医药生物行业报告：多胎补贴政策下，辅助生殖、NIPT等板块有望受益

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Views - The multi-birth subsidy policy is expected to benefit assisted reproduction and non-invasive prenatal testing (NIPT) sectors [5][6] - The pharmaceutical sector has seen a weekly increase of 1.77%, indicating a potential reversal opportunity for the industry [7][18] Summary by Sections Multi-birth Subsidy Policy - The Inner Mongolia Health Commission has implemented a subsidy policy for childbirth, providing significant financial incentives for having multiple children, which is expected to stimulate the birth rate [5][16] - The integration of assisted reproductive technology into medical insurance is accelerating, with 27 provinces and regions already including it in their coverage, enhancing the penetration rate for assisted reproduction, especially for second and third children [6][17] Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector's weekly performance shows a 1.77% increase, outperforming the CSI 300 index by 0.18 percentage points, ranking 15th among 31 sub-industries [7][21] - The offline pharmacy sector experienced the highest growth at 10.38%, followed by the pharmaceutical distribution sector at 4.91% and the hospital sector at 3.4% [21][22] Recommended and Beneficiary Stocks - Recommended stocks include International Medicine, Xinlitai, Meiyan Health, Tianshili, Yifeng Pharmacy, Dazhonglin, Shengxiang Biology, BGI, Microelectronic Physiology, and Maipu Medical [8] - Beneficiary stocks from the multi-birth policy and related sectors include Jinxin Reproductive, BGI, Berry Genomics, David Medical, and others [8][30] Sub-sector Analysis - The innovation drug sector is expected to see significant growth, particularly for leading companies with strong international capabilities and efficient commercialization [25] - The medical device sector is projected to benefit from policies promoting the replacement of old equipment, with a notable increase in procurement expected in early 2025 [29] - The IVD sector is also anticipated to grow due to AI applications and government initiatives aimed at improving health management for the elderly [33] Market Trends - The report highlights a trend of consolidation in the pharmacy sector, with a significant number of pharmacies closing, which may lead to increased market share for leading companies [38] - The medical services sector is experiencing a recovery, particularly in ophthalmology, with expectations of improved performance in 2025 [41]