医药生物行业报告：多胎补贴政策下，辅助生殖、NITP等板块有望受益

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The multi-birth subsidy policy is expected to benefit sectors such as assisted reproduction and non-invasive prenatal testing (NITP) [5][6] - The pharmaceutical sector saw a weekly increase of 1.77%, outperforming the CSI 300 index by 0.18 percentage points, ranking 15th among 31 sub-industries [7][18] - Various sub-sectors within the pharmaceutical industry experienced different levels of growth, with offline pharmacy stocks showing the highest increase of 10.38% [21][36] Summary by Sections Multi-birth Subsidy Policy - The Inner Mongolia Health Commission announced a subsidy policy that provides 10,000 yuan for the first child, 50,000 yuan for the second child, and 100,000 yuan for the third child, paid annually until the child reaches 10 years old [5][16] - The inclusion of assisted reproductive technology in medical insurance across 27 provinces is expected to increase penetration rates for assisted reproduction, especially for second and third births [6][17] Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector's increase of 1.77% indicates a potential reversal opportunity, with offline pharmacies leading the growth [7][18] - The performance of various sub-sectors includes: - Offline pharmacies: +10.38% - Pharmaceutical distribution: +4.91% - Hospital sector: +3.4% - Blood products: +2.9% - Traditional Chinese medicine: +2.63% [21][22] Recommended and Benefiting Stocks - Recommended stocks include: International Medical, Xinlitai, Meinian Health, Tianshili, Yifeng Pharmacy, Dazhonglin, Shengxiang Biology, BGI, Microelectronic Physiology, and Maipu Medical [8] - Benefiting stocks from the multi-birth policy and related sectors include: Jinxin Reproductive, BGI, Berry Genomics, David Medical, and others [8][28][32] Sub-sector Insights - The innovation drug sector is expected to see significant growth due to the performance of leading companies with strong international capabilities [23] - The medical device sector is projected to benefit from government policies promoting domestic products and the increasing demand for AI applications in medical imaging and surgery [27][24] - The IVD sector is anticipated to grow due to the aging population and the government's focus on cognitive function screening [31] Market Trends - The overall market sentiment is improving, with expectations of a recovery in the pharmaceutical sector driven by favorable policies and increasing consumer demand [6][18]