20230917-开源证券-医药生物行业周报_医药领域学术会议恢复_行业边际向好趋势正形成_11页_1mb

报告摘要

Academic conferences in healthcare are resuming, indicating a positive shift in the industry. Recent government support and policy guidelines, such as those from the National Health Commission, emphasize anti-corruption efforts while protecting the contributions of medical professionals. This has led to increased confidence in the sector.

The pharmaceutical and biological sector rose 425% in the past week, outperforming the SH300 Index, which increased by 508%. Key sub-sectors include:
- Chemical formulations: +764% in weekly gains.
- Other rising areas: Biological products, retail pharmacies, and medical devices showed substantial growth.
- Exceptions: The hospital sub-sector declined by -162%.

Rising expectations for healthcare services: Surgery volumes are recovering, contributing to overall sector optimism.
Specific outlook:
- Upstream reagents and CXO: Supported by global demand recovery; prioritize overseas-reliant companies.
- High-value medical devices: Benefiting from policy relaxations and market growth in areas like imaging and dialysis.
- Low-value medical supplies: Slow due to inventory issues but show potential for recovery as demand stabilizes.
- IVD (in vitro diagnostics): Expected to rebound with improved hospital operations, despite ongoing procurement risks.
- Traditional Chinese medicine: Current PE is moderate, with positive momentum from channel expansion.

Suggested stocks for investment:
- Overweight/strong buy: Chemical formulations, biological products, devices, and selected healthcare stocks.
- Specific examples: Positive outlook on sectors like diagnostics, reproductive medicine, and pharmacies; Cavey: Xiete Group, Linyi制药.