业绩修复周期开启，双主线聚焦"创新药+AI 医疗" [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 05 月 06 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 ...

行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 业绩修复周期开启，双主线聚焦"创新药+AI 医疗" [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 05 月 06 日 证券研究报告 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan1@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2]. Core Viewpoints - The report anticipates a recovery in the pharmaceutical sector in Q2 2025, with a focus on innovative drugs, AI healthcare, and consumer healthcare [2][4]. - The report highlights that nearly 50% of the disclosed pharmaceutical companies experienced a decline in revenue in Q1 2025, while 35% reported growth in both revenue and net profit [4][13]. - The report suggests that the pharmaceutical sector is expected to see performance recovery driven by policy digestion, consumer spending recovery, and the impact of health consumption trends [4][17]. Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector's weekly return was 1.16%, ranking 15th among 31 primary sub-industry indices [11]. - The medical services sub-sector had the highest weekly increase at 3.38%, while the bioproducts sub-sector saw a decline of 0.93% [11][31]. 2. Performance and Valuation - The pharmaceutical sector's current PE (TTM) is 26.25, which is below the historical average of 31.15 [21][24]. - The sector's performance over the last month showed a decline of 2.19%, with a relative performance of 1.51% compared to the CSI 300 index [18][27]. 3. Market Tracking - The report indicates that the chemical pharmaceutical sub-sector had the highest one-year increase at 12.82%, while the medical commercial sub-sector had the largest decline at 14.33% [34][35]. - The report notes that the medical services sub-sector had the highest weekly increase, while the bioproducts sub-sector had the largest weekly decline [40]. 4. Industry and Company Dynamics - The report outlines recent important policies, including the implementation plan for the digital transformation of the pharmaceutical industry from 2025 to 2030, aiming for comprehensive digital transformation by 2030 [12][49]. - The report lists several companies with significant clinical trial approvals and product registrations, indicating ongoing innovation and development within the sector [51][52].