Dongguan Securities·2025-09-19 06:56Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [36]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a gain of 1.36% from September 5 to September 18, 2025, lagging behind the index by approximately 1.66 percentage points [11]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and medical equipment sectors leading with increases of 8.17% and 5.83%, respectively [12]. - Approximately 48% of stocks in the industry achieved positive returns, while 52% experienced negative returns during the reporting period [13]. - The overall industry valuation remained stable, with a PE (TTM) ratio of about 56.10 times as of September 18, 2025, and a relative PE to the CSI 300 of 4.26 times [17][27]. Summary by Sections Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a 1.36% increase compared to the index's performance [11]. - Most sub-sectors recorded positive returns, particularly in medical research outsourcing and medical equipment [12]. - About 48% of stocks in the industry had positive returns, with notable performers and underperformers identified [13]. Industry News - The report highlights the upcoming release of the 11th batch of national drug procurement rules, with discussions on various aspects of the procurement process [25]. - The National Health Commission issued a notification regarding the 2025 version of medical quality control indicators, emphasizing the importance of a scientific and standardized quality control system [21][24]. Company Announcements - Changchun High-tech announced a collaboration with Denmark's ALK-Abelló A/S for the development and commercialization of specific immunotherapy products in China [26]. Industry Outlook - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and pharmaceutical commerce [27][28]. - Specific companies to watch include Mindray Medical, Yifeng Pharmacy, and Aier Eye Hospital, among others, due to their strong market positions and growth potential [29].