医药生物行业周报：行业政策频出，关注相关投资机会

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Overweight" [3]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall decline of 3.74% last week, underperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the sector has dropped 12.78%, lagging behind the CSI 300 index by 17.75 percentage points. The current PE valuation for the sector stands at 26.4 times, which is at a historical low, with a valuation premium of 128% compared to the CSI 300 index [4][11][16]. - Key sub-sectors that saw the largest declines include biological products, medical services, and chemical pharmaceuticals, with respective drops of 4.61%, 4.58%, and 3.90% [4][11]. - The total market capitalization of the A-share pharmaceutical and biotechnology sector is 6.12 trillion yuan, accounting for 6.91% of the total A-share market capitalization [20]. Market Performance - The pharmaceutical and biotechnology sector's performance last week was weak, with all sub-sectors declining. The largest drop was in medical services, which fell by 30.23% year-to-date [11][16]. - The sector's trading volume last week was 253.7 billion yuan, representing 6.33% of the total A-share trading volume, with a week-on-week decrease of 27.28% [20]. Industry News - Guangzhou's medical insurance bureau announced 21 measures to support the development of innovative pharmaceuticals, focusing on accelerating the use of innovative drugs in hospitals and enhancing clinical applications [5][29]. - The National Medical Insurance Administration issued a notice to strengthen regional collaboration for the 2024 centralized procurement of pharmaceuticals, aiming to enhance the scale and standardization of alliance procurement [27][28]. - Beijing's government released an action plan to accelerate collaborative innovation in the pharmaceutical and health sectors, targeting a total industry scale of 1.25 trillion yuan by 2026 [31]. Investment Recommendations - Given the weak performance of the pharmaceutical and biotechnology sector, the report suggests monitoring policy changes and exploring investment opportunities in niche segments such as innovative drug chains, specialty medical devices, branded traditional Chinese medicine, chain pharmacies, medical services, and blood products [6][33]. - Recommended stocks include Teva Biopharmaceuticals, Betta Pharmaceuticals, Qianhong Pharmaceutical, Boya Bio-Pharmaceutical, and others [6][33].