医药生物行业周报：2024年医保谈判结果公布

Industry Investment Rating - The report assigns a "Stronger than the Market" rating to the pharmaceutical and biotechnology industry [4] Core Views - The 2024 medical insurance negotiation results were announced, with a success rate of 76% and an average price reduction of 63% [4][28] - The medical insurance negotiations strongly support the development of innovative drugs, with 90 out of 91 newly added drugs being approved within the last 5 years [28] - Overseas expansion and commercial insurance payments are expected to bring new growth opportunities for the industry [29] Industry Performance - The Shenwan Pharmaceutical and Biological Index rose by 2.95% from November 25 to November 29, 2024, outperforming the CSI 300 Index by 1.63 percentage points [18] - All sub-sectors of the pharmaceutical and biological industry outperformed the CSI 300 Index during the same period [20] Valuation Performance - As of November 29, 2024, the price-to-earnings ratio (TTM) of the Shenwan Pharmaceutical and Biological sector was 27.57 times, showing a significant recovery compared to the valuation low in July-August 2024 [23] Individual Stock Performance - Top gainers from November 25 to November 29, 2024, included Huluwah (+49.64%), Hotgen Biotech (+21.78%), and Digital Human (+21.44%) [25] Investment Recommendations - The report recommends focusing on innovative medical devices and drugs, such as those from companies like Bairui Medical, Sanyou Medical, and Hengrui Pharmaceuticals [4] - Opportunities in traditional Chinese medicine, raw materials, CXO, medical services, vaccines, and retail pharmacies are also highlighted [4]