2025 年 12 月 2 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2025.11.17-2025.11.30 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师 胡晨曦 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 医药生物行业双周报 2025 年第 24 期总第 147 期 ASH 数据催化临近，关注血液病与商保目录受益标的 行业回顾 本报告期医药生物行业指数跌幅为 4.40%，在申万 31 个一级行业中 位居第 23，跑输沪深 300 指数（-2.19%）。从子行业来看，化学制 剂、医疗设备跌幅居后，跌幅分别为 2.86%、2.95%；线下药店、疫 苗跌幅居前，跌幅分别为 8.22%、6.42%。 行业走势： 估值方面，截至 2025 年 11 月 28 日，医药生物行业 PE（TTM 整体 法，剔除负值）为 29.46x（上期末 30.89x ...

Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for the sector in the next 6-12 months [9][63]. Core Insights - The medical services sector has shown resilience, with a recent performance boost attributed to the seasonal increase in flu cases, despite ongoing cost control pressures from medical insurance [9][63]. - The report highlights the significance of the recent government initiative to promote provincial-level medical insurance coordination, which is expected to enhance the efficiency of fund utilization and improve the overall healthcare system [5][6][61]. - The medical services sector's current Price-to-Earnings (PE) ratio is 31.62, with a Price-to-Book (PB) ratio of 3.18, indicating a slight increase from the previous week [4][29]. Summary by Sections Industry Performance - The pharmaceutical and biological sector experienced a decline of 2.67% this week, ranking 17th among 31 primary industries [2][11]. - The medical services sub-sector reported a slight increase of 1.42%, closing at 6237.83 points [22][23]. Company Performance - Top-performing companies in the medical services sector include ST Zhongzhu (+16.3%), Baihua Pharmaceutical (+11.6%), and Lanwei Medical (+10.6%) [3][27]. - Underperforming companies include Aier Eye Hospital (-1.6%) and WuXi AppTec (-0.7%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.40 from the previous week, while the PB ratio has risen by 0.04 [4][29]. - The maximum and minimum PE ratios over the past year were 41.13 and 28.46, respectively, indicating a relatively stable valuation range [4][29]. Government Policy Impact - The recent government meeting emphasized the importance of provincial-level medical insurance coordination, which aims to balance fund distribution across regions and enhance the overall healthcare system [5][6][61]. - The report identifies structural opportunities for the pharmaceutical industry, particularly in innovative drugs, medical devices, and healthcare information technology, as a result of the new insurance policies [6][62]. Investment Recommendations - The report suggests focusing on high-growth areas such as pharmaceutical outsourcing services and companies with improving profit margins, including WuXi AppTec and Aier Eye Hospital [9][63].