精麻行业核心问题探讨：成长性、集采风险、竞争格局和研发进展

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [1] Core Viewpoints - The precision medicine industry is expected to maintain rapid growth due to increasing surgical demand driven by natural growth and aging population, as well as policies like DRG/DIP that may boost surgical volumes [3][5] - The risk of centralized procurement for precision medicine drugs is low, with a favorable competitive landscape and high industry concentration, as evidenced by the top players holding nearly 80% market share [3][21] - There is significant unmet demand in the precision medicine sector, with ongoing research into new targets and indications, particularly in pain management [3][9] Summary by Sections Investment Logic - The precision medicine industry is likely to continue its rapid growth trajectory [3] - High barriers to entry and a favorable competitive landscape characterize the industry [3] - New demands are creating new market opportunities [3] Industry Growth - Surgical volume is expected to grow due to natural increases and an aging population, with a compound annual growth rate (CAGR) of 9.8% from 2010 to 2021 [5] - The DRG/DIP policy is anticipated to further stimulate surgical volume growth [5] Competitive Landscape - The market for anesthetic and analgesic drugs is highly concentrated, with the top nine players (CR9) holding nearly 80% market share [21] - Key players include Renfu Pharmaceutical with a market share of 25.9%, Hengrui Medicine at 12.2%, and Enhua Pharmaceutical at 5.4% [21] New Growth Points - The comfort medical projects are expected to drive new applications for anesthetic drugs, with significant growth potential in areas like painless gastrointestinal endoscopy and painless childbirth [7][9] - Cancer pain management is becoming a new application area for precision medicine drugs, with a high incidence of pain among cancer patients [9][13] Research and Development - There is a strong focus on developing abuse-deterrent formulations and new drug targets in the precision medicine sector [28]