中药行业周报：中成药集采复活拟中选名单公布，8款产品进入复活拟中选

Investment Rating - The industry maintains a "Buy" rating [5] Core Viewpoints - The Chinese medicine industry is expected to experience simultaneous price governance and consumption recovery in 2025, presenting both pressures and opportunities [5] - The market performance of the Chinese medicine sector saw a decline of 2.97% last week, influenced by performance expectations and capital outflow effects [1][5] - The valuation metrics for the Chinese medicine sector show a PE (ttm) of 26.07X, down by 0.8X week-on-week, and a PB (lf) of 2.25X, down by 0.07X week-on-week [2] Market Performance - The Chinese medicine sector index closed at 6255.09 points, down 2.97% last week, while the overall pharmaceutical and biological sector index rose by 1.88% to 7506.32 points [1][15] - The performance of individual companies varied, with notable gainers including Qidi Pharmaceutical and ST Jiuzhi, while losers included Huhuwa and *ST Longjin [1][15] Valuation - The PE (ttm) for the Chinese medicine sector is at 26.07X, which is at the 25.35% percentile over the past decade, while the PB (lf) is at 2.25X, at the 4.81% percentile [2] - The valuation premium of the Chinese medicine sector relative to the CSI 300 is 103.62% [2] Supply Chain Insights - The market for Chinese medicinal materials is in a recovery phase, with some medicinal materials seeing increased production affecting short-term supply-demand dynamics [3] - The total price index for Chinese medicinal materials was 255.74 points, remaining stable week-on-week, with a mixed performance across twelve categories [3] Investment Suggestions - The report suggests focusing on companies with strong R&D capabilities and unique products, particularly those that can leverage price reductions to gain market share [5][8] - Key areas of investment opportunity include companies with high market shares in major categories, and those that can benefit from the upcoming adjustments in the basic medicine catalog [5][8]