医药生物行业周报：行业估值位于底部，AI+医疗获关注

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is Neutral [2][4]. Core Insights - The pharmaceutical and biotechnology industry experienced a decline of 2.13% last week, underperforming the CSI 300 index by approximately 1.43 percentage points, ranking 30th among 31 primary industries [4][7]. - All six sub-industries reported losses, with the medical services sector experiencing the largest drop of over 4%, while the biopharmaceutical sector fell by more than 3% [4][7]. - The industry valuation is currently at a low point, with a TTM valuation of approximately 34 times, down from the previous week, and a relative valuation premium of 105% compared to all A-shares [7][8]. - The report highlights the growing importance of AI in healthcare, particularly in drug development and clinical decision-making, as evidenced by NVIDIA's recent GPU Technology Conference, which featured over 90 sessions related to life sciences and healthcare [4][7]. Market Performance and Investment Strategy - The report suggests focusing on sectors with potential for rapid growth in Q1, such as innovative drugs, specialty generics, and traditional Chinese medicine, given the current valuation attractiveness [8]. - Recommended stocks include Heng Rui Medicine, Mindray Medical, Kelun Pharmaceutical, and Da Ren Tang [8][21]. Important Industry News - The results of the centralized procurement for 28 types of medical consumables in the Beijing-Tianjin-Hebei region were announced, with a selection rate of approximately 27% for the products [14]. - JD Health reported a total revenue of 53.5 billion yuan in 2023, a year-on-year increase of 14.5%, indicating strong growth potential in internet healthcare [15]. - Heng Rui Medicine presented updated data on its innovative drug, demonstrating a 5-year overall survival rate of 31.2% for patients with advanced lung cancer [16]. Important Company Announcements - Puli Pharmaceutical received FDA approval for its deoxymidodrine hydrochloride injection, marking a significant milestone for the company in the U.S. market [17]. - Bai Ao Tai signed a licensing and commercialization agreement for two biosimilars in Latin America, with a total transaction amount potentially reaching 6 million USD [18]. - Yi Fan Pharmaceutical's Aibegersitin α injection received approval for sale in the European Union [19]. Related Stock Valuation - Key stock valuations include Heng Rui Medicine with a PE ratio of 63.23, Mindray Medical at 30.17, Kelun Pharmaceutical at 19.33, and Da Ren Tang at 20.83 [21].