中药行业周报：关注集采及医保目录调整，看好内需刺激下消费类中药的恢复

Investment Rating - The industry is rated as "Overweight" [11] Core Insights - The Chinese herbal medicine industry is expected to return to stable growth trends due to the gradual implementation of moderate centralized procurement, macro policies boosting consumption, and adjustments in medical insurance and basic drug catalogs [11] - The report emphasizes the importance of innovation and inheritance in the industry's development, with a focus on "drug" innovation and "drug" renewal as key drivers for high-quality growth [11][14] - The report highlights the positive impact of national centralized procurement on the quality and concentration of the herbal medicine industry, suggesting that leading companies are likely to strengthen their market positions [10][11] Market Performance - The Chinese herbal medicine sector saw a 7.44% increase last week, ranking second among sub-sectors in the pharmaceutical industry [8] - The overall pharmaceutical sector reported a 6.43% increase, with notable performances from companies like Kangmei Pharmaceutical and Datang Pharmaceutical [8][11] Valuation - The current PE (ttm) for the herbal medicine sector is 29.84X, up by 2.07X week-on-week, while the PB (lf) stands at 2.57X, an increase of 0.18X [9] - The sector's PE is at the 35.85th percentile and PB at the 10.74th percentile over the past decade, indicating a valuation premium of 129.97% compared to the CSI 300 index [9] Key Investment Themes - Theme 1: "Drug" Innovation - Focus on companies with strong R&D capabilities and a rich pipeline of products, especially those that align with clinical needs and traditional Chinese medicine [11][14] - Theme 2: "Drug" Renewal - Emphasize brand herbal medicines that leverage formulation, raw material, and brand advantages to enhance competitive barriers [11][14] - Theme 3: State-Owned Enterprise Reform - Monitor state-owned enterprises in the herbal medicine sector that are likely to benefit from reforms aimed at improving quality and efficiency [11][15]