医药生物：医保增量政策释放积极信号，关注医疗设备拐点

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [6]. Core Insights - Recent macroeconomic and pharmaceutical policies signal a positive shift, particularly with the introduction of debt relief and prepayment policies, which are expected to catalyze the stagnant pharmaceutical sector [3][19]. - The medical device sector is anticipated to experience significant improvement in performance, with September showing a year-on-year increase in procurement amounts for medical devices, marking a turning point [21][29]. - The report emphasizes the importance of innovation, recovery, and supportive policies as the three main investment themes for the medium to long term in the pharmaceutical industry [4][11]. Summary by Sections 1. Mid-term Investment Strategy and Suggested Focus Combinations - The pharmaceutical sector can gradually increase allocations, with expectations of excess returns post semi-annual reports [11]. - Key policies include the comprehensive promotion of DRG/DIP, adjustments to the essential drug list, and enhanced efficiency assessments for state-owned enterprises [11]. - The report suggests focusing on demographic trends, import substitution, and the potential for overseas market expansion as key investment drivers [11]. 2. Positive Signals from Incremental Medical Insurance Policies - Major incremental policies have been introduced, including a significant increase in local government debt limits and the establishment of a prepayment system for medical insurance funds [19][20]. - These policies are expected to alleviate cash flow pressures on medical institutions, thereby stimulating demand for pharmaceuticals and medical supplies [20]. 3. Weekly Market Review and Hotspot Tracking (2024.11.11-11.15) - The CITIC Pharmaceutical Index fell by 3.9% during the week, underperforming the CSI 300 Index by 0.6 percentage points [34]. - The pharmaceutical sector has seen an 8.2% decline year-to-date, significantly lagging behind the CSI 300 Index by 23.9 percentage points [34]. - The report highlights the top-performing stocks for the week, including BoShi Optical (+32.09%) and Jingfeng Pharmaceutical (+27.65%) [2]. 4. Medical Device Sector Outlook - The medical device procurement data shows a positive trend, with a 12% year-on-year increase in procurement amounts in September, indicating a recovery in the sector [21]. - The report anticipates that the performance of the medical device sector will significantly improve in Q4 and Q1 due to accelerated procurement processes and the introduction of new products [29][30]. - The report suggests focusing on leading companies in the medical device sector, such as Mindray Medical and United Imaging Healthcare, as they are expected to benefit from these trends [30].