医药生物行业周报：辅助生殖政策量变引发市场关注，医药板块持续活跃

Investment Rating - The industry investment rating is "Overweight" [2] Core Views - The pharmaceutical and biotechnology sector has shown resilience, with the industry index outperforming the CSI 300 index by 0.18 percentage points and the Shanghai Composite Index by 0.37 percentage points this week [5][14] - The increase in assisted reproductive policies has sparked market interest, leading to significant gains in related stocks [5][32] - The overall market sentiment remains cautious, with many stocks trading at low price-to-earnings ratios, making them susceptible to upward movements upon positive catalysts [5][32] Market Performance - The pharmaceutical biotechnology index rose by 1.77% this week, with all 13 sub-industries experiencing gains, the offline pharmacy sector leading with a 10.38% increase [5][18] - Among 477 A-share pharmaceutical stocks, 355 stocks rose, representing 74.42% of the total [4][21] - The highest P/E ratio among sub-industries was 44X for hospitals, while the overall industry P/E (TTM) was 26X, which is below the historical average of 33X [15][18] Assisted Reproductive Policies - Recent policies in cities like Hohhot and Shenzhen aimed at encouraging childbirth have led to increased stock prices in the assisted reproductive sector [5][7] - The implementation of substantial child-rearing subsidies is expected to spread across more regions, enhancing the growth potential of the assisted reproductive industry [7][35] Investment Recommendations - Focus on the assisted reproductive industry, particularly companies like Jinxin Reproductive and International Medical, as well as related pharmaceuticals such as Livzon Pharmaceutical and Changchun High-tech [38] - Continued attention on innovative sectors within pharmaceuticals, including hard technology, medical consumption, and international expansion [6][34]