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Investment Rating - The report maintains an optimistic outlook for the pharmaceutical industry in 2025, suggesting a potential for diverse investment opportunities as the sector's valuation is currently low [9][10]. Core Viewpoints - The pharmaceutical sector is expected to experience growth driven by macroeconomic factors and the performance of major products [9]. - The report emphasizes a shift from quantity to quality in the innovative drug sector, highlighting the importance of product differentiation and internationalization [9]. - The medical device sector is witnessing a recovery in bidding volumes and ongoing equipment upgrades, with specific attention on companies like Mindray and Yuyue [9]. - The report identifies a potential rebound in the CXO and life sciences services sector, with expectations of high profit elasticity as companies enter a return-on-investment phase [9]. - The traditional Chinese medicine sector is projected to benefit from policy advantages and market concentration, with specific companies recommended for investment [11]. Summary by Sections Overall Pharmaceutical Industry - In 2024, the pharmaceutical sector's comparable company revenue decreased by 0.9%, with a net profit decline of 8.5% [16]. - The medical device sector showed the highest revenue growth among sub-sectors, while traditional Chinese medicine faced the most significant revenue decline [16]. Innovative Drugs - The innovative drug sector's revenue for 2024 is projected at 565.3 billion, a 34.1% increase from the previous year, with several companies achieving profitability for the first time [18][19]. - The report highlights the increasing number of IND and NDA approvals for domestic innovative drugs, indicating a growing presence in international markets [19]. Medical Devices - The medical device sector is experiencing a recovery in bidding volumes, with a focus on imaging equipment and home medical devices [9]. - The report notes that the orthopedic and neurosurgery fields are seeing improved growth post-collection, with significant attention on companies like Aikang and Weili [9]. Traditional Chinese Medicine - The report anticipates a market rebound for essential medicines, with specific companies recommended for investment based on their unique product offerings and market positioning [11]. Retail and Distribution - The report expresses confidence in the retail pharmacy sector, driven by prescription outflow and an improving competitive landscape [11]. Medical Services - The report suggests that the medical services sector will benefit from anti-corruption measures and the expansion of commercial insurance, enhancing the competitiveness of private healthcare providers [11]. Blood Products - The blood products sector is expected to see growth due to relaxed approval processes and increased demand post-pandemic, with companies like Tiantan Biological and Boya Biological highlighted for their potential [11].

第 == $( +) 行情回顾 01 02 板块观点和投资组合 03 行业和个股事件 未经许可，禁止转载 资料来源：Wind，华创证券 =半创研究 ω · 本周，中信医药指数下跌5.42%，跑输沪深300指数2.54个百分点，在中信30个一级行业中排名第19位。 · 本周涨幅前十名股票为金河生物、奕瑞科技、一品红、永安药业、锦波生物、派林生物、海思科、科兴制药、圣达生物、天坛生物, · 本周跌幅前十名股票为润都股份、多瑞医药、博腾股份、金城医药、药康生物、乐心医疗、昭衍新药、赛托生物、药明康德、冠昊生物, 本周行情回顾 本周中信一级行业指数涨跌幅 本周涨幅排名前/后十名的股票 润都股份 金河生物 -27.81 多瑞库药 女瑞科技 20.54% -27.21% 2% 铜雕肠分分 一层红 17.0384 金城医药 永安药业 13.93% 0% 药康生物 锦波生物 13.01% -2% 乐心医疗 派林生物 12.699 --4% 海思科 昭衍新药 11.07% -69 科兴制药 塞托生物 10.46% -8% 圣达生物 药明康德 8.65% -10% 冠昊生物 天坛牛树 8.60% -17 87% -30% -25 ...