医药行业周报：持续看好业绩和估值匹配的创仿企业

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, particularly on innovative and generic enterprises that align with performance and valuation [6][13]. Core Insights - The pharmaceutical sector is currently experiencing a valuation at historical lows, with significant discrepancies compared to overseas pharmaceutical companies. Increased R&D investments in innovative generic enterprises are expected to yield results, leading to improved financial statements starting in 2025. The sector is characterized by "low valuation + high growth" attributes, and policy catalysts are anticipated to enhance capital inflows, accelerating valuation recovery [13][14]. - The report identifies three main investment themes for 2025: innovation and international expansion, thematic investments, and dividend strategies. The innovation and international expansion theme focuses on innovative drugs supported by favorable policies and successful clinical data. The thematic investment theme highlights opportunities in weight-loss drugs, AI medical imaging, and traditional Chinese medicine. The dividend strategy emphasizes stable growth assets with high and sustainable cash flows [15][16]. Summary by Sections Investment Strategy and Key Stocks - The report highlights key stocks such as 恒瑞医药 (Hengrui Medicine), 亿帆医药 (Yifan Pharmaceutical), and 康辰药业 (Kangchen Pharmaceutical) among others, indicating strong growth potential and positive earnings forecasts [7][18]. Market Performance - The pharmaceutical index rose by 1.77% during the week, outperforming the CSI 300 index by 0.18 percentage points. Year-to-date, the sector has increased by 3.99%, also surpassing the CSI 300 index by 2.17 percentage points [6][12][27]. Valuation Metrics - The current valuation level (PE-TTM) for the pharmaceutical industry stands at 27.31 times, with a premium of 75.11% relative to the entire A-share market. The premium relative to the CSI 300 index is 123.66% [27][28]. Subsector Performance - The best-performing subsector for the week was offline pharmacies, which increased by 10.4%. Year-to-date, the top three performing subsectors are hospitals, medical R&D outsourcing, and raw materials, with increases of 13.8%, 12.5%, and 7.4% respectively [6][32]. Recommended Combinations - The report provides a detailed list of recommended stocks across various categories, including a stable combination featuring 上海莱士 (Shanghai Raas), 贝达药业 (Betta Pharmaceuticals), and 云南白药 (Yunnan Baiyao) [7][16]. Recent Developments - Recent developments in the industry include successful clinical data presentations for innovative drugs and ongoing international licensing agreements, indicating a robust pipeline for future growth [14][21].