医药生物行业周报：国家医保局与财政部联合发文，医院回款问题有望改善

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" [3][37]. Core Insights - The National Healthcare Security Administration and the Ministry of Finance have jointly issued a notice aimed at improving hospital payment collection issues, which is expected to alleviate financial pressure on medical institutions [3][29][30]. - The pharmaceutical industry continues to have long-term growth potential due to unmet clinical needs amid an aging population and changing disease profiles. China's competitiveness in international markets for innovative drug development is also on the rise [3][30]. - Despite an increase in valuations since July-August 2024, the pharmaceutical and biotechnology sector remains at a relatively low valuation compared to historical levels, suggesting potential for recovery as the payment environment improves [3][24]. Summary by Sections Industry Performance - The Shenwan Pharmaceutical and Biotechnology Index fell by 3.92% from November 11 to November 15, 2024, underperforming the CSI 300 Index by 0.63 percentage points [3][18]. - All sub-sectors within the pharmaceutical and biotechnology industry experienced declines, with the pharmaceutical commercial sector showing positive relative performance against the CSI 300 Index [3][20]. Valuation Metrics - As of November 15, 2024, the TTM price-to-earnings ratio for the Shenwan Pharmaceutical and Biotechnology sector was 27.41 times, indicating a significant recovery from the lows observed in mid-2024 [3][24]. Investment Recommendations - The report suggests focusing on innovative investment opportunities, particularly in the innovative medical device sector and companies in the innovative drug field that are entering growth phases [3]. - Companies to watch include: - Innovative Devices: Baijun Medical, Sanyou Medical, Aikang Medical, etc. - Innovative Drugs: Heng Rui Medicine, Innovent Biologics, etc. [3]. - Additionally, opportunities arising from a recovery in consumer confidence are highlighted, with specific companies recommended [3].