医药行业周报：DRG2.0版本出台，关注结构性机会

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical industry, indicating an expectation of outperformance relative to the market benchmark [2][43]. Core Insights - The recent introduction of the DRG 2.0 version is seen as a normal progression, with the National Healthcare Security Administration (NHSA) clarifying that excessive fund surplus is not the goal [1][6][15]. - The pharmaceutical index has shown signs of bottoming out and stabilizing, suggesting that a structural market recovery is anticipated in the second half of the year [2][20]. - The report highlights the importance of strategic positioning in the market, particularly focusing on undervalued stocks and sectors with strong growth potential [2][20]. Summary by Sections DRG 2.0 Version Implementation - The DRG 2.0 version includes 409 core groups, an increase of 33 groups from the previous version, and 634 detailed groups, an increase of 6 groups, optimizing classifications for various medical disciplines [15][16]. - The NHSA emphasizes that DRG/DIP is not a cost control measure, and the core issue is whether the total medical expenditure is excessive and if the total healthcare fund is sufficient [17][18]. Recent Industry Trends - The pharmaceutical index has decreased by 4.02% this week, with 73 stocks rising and 415 stocks falling [2][20]. - Year-to-date, the pharmaceutical index has dropped over 20%, indicating that valuations are at historical lows, making it a suitable time for strategic investments [2][20]. - Specific sectors such as medical services and pharmaceutical commerce have shown relatively better performance compared to others like biological products and traditional Chinese medicine [25]. Investment Recommendations - The report suggests focusing on stocks that have experienced significant declines but show signs of recovery, such as Mailland, Pumen Technology, and others [2][20]. - It also highlights the importance of innovation, recommending companies like Heng Rui Medicine and Innovent Biologics for their growth potential [2][20]. - The report identifies opportunities in traditional Chinese medicine and companies undergoing state-owned enterprise reforms, indicating a diversified approach to investment [2][20].