医药行业周报：关注资源型品种的抗风险溢价

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [2]. Core Insights - Resource-based products are better positioned to withstand uncertainties in the pharmaceutical industry, particularly in the context of trade conflicts and domestic price reductions [3]. - The demand for GLP-1 products is rapidly increasing, creating opportunities for domestic companies due to production capacity gaps [4]. - The potential for continued efficiency improvements in state-owned pharmaceutical enterprises is highlighted, with recent performance surpassing industry averages [5]. - The price cycle of certain raw materials is expected to show upward elasticity due to changing demand dynamics [6]. - Synthetic biology applications are anticipated to achieve breakthroughs, enabling large-scale production of previously difficult-to-manufacture compounds [7]. - The domestic market for respiratory testing is expected to grow steadily, with significant barriers to entry protecting established players [8]. Summary by Sections Pharmaceutical Industry Trends - The pharmaceutical sector has recently underperformed compared to the CSI 300 index, with a weekly decline of 3.74% [21]. - Over the past month, the pharmaceutical industry has lagged behind the CSI 300 index by 1.31 percentage points, with a growth of only 0.71% [24]. Key Recommendations - Focus on GLP-1 products and their supply chain, recommending companies like Zhongsheng Pharmaceutical and BoRui Pharmaceutical for their promising clinical data [9]. - Monitor the raw material sector for price recovery, particularly for VB1 and nicotine extraction products [10]. - State-owned enterprises in the pharmaceutical sector are expected to continue improving efficiency, with recommendations for companies like Guoyao Modern [10]. - Resource-based products, particularly blood products, are expected to maintain their premium pricing, with recommendations for companies like Pailin Biological [10]. Notable Companies and Earnings Forecasts - Pailin Biological: 2024 EPS forecast of 1.06, rated "Buy" [12]. - BoYa Biological: 2024 EPS forecast of 1.09, rated "Buy" [12]. - Zhongsheng Pharmaceutical: 2024 EPS forecast of 0.48, rated "Buy" [14]. - Noteworthy companies in the respiratory testing market include Yingnuote and Shengxiang Biological, both rated "Buy" [10].