创新药行情开始分化，高端器械及AI医疗有望接力

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Views - The report indicates a differentiation in the innovative drug market, with high-end medical devices and AI healthcare expected to take over as key growth drivers. The innovative drug sector has shown significant gains, particularly in the CXO segment, while some companies like Changchun High-tech and Kelun Pharmaceutical have underperformed due to declining mid-year results [3][12] - The report suggests a selective approach to stock picking in the current market environment, as the overall PE level of the industry remains at historical averages. There is an expectation for capital from the science and technology sector to flow into innovative devices and AI healthcare [3][12] Summary by Sections Market Performance - Last week, the pharmaceutical and biotechnology sector achieved a return of 1.40%, outperforming the CSI 300 index by 2.21%, ranking 4th among 31 sub-industry indices. The chemical pharmaceutical sector led with a weekly return of 3.92% [10] - Over the past month, the sector's return was 3.50%, but it underperformed the CSI 300 by 5.20%, ranking 20th among sub-industry indices [10] Industry Dynamics - The report highlights that the innovative drug index outperformed the CSI 300 index by 2.21%, driven by significant gains in innovative drugs and CXO. Notable companies in the innovative drug space include BeiGene and Zai Lab, while some high-profile stocks have seen corrections [12] - The report emphasizes the need to focus on high-quality assets in the biopharmaceutical sector, particularly in high-end medical devices and AI healthcare [3][12] Focus on Specific Sectors - High-end medical devices are expected to benefit from the recovery of hospital procurement, with recommended companies including Kaili Medical and Mindray Medical. The report also highlights the growing demand for consumer medical devices and companies with international orders [3][12] - In the AI healthcare sector, various companies are developing AI models for medical applications, including ClouD GPT and YiduCore, which are expected to enhance operational efficiency [3][12] Innovative Drugs - The report identifies several promising areas within innovative drugs, including dual-target and multi-target therapies for diabetes and weight loss, as well as advancements in small nucleic acid technologies. Companies such as Innovent Biologics and Hengrui Medicine are highlighted for their potential in these areas [14][15]