医药行业周报：本周医药上涨3.1%，医保目录谈判正式开始，政策支持稀濒危中药材替代品研制

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [2][4]. Core Insights - The pharmaceutical sector saw a weekly increase of 3.1%, outperforming the Shanghai Composite Index, which rose by 1.2% [4][8]. - The National Medical Insurance Administration has initiated negotiations for the 2024 National Medical Insurance Directory, with 162 generic drugs confirmed for participation [8][9]. - In the first three quarters, the medical insurance department recovered 16.06 billion yuan, marking a year-on-year increase of 38.7% [8][10]. - The National Medical Products Administration has issued a pilot program for segmented production of biological products, aimed at enhancing quality management and risk control [9][10]. - The government is supporting the development of substitutes for rare and endangered traditional Chinese medicinal materials [10]. Market Performance - The overall valuation of the pharmaceutical sector is at 27.3 times PE (2024E), ranking 4th among 31 primary industries [4][8]. - The performance of various sub-sectors includes: - Active Pharmaceutical Ingredients (+3.5%) - Traditional Chinese Medicine (+3.4%) - Medical Equipment (+3.9%) - Medical Research Outsourcing (+7.1%) [4][5][6]. Key Events - The medical insurance negotiations commenced on October 27, 2024, with results expected to be announced in November [8][9]. - The pilot program for segmented production of biological products was officially issued on October 22, 2024 [9]. - The announcement regarding support for substitutes for endangered medicinal materials was made on October 21, 2024 [10]. Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies likely to benefit from the medical insurance negotiations, such as DiZhe Pharmaceutical, Kangfang Biotech, and HengRui Medicine [2][8]. - It also recommends monitoring related CDMO companies involved in the segmented production pilot program, including WuXi Biologics and Haoyuan Medicine [2][8].