医药生物行业周报：贸易战影响有限，进口取代有望加速-20250413

Investment Rating - The report maintains a "Hold" rating for the industry [7] Core Viewpoints - The pharmaceutical sector slightly underperformed the CSI 300 index, with a decline of 5.61% from April 7 to April 11, 2025, ranking 22nd among 31 industry indices [2][12] - Year-to-date, the pharmaceutical index has decreased by 1.10%, outperforming the CSI 300 index by 3.59 percentage points, ranking 13th among 31 industry indices [14] - As of April 11, 2025, the valuation of the pharmaceutical sector stands at 25.91 times (TTM overall method, excluding negative values), with a premium of 141.73% compared to the CSI 300 [17] Summary by Sections 1. Market Performance Review - The pharmaceutical sector's index fell by 5.61% from April 7 to April 11, 2025, underperforming the CSI 300 index by 2.74 percentage points [12] - The sector's valuation is at 25.91 times, with a significant premium over the CSI 300 [17] - Top-performing stocks include Yirui Technology (+20.54%), Yipinhong (+17.03%), and Yong'an Pharmaceutical (+13.93%) [18] 2. Important Policies and Events - On April 7, 2025, the Ministry of Commerce and the National Health Commission released the "Special Action Plan for Promoting Healthy Consumption," aimed at enhancing the quality of health goods and services [21] 3. Important Company Announcements - Haizike reported a revenue of 3.721 billion yuan for 2024, a year-on-year increase of 10.92%, with a net profit of 395 million yuan, up 34.00% [22] - Kexing Pharmaceutical announced a revenue of 1.407 billion yuan for 2024, with a net profit of 31 million yuan, marking a return to profitability [22] 4. Industry Perspectives - The report discusses the impact of the ongoing trade war, noting that while pharmaceuticals were initially included in tariff discussions, they were later exempted from the "reciprocal tariffs" announced by the U.S. government [24][25] - The report highlights opportunities for domestic substitution in the blood products and high-end medical device sectors due to increased tariffs on imports from the U.S. [25]