医药生物行业双周报2024年第12期总第110期：2024年医改重点任务发布，卫健委发文推动城市医疗资源下沉

Investment Rating - The report maintains the investment rating for the pharmaceutical and biotechnology industry [3] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.92%, ranking 11th among 31 primary industries, underperforming the CSI 300 index, which fell by 0.76% [3][11] - The only sub-industry that saw an increase was blood products, which rose by 5.65%, while offline pharmacies and raw materials experienced significant declines of 8.47% and 5.63%, respectively [3][11] - As of June 7, 2024, the industry’s price-to-earnings (PE) ratio (TTM, excluding negative values) was 25.86x, down from 26.43x in the previous period, indicating a downward trend in valuation [15] - The top three sub-industries by PE ratio were diagnostic services (53.94x), hospitals (36.20x), and blood products (35.16x), with the lowest valuation in pharmaceutical distribution at 15.45x [15] Industry Overview Market Review - The pharmaceutical and biotechnology industry index fell by 2.92%, ranking 11th among 31 primary industries, and underperformed the CSI 300 index [3][11] - Blood products were the only sub-industry to increase, while offline pharmacies and raw materials saw the largest declines [3][11] Important Industry News - The National Health Commission has issued a notice to enhance mechanisms for promoting the downward flow of urban medical resources to county-level hospitals and grassroots healthcare institutions [23] - The State Council has published key tasks for deepening the medical and health system reform in 2024, emphasizing the coordination of medical insurance, medical services, and pharmaceuticals [25][26] Company Dynamics - 17 listed companies in the pharmaceutical and biotechnology sector reported a net reduction in shareholder holdings of 0.20 billion, with 13 companies increasing holdings by 0.19 billion and 4 companies decreasing by 0.39 billion [3] Investment Recommendations - The report suggests continued attention to innovative drug sectors with genuine innovation capabilities and international commercialization potential, especially in light of the establishment of a biopharmaceutical alliance among the US, Japan, South Korea, India, and the EU [6]