医药行业周报：医保改革显成效，支持创新药发展

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on three main investment themes: innovation and international expansion, thematic investments, and dividend stocks [2][15]. Core Insights - The report highlights significant progress in China's healthcare reform, which supports the development of innovative drugs. The National Healthcare Security Administration reported a balanced healthcare fund and the implementation of DRG/DIP payment methods, which enhance service efficiency and control costs [14][15]. - The report emphasizes the importance of innovative drugs, with a high success rate in negotiations for inclusion in the healthcare insurance list, reaching over 90% as of November 2024. This indicates strong policy support for genuinely innovative medications [15][16]. - The report identifies key sectors within the pharmaceutical industry, including medical consumables, biopharmaceuticals, and traditional Chinese medicine, with medical consumables showing the best performance recently [7][37]. Summary by Sections Investment Strategy and Key Stocks - The report recommends a selection of stocks, including Heng Rui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong growth potential for these companies [17][20]. - The report also outlines a stable investment portfolio featuring companies like Shanghai Laishi and Huadong Medicine, which are expected to perform steadily [17][24]. Market Performance - The pharmaceutical index increased by 2.67% in the week, outperforming the CSI 300 index by 0.53 percentage points. However, the industry has seen a decline of 3.84% since the beginning of 2025, underperforming the CSI 300 index by 0.73 percentage points [7][29]. - The current valuation level for the pharmaceutical industry (PE-TTM) stands at 25.3 times, with a premium of 72.24% relative to the entire A-share market [30][41]. Recent News and Policies - The report discusses the upcoming release of the first version of the Class C healthcare insurance directory in 2025, which aims to better meet patient medication needs and reflects a more scientific and reasonable adjustment of the insurance directory [14][15]. - The report notes that 31 provinces and the Xinjiang Production and Construction Corps have included assisted reproduction in healthcare insurance, showcasing the humanization of healthcare policies [14]. Thematic Investment Focus - The report highlights the focus on innovative drugs and their international expansion, with significant clinical data emerging from recent conferences. Companies like Heng Rui Medicine are leading the way in international licensing deals [15][16]. - The report also emphasizes the importance of thematic investments in areas such as AI medical imaging, elderly care, and respiratory disease detection, indicating a broad scope for future growth [16][18].