第十一批药品集采反内卷，药企盈利能力有望回升

Group 1 - The National Healthcare Security Administration (NHSA) released the 11th batch of centralized drug procurement documents on September 20, emphasizing principles such as "stabilizing clinical use, ensuring quality, preventing collusion, and countering internal competition" [1] - The procurement plan optimizes the selection of price control "anchors," moving away from simply choosing the lowest bid. Each bidding company must commit to a price not lower than their cost and explain the rationale for any bids below the "anchor price" [1] - According to Zhongyin Securities, as the NHSA's anti-internal competition measures improve, drug price competition is expected to return to a healthy state, leading to stabilization in drug prices and gradual improvement in pharmaceutical companies' profitability [1] Group 2 - China National Pharmaceutical Group Modern (Guoyao Modern) is the core platform for chemical pharmaceutical development and capital operations under the China National Pharmaceutical Group. In the first half of this year, the company achieved 31 research results, including drug registration certificates and consistency evaluations, a year-on-year increase of 29.17% [1] - Fuyuan Pharmaceutical has 126 products included in the national medical insurance catalog, with 54 varieties entering the national essential drug list and 103 generic drug projects under research [1]