Core Viewpoint - The Chinese medicine sector is experiencing a mixed performance, with some companies showing significant profit growth while facing challenges from high inventory and pricing pressures. The outlook for 2025 appears more optimistic due to easing macroeconomic factors and supportive policies [3][5][6]. Group 1: Market Performance - The A-share market saw major indices rise, with the Chinese Medicine ETF (560080) increasing by 0.19% and trading volume exceeding 26 million yuan, indicating active trading [1]. - Among the 49 constituent stocks of the Chinese Medicine ETF, 24 reported positive net profit growth, representing approximately 49% of the total [3]. Group 2: Company Performance - Notable profit growth was observed in companies such as Jilin Aodong (+260%), Jiaying Pharmaceutical (+197%), and Buchang Pharmaceutical (+170%) [3]. - The financial performance of several companies showed varied results, with Jilin Aodong reporting a 27.7% decline in revenue but a 259.8% increase in net profit [4]. Group 3: Industry Outlook - The Chinese medicine industry is expected to face challenges in 2024 due to high baselines and inventory digestion, but a recovery is anticipated in 2025 as macroeconomic conditions improve [5]. - Policy support, including the March 2025 guidelines for enhancing Chinese medicine quality, is expected to stimulate innovation and improve market conditions [5][6]. Group 4: Valuation and Investment Opportunities - The current valuation of the Chinese Medicine Index is at a price-to-earnings ratio of 25.77, which is below the 74.1% threshold of the past decade, indicating a relatively low valuation [8]. - Investors are encouraged to consider the Chinese Medicine ETF (560080) for potential rebound opportunities in the market [10].

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 中药行业周报 基层中医药覆盖面持续扩展，看好基层渗透率提升带来的需求增长 相关研究： 核心要点： ❑ 市场表现：上周中药Ⅱ上涨 0.8%，医药板块延续反弹态势 1. 《广东联盟中成药集采拟中 选结果公布，独家品种优势明显》 20250127 2. 《四成公司发布业绩预告， 2024行业业绩承压明显》 20250210 行业评级：增持（维持） 近十二个月行业表现 -20 -10 0 10 20 24/02 24/05 24/08 24/11 沪深300_累计 中药_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -2 | -6 | -17 | | 绝对收益 | 1 | -4 | -4 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：(8621) 50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 上周（2025.02.10-2025.02 ...