医疗服务行业周报1.26-1.30：药品管理新政颁布，医药创新持续深化-20260201

Investment Rating - The report maintains a "Buy" rating for the medical services industry [6][10]. Core Insights - The medical and biological sector experienced a decline of 3.31% this week, ranking 22nd among the 31 primary industries in the Shenwan index. The Shanghai and Shenzhen 300 index rose by 0.08%, indicating that the medical sector underperformed by 3.39 percentage points [2][12]. - The newly revised "Regulations on the Implementation of the Drug Administration Law" will take effect on May 15, 2026, aiming to enhance drug research, registration, and production management, thereby fostering innovation in the pharmaceutical industry [5][61]. - The medical services sector's current Price-to-Earnings (PE) ratio is 33.87X, with a Price-to-Book (PB) ratio of 3.43X, reflecting a decrease from the previous week [4][30]. Summary by Sections Industry Performance - The medical services sub-sector closed at 7122.75 points, down 4.15% this week, while the overall medical and biological sector fell by 3.31% [2][24]. - Notable performers in the medical services sector included Tigermed (+4.3%) and Prasis (+2.3%), while underperformers included Bid Pharma (-15.2%) and Haoyuan Pharma (-12.8%) [3][28]. Valuation Metrics - The medical services sector's PE ratio has decreased by 1.43X from the previous week, while the PB ratio has dropped by 0.15X [4][30]. - The maximum and minimum PE ratios over the past year were 41.13X and 28.46X, respectively, while the PB ratios ranged from 4.00X to 2.48X [30][49]. Regulatory Developments - The new drug administration regulations aim to support drug innovation and streamline the drug approval process, including provisions for market exclusivity for certain drugs [5][63]. - The regulations are expected to stimulate the CXO (Contract Research Organization) industry, enhancing demand for preclinical research and clinical trials [9][63]. Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and peptide CDMO companies like WuXi AppTec and Haoyuan Pharma, as well as companies in the consumer healthcare sector like Aier Eye Hospital and Dian Diagnostics, which are expected to see improvements in profitability [10][64].