医药生物行业周报：医药板块处于底部位置，建议加大对医药的配置

2024-07-02 15:25:57上传人：樱花**浪漫
Aa 小中大

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主要观点：本周行情回顾：板块下跌本周医药指数下跌幅度较大并且大幅跑输沪深300指数。2024年半年过去，医药生物YTD的涨幅是-21.09%，位列申万一级分类涨幅排行top26/31，而一级申万指数YTD涨幅top3的行业分别是银行+17.02%、煤炭+11.96%、公用事业+11.76%。细分板块方面，本周无细分医药板块上涨，跌幅较大的是药店、CXO和

响无法中长期量化分析而担心等，叠加2023年Q1和Q2业绩高基数
的担忧，也无法走出独立行情，能走出来的细分以“中药+国企+分红”
的标的为主。庆幸的是，华安医药团队上半年主推的标的YTD涨幅如
下：英诺特
53.93%、佐力药业46.01%、泽璟制药2.42%、亚辉龙
1.97%等。实际上也是因为个股的逻辑清晰（业绩够硬），获得市场关
注。
以年初至今看，医药板块的机会还处于个股逻辑挖掘、结构性机
会的阶段，对投资人的研究深度要求较高。此外，市场围绕高股息和
成长、市场风格（大票&小票）讨论较多，目前看，高股息、资源股、
大市值等标的更符合市场当前的风格，医药是典型的成长性，短期内
难以获得资金的青睐，需要做的是不断寻找具备硬业绩实力和强催化
的创新属性的标的。
行业评级：增持
报告日期：2024-07-01
分析师：谭国超
执业证书号：S0010521120002
邮箱：
tangc@hazq.com
分析师：李昌幸
执业证书号：S0010522070002
邮箱：licx@hazq.com
分析师：李婵
执业证书号：S0010523120002
邮箱：lichan@hazq.com
分析师：陈珈蔚
执业证书号：S0010122030002
邮箱：chenjw@hazq.com
相关报告
1.行业周报：再次回调，新机会在哪
里？2024-01-22
2.行业周报：寻求医药真增长标的
2024-02-19
3.行业周报：持续看好医药的配置价
值2024-02-27
4.行业周报：看好具备成长和估值相
得益彰的医药标的2024-03-04
5.行业周报：医药本周回调较大，需
要关注“中药+创新落地的品类”
2024-03-11
25% -20%
15% -10%-5%0% 5% 10% 医药生物沪深300
行业周报
敬请参阅末页重要声明及评级说明 4 / 17 证券研究报告
正文目录
6
8
9
9
12
15
15
行业周报
敬请参阅末页重要声明及评级说明 5 / 17 证券研究报告

图表1 本周A股医药生物行业涨跌表现（本周） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 6
图表2 A股医药生物行业估值表现（截至6月28日（本周五）） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐ 6
图表3 A股医药子行业涨跌及估值表现（2024H1） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 7
图表4 A股医药子行业涨跌及估值表现（本周） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 7
图表5 A股医药股涨幅前十（2024H1） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 9
图表6 A股医药股跌幅前十（2024H1） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 10
图表7 A股医药股涨幅前十（本周） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372><0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
720003>11
图表8 A股医药股跌幅前十（本周） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372><0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
720003>11
图表9 A股医药股成交额前十（本周） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 12
图表10 港股医药股涨幅前十（2024H1） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 12
图表11 港股医药股跌幅前十（2024H1） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 13
图表12 港股医药股涨幅前十（本周）<0003037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
72037203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 14
图表13 港股医药股跌幅前十（本周）<0003037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
72037203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 14
图表14 港股医药股成交额前十（本周） <0372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203720372037203
7203720372037203720372037203720372037203720372>‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ 15