西南证券发布人福医药研报，集采反内卷来临，看好估值修复

Group 1 - The core viewpoint of the report highlights the entry of a state-owned enterprise and the completion of a management reshuffle at Renfu Pharmaceutical (600079.SH) [2] - The profit side showed signs of recovery in Q1 2025, with optimism regarding the value reassessment brought by the reversal of competitive bidding policies [2] - The research and development pipeline is progressing smoothly, indicating potential for future growth [2]