20241228-西南证券-医药行业周报_安徽IVD集采规则温和_国产替代持续_33页_4mb

报告摘要

Pharmaceutical and Biomedical Industry Weekly Report Summary

1. Market Overview

The pharmaceutical sector underperformed significantly this week, with the CSI 300 outperforming by over 32 percentage points. Year-to-date, the industry remains in decline.
Valuations are extremely high, with a PE-TTM of 2695x and a premium factor of over 7500% relative to all A-shares.

2. Key Policy Developments

IVD Procurement: A warm rule was established in the 28-province/hospital alliance for UDI reagent procurement, with key manufacturers like Mindray and New Industries securing A-tier allocations. This is expected to accelerate market consolidation.
Innovation and Exports: Policies supporting innovative drugs and cross-border revenue were highlighted, with notable increases in drug approvals and regulatory support.

3. Investment Recommendations

Main Themes: Focus on innovation exports, theme investing, and dividend-generating stocks.
Innovation Plus Exports: Innovate pharma—new deals;器械—autonomy and international transition
**Theme Investing:**关注category opportunities；红利+因子—defensive stocks
Stock Recommendations: Top picks include domestic companies like 恒瑞医药(HR) and 慈航医药(CH), along with Hong Kong and STAR Market stocks.

Share | Investing Rating | PE | 2025
HR 600276 | Buy | 58 |
荣昌 688331 | Hold | 63 | 180

4. Risk Factors