医药行业周报：持续看好AI医疗方向和底部个股

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of March 30, 2024 [1]. Core Insights - The pharmaceutical sector has experienced a decline of 2.3% in the past week, underperforming the CSI 300 index by 2.1 percentage points, ranking 26th in industry performance. Year-to-date, the sector is down 12.1%, lagging behind the CSI 300 by 15.2 percentage points, ranking 32nd [2][11]. - The current valuation level for the pharmaceutical industry (PE-TTM) is 25 times, with a premium of 82.2% relative to the entire A-share market, a decrease of 1.5 percentage points. The premium relative to the CSI 300 is 123.5%, down 4.4 percentage points [2][11]. - The best-performing segment this week was offline pharmacies, which saw an increase of 2.3% [2][11]. Summary by Sections Investment Strategy and Key Stocks - The report emphasizes a continued positive outlook on AI in healthcare and bottoming stocks. It highlights the importance of digital healthcare management as emphasized by the National Health Commission [2][11]. - Recommended stocks include: - Growth Portfolio: Changchun High-tech (000661), Shandong Pharmaceutical Glass (600529), Hutchison China MediTech (0013), Sanofi (300298), Aikang Medical (1789), Sino Medical (688108), Zai Lab (688266), Shanghai Pharmaceuticals (601607) [12][16]. - Steady Portfolio: Hengrui Medicine (600276), Mindray Medical (300760), Shanghai Raas (002252), Enhua Pharmaceutical (002262), Taiji Group (600129), New Industry (300832), Kelun Pharmaceutical (002422), China Resources Sanjiu (000999), Yunnan Baiyao (000538), Jichuan Pharmaceutical (600566) [12][19]. - Sci-Tech Innovation Board Portfolio: Shouyao Holdings-U (688197), Xinmai Medical (688016), Pumen Technology (688389), Aohua Endoscopy (688212), Chunli Medical (688236), Xiangsheng Medical (688358), Borui Pharmaceutical (688166) [12][21]. - Hong Kong Stock Portfolio: CanSino Biologics (9926), Kelun Biotech-B (6990), CanSino-B (2162), Innovent Biologics (1801), Ascletis Pharma (2096) [12][24]. Market Performance - The pharmaceutical sector's performance in the secondary market shows a decline of 2.3% this week, underperforming the CSI 300 index by 2.1 percentage points, with a year-to-date decline of 12.1% [2][28]. - The report notes that the overall market capitalization of the pharmaceutical industry is approximately 494.22 billion yuan, with a circulating market capitalization of 484.45 billion yuan [5].