医疗服务行业周报：外包服务平稳增长，多肽、ADC类CDMO发展较好

Investment Rating - The report maintains an "Overweight" rating for the IVD and medical services industry [5]. Core Views - The medical services sector has shown a significant decline, with a 3.53% drop last week, underperforming compared to the broader market [2][9]. - The current PE ratio for the medical services sector is 23.65X, with a historical high of 36.83X and a low of 21.56X over the past year [3][21]. - The report highlights the growth potential in the ADC and peptide CDMO sectors, with the global ADC market expected to grow from $7.9 billion in 2022 to $64.7 billion by 2030, representing a CAGR of 30% [5][39]. Summary by Sections Industry Performance - The medical services II index closed at 4953.48 points, down 3.53%, while the overall pharmaceutical index fell by 2.33% [2][16]. - The medical services sector has underperformed the CSI 300 index by 2.12% over the past month [2][9]. Valuation Metrics - The current PB ratio for the medical services sector is 2.66X, with historical extremes of 5.29X and 2.58X [3][21]. - The medical services sector's valuation is at a historical percentile of 0.41%, indicating a significant decline in valuation compared to historical averages [3][21]. Key Insights - The report emphasizes the importance of focusing on high-growth segments such as CXO, private specialty medical services, and the IVD industry, particularly in light of the aging population and increasing healthcare demands [5][39]. - The report suggests that the demand for private specialty medical services, especially in ophthalmology and dental care, is expected to grow due to an aging population and favorable policy changes [35][36]. Market Trends - The report notes that the medical outsourcing services sector is experiencing stable growth, with a particular focus on peptide and ADC CDMO industries [5][39]. - The report anticipates that the IVD market will face some adjustments post-COVID but is expected to exceed $100 billion by 2025, with significant growth in immunodiagnostics and molecular diagnostics [37][39].