by 16.10% from 2024 to January 27, 2025, ranking 29th among 30 primary sub-industries [7] 2. February 2025 Investment Strategy - The report indicates a decrease in public fund holdings in the pharmaceutical sector, with a holding ratio of 7.96% in Q4 2024, down 1.04 percentage points [9] - The report emphasizes that the pharmaceutical sector is currently underweight when excluding pharmaceutical funds, with a holding ratio of 3.33% [9] 3. Sector Performance and Valuation - As of January 27, 2025, the pharmaceutical sector's valuation was 25.41 times earnings, with a premium of 114.48% over the CSI 300 index [31] - The report notes a downward trend in the valuation premium of the pharmaceutical sector [31] 4. Recommended Stocks - The report recommends several companies, including: - BeiGene: Expected to see revenue growth from its core product, with projected revenues of CNY 26.653 billion, CNY 35.490 billion, and CNY 42.403 billion from 2024 to 2026 [21] - Hengrui Medicine: Anticipated to benefit from a new product cycle, with projected EPS of CNY 0.99, CNY 1.09, and CNY 1.28 from 2024 to 2026 [22] - CanSino Biologics: Expected to achieve significant market potential with its core product, projected revenues of CNY 2.821 billion, CNY 4.766 billion, and CNY 6.634 billion from 2024 to 2026 [24] - WuXi AppTec: Anticipated to see strong growth in orders and revenues, with projected EPS of CNY 3.36, CNY 3.74, and CNY 4.11 from 2024 to 2026 [25] - Aier Eye Hospital: Expected to benefit from demand recovery, with a strong market position in the medical services sector [28]