医药行业周报：创新药热度提升，持续看好

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of March 16, 2024 [1]. Core Insights - The pharmaceutical sector has shown a 4.6% increase in the index for the week, outperforming the CSI 300 index by 3.89 percentage points. However, since the beginning of 2024, the sector has declined by 8.03%, lagging behind the CSI 300 index by 12.07 percentage points [2][10]. - The current valuation level for the pharmaceutical industry is at 26 times PE-TTM, with a premium of 88.94% compared to the entire A-share market, and a premium of 134.05% relative to the CSI 300 index [2][10]. - There is a strong emphasis on supporting the development of innovative drugs, with recommendations for comprehensive support for biopharmaceutical innovation [2][10]. - A significant policy boost for the medical equipment sector is anticipated, with an expected investment growth of over 25% by 2027 compared to 2023 [2][10]. Summary by Sections Investment Strategy and Key Stocks - The report suggests focusing on high-quality domestic innovative drugs (FIC) and those with potential for international expansion [2][10]. - Recommended stocks include: - Growth Portfolio: Changchun High-tech (000661), Shandong Pharmaceutical Glass (600529), Sino Medical (688108), Zai Lab (688266), and others [3][11]. - Steady Portfolio: Heng Rui Medicine (600276), Mindray Medical (300760), and others [3][11]. - Sci-tech Innovation Board Portfolio: Shouyao Holdings-U (688197), Xinmai Medical (688016), and others [3][11]. - Hong Kong Stock Portfolio: Kangfang Biologics (9926), Kelun-Botai Biologics (6990), and others [3][11]. Market Performance - The pharmaceutical sector's performance for the week shows a 7.4% increase in the recommended portfolio, outperforming the market by 6.7 percentage points [15]. - The steady portfolio increased by 3.1%, while the Sci-tech Innovation Board portfolio rose by 9.3%, both outperforming the broader market [17][19]. - The Hong Kong stock portfolio saw a significant increase of 13.1%, outperforming the market by 10.9 percentage points [22][23]. Latest News and Policies - The report highlights the importance of creating a competitive market environment for biopharmaceutical development and the need for policies that support high-quality innovative drugs [2][10]. - The introduction of a new pricing mechanism for newly listed chemical drugs aims to encourage high-quality innovation [2][10].