医药生物行业周报：看好2025年行业企稳反转，短期关注Q1业绩超预期个股

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Views - The report anticipates a stabilization and reversal in the industry by 2025, with a short-term focus on companies that exceed expectations in Q1 performance [2][3] - The chemical pharmaceutical sector has shown the highest weekly increase of 4.04%, driven by market expectations regarding "centralized procurement optimization discussions" and the "Class B drug catalog" [3][11] - The report emphasizes a gradual recovery in the pharmaceutical sector's performance in Q2, with several catalysts expected, including medical insurance negotiations and clinical meetings for important cancer drugs [3][11] Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's weekly return was 0.98%, ranking first among 31 sub-industry indices [3][10] - Over the past month, the sector's return was 2.39%, ranking 12th among the sub-industry indices [12][22] Industry Trends and Valuation - The current PE (TTM) for the pharmaceutical and biotechnology industry is 26.92 times, which is below the historical average of 31.15 times [17][19] - The report notes that the industry is currently at a historically low valuation level, with a premium of 127% over the Shanghai and Shenzhen 300 index [19][22] Focus on Specific Sectors - Innovative Drugs: The report suggests focusing on companies like Innovent Biologics, BeiGene, and others that are expected to benefit from upcoming medical insurance negotiations and clinical meetings [3][11] - Fertility-Related Industry: The report highlights the potential benefits from government policies supporting fertility, with companies like Jinxin Fertility and Harbin Pharmaceutical Group being recommended [3][11] - Consumer Healthcare: Companies in the ophthalmology and dental sectors, such as Aier Eye Hospital and Puren Medical, are expected to benefit from strong consumer spending policies [3][11] Q1 Earnings Focus - The report identifies several companies to watch for Q1 earnings, including Aikang Medical and WuXi AppTec, which are expected to show significant performance improvements [3][11]