Core Viewpoint - The stock performance of CSPC Pharmaceutical Group has been weak due to market panic over the National Healthcare Security Administration's announcement of the 11th round of volume-based procurement (VBP) measures, particularly the requirement for each medical institution to maintain an annual demand of no less than 80% of the average usage for the 2023-2024 fiscal year [1] Group 1 - The report notes that the volume-based procurement requirements remain unchanged compared to previous years, and with the introduction of optimization measures for the VBP policy, the market expects these requirements to become more lenient [1] - CSPC Pharmaceutical Group was not included in any products in the 11th round of VBP, indicating that the company's fundamentals are sound and its business development is in line with expectations [1]
大行评级｜里昂：石药集团基本面良好 业务发展进度符合预期