医药月报（六月）：江苏将辅助生殖项目加入医保报销

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The report highlights that the assisted reproduction and weight loss drug sectors, particularly GLP-1 targeted drugs, are expected to benefit from policy support. It anticipates that the industry's performance will grow by over 10% in 2024, leading to a valuation recovery [1][2]. - Recent policy developments, such as the inclusion of assisted reproduction projects in medical insurance in Jiangsu, are seen as favorable for industry growth. The report notes that various regions are adopting similar policies, which could enhance the sector's development [2][19]. - The report emphasizes that negative factors affecting the industry in recent years, such as volume-based procurement and pandemic disruptions, are expected to dissipate, contributing to a rebound in the medical sector's performance [2][14]. Summary by Sections Market Performance - During the period from June 1 to June 30, 2024, 32 companies in the Shenwan Pharmaceutical A-share market saw stock price increases, with the top three sub-industries being chemical preparations (7 companies), traditional Chinese medicine (6 companies), and raw materials (5 companies) [5][9]. - In the same period, 23 companies in the Shenwan Pharmaceutical H-share market experienced stock price increases, with the leading sub-industries being other biological products (8 companies), chemical preparations (6 companies), and raw materials, medical consumables, and pharmaceutical distribution (2 companies each) [5][9]. Valuation Analysis - The report indicates that the average price-to-earnings (P/E) ratio for the Shenwan Pharmaceutical A-share index is currently at 27x, which is a 21% discount compared to the historical average over the past five years [14][17]. - The report provides a detailed breakdown of the current and historical P/E ratios for various sub-sectors within the pharmaceutical industry, highlighting significant discounts in areas such as biological products and medical services [17][24]. Policy Developments - Key policies impacting the pharmaceutical industry include the inclusion of assisted reproduction services in medical insurance and initiatives aimed at improving public awareness of weight management, which are expected to stimulate growth in the weight loss drug sector [2][19]. - The report notes that the National Health Commission and other departments have launched a "Weight Management Year" initiative, which aims to address the rising issues of obesity and related health risks in China [2][19]. Company News - Notable company developments include Novo Nordisk's approval for its weight management drug in China, and significant clinical trial results from Innovent Biologics regarding their GLP-1 receptor agonist [21][22]. - The report also mentions strategic partnerships and agreements among various pharmaceutical companies, indicating ongoing innovation and collaboration within the industry [21][22]. Investment Recommendations - The report lists several companies with "Buy" ratings, including Hansoh Pharmaceutical, BeiGene, and Innovent Biologics, citing their strong growth potential and innovative product pipelines as key reasons for the recommendations [22][24].