医药生物行业报告：2024医保谈判正式启动，建议关注创新品种

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Insights - The 2024 medical insurance negotiation has officially started, with a focus on innovative products. A total of 162 generic drugs have been confirmed to participate in the negotiation, which is expected to yield results in November 2024. The new drug list will be implemented on January 1, 2025. The report emphasizes that high clinical value innovative products are likely to receive more inclusive medical insurance policy support, enhancing the competitiveness of companies that continuously explore and develop innovative drugs to meet unmet clinical needs [7][9]. - The medical equipment sector is expected to see a performance turning point in Q4 2024, driven by the implementation of the "old-for-new" policy for medical devices. As of September 15, 2024, 701 equipment update projects have been approved, with a total amount exceeding 38.06 billion. The report anticipates that the intention to procure will further convert into hospital tenders, leading to increased orders for medical equipment manufacturers [9][11]. Summary by Sections Weekly Insights - The report highlights the official start of the 2024 medical insurance negotiations and suggests focusing on innovative products. The negotiations involve 162 generic drugs, with results expected in November 2024 and implementation in January 2025. The support for innovative drugs is emphasized as a key direction for policy [7]. - The medical equipment sector is entering a phase where performance is expected to improve, with significant funding and project approvals already in place. The report notes that the procurement intention for medical equipment has exceeded 11 billion, indicating a strong market response [9][11]. Weekly Performance and Sub-sector Insights - The pharmaceutical and biological sector rose by 3.11%, outperforming the CSI 300 index by 2.32 percentage points. The medical research outsourcing sector saw the highest increase at 7.06%, followed by offline pharmacies at 6.2% and in vitro diagnostics at 5.13% [12][14]. - Recommended stocks include Mindray Medical and New Mileage, while beneficiaries include companies like Hengrui Medicine, BeiGene, and Innovent Biologics [3][12]. Sub-sector Analysis - Medical Equipment: The sector rose by 3.90%, with a TTM P/E ratio of 32.98, indicating significant room for valuation growth. The report anticipates a surge in orders due to the "old-for-new" policy, particularly benefiting smaller equipment manufacturers in Q3 and Q4 2024 [18]. - IVD Sector: The in vitro diagnostics sector increased by 5.13%, with a TTM P/E ratio of 28.33. The report suggests that the sector is poised for recovery, driven by rising demand for respiratory pathogen testing and favorable regulatory developments [21]. - Pharmacy Sector: The offline pharmacy sector rose by 6.20%, with improving monthly data and a trend of increasing customer traffic. The report predicts that leading pharmacies will benefit from market consolidation and improved customer flow [24].