医药行业周报：优化集采政策，关注创仿药企

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, highlighting potential opportunities in innovative and generic drug companies [9]. Core Insights - The report emphasizes three main investment themes: innovation and international expansion, thematic investments, and dividend opportunities [2][19]. - The government plans to optimize drug procurement policies in 2025, which is expected to enhance quality assessments and regulations [17]. - The pharmaceutical industry has shown resilience, with a year-to-date increase of 2.19%, outperforming the CSI 300 index by 1.60 percentage points [33]. Summary by Sections Investment Strategy and Key Stocks - The pharmaceutical index rose by 1.06% in the week, underperforming the CSI 300 index by 0.35 percentage points, ranking 20th in industry performance [33]. - The report recommends focusing on companies with strong growth potential, such as 恒瑞医药 (Hengrui Medicine), 亿帆医药 (Yifan Pharmaceutical), and 康辰药业 (Kangchen Pharmaceutical) [9][25]. Market Performance - The current valuation level of the pharmaceutical industry (PE-TTM) is 26.69 times, with a premium of 73.86% over the entire A-share market [35]. - The best-performing sub-sector this week was in vitro diagnostics, which increased by 4.9% [8]. Policy and Regulatory Environment - The report notes that the National Medical Insurance Administration has implemented ten rounds of national drug procurement, achieving an average price reduction of over 50% [17]. - In 2025, the number of drugs subject to national procurement is expected to reach 700, indicating a significant focus on quality and consistency in drug production [17]. Thematic Investment Opportunities - The report identifies key areas for thematic investments, including domestic weight-loss drugs, AI in medical imaging, and policies stimulating consumer healthcare [19]. - The report also highlights the importance of dividend-paying stocks as a defensive investment strategy, especially as the 10-year government bond yield falls below 2% [19]. Recommended Stock Combinations - The report provides a list of recommended stocks across different markets, including a robust combination of companies in the pharmaceutical sector, such as 恒瑞医药 (Hengrui Medicine) and 科伦药业 (Kelun Pharmaceutical) [9][20].