中药行业事件点评：珍稀濒危中药材替代品研制有助解决资源瓶颈，助力中药传承创新

Investment Rating - The report maintains an "Overweight" rating for the traditional Chinese medicine (TCM) industry, indicating a projected investment return that exceeds the market benchmark by 5% to 15% over the next 6 to 12 months [6]. Core Insights - The development of substitutes for rare and endangered TCM materials is a key pathway to overcoming resource constraints in TCM development, which is crucial for sustainable growth and ecological protection [3][5]. - The recent announcement from the National Medical Products Administration and the National Administration of Traditional Chinese Medicine encourages innovation in the development of substitutes for rare and endangered TCM materials, outlining specific measures to support this initiative [4]. Summary by Sections Industry Performance - The report notes relative returns of -2% over one month, -6% over three months, and -15% over twelve months compared to the CSI 300 index, while absolute returns are 5%, 10%, and -5% respectively [1]. Policy Support - The announcement emphasizes the importance of protecting wild medicinal resources and developing substitutes through wild nurturing, artificial breeding, and research, which is vital for the sustainable development of TCM [3][4]. Investment Opportunities - The report identifies three main investment themes: 1. "Drug" Innovation: Focus on innovative TCM drugs driven by policy and clinical demand, with an emphasis on companies with strong R&D capabilities and a rich pipeline of products [6][7]. 2. "Drug" Renewal: Attention to brand TCM products that leverage formulation, raw material, and brand advantages, enhancing market demand through innovative business models [6][7]. 3. State-Owned Enterprise Reform: Highlighting the potential benefits of state-owned enterprise reforms in improving efficiency and quality within the TCM sector [6][7]. Market Dynamics - The report indicates that the clinical usage frequency and medicinal value of rare and endangered TCM materials are high, with several listed companies involved in the business of artificial substitutes, which could alleviate resource bottlenecks and enhance production capacity [5].