医药生物行业周跟踪：品牌中药的机会是不是更值得重视

Investment Rating - The industry rating is maintained as "Positive" [5] Core Insights - The report emphasizes the increasing value of brand traditional Chinese medicine (TCM) in investment portfolios, particularly in light of recent policy changes that alleviate pricing concerns for branded TCM products [3][36] - The report highlights that under the pressure of medical insurance fund revenues and expenditures, drug prices are likely to face downward pressure, but branded TCM products are less affected by current policies, allowing for potential price increases [3][36] - The report recommends focusing on companies with strong brand power, effective price control, and continuous quality improvement, listing specific companies such as Dong-E E-Jiao, Lingrui Pharmaceutical, Yunnan Baiyao, China Resources Sanjiu, Pien Tze Huang, and Tongrentang as key investment targets [3][36] Summary by Sections Brand TCM Investment Value - The report discusses the recent announcement from Huangshan Medical Insurance Bureau regarding the 2024 procurement list for traditional Chinese medicine, which has removed certain products from the procurement list, potentially easing market concerns about pricing for branded TCM [3][36] - It argues that branded TCM products have stronger customer loyalty and repurchase rates compared to consumer goods, making them a more stable investment option [3][36] Policy Tracking - The report outlines recent developments in medical insurance policies, including the announcement of the 10th round of national drug centralized procurement, which has stricter qualification requirements and changes in selection rules [4][38][41] - It notes the establishment of a new section on the National Medical Insurance Administration's website to standardize medical service pricing, which may impact the pricing strategies of healthcare providers [4][41] Market Performance Review - The report indicates that the pharmaceutical index has seen a decline of 2.36% in the week of November 18-22, 2024, with a cumulative decline of 10.4% year-to-date, underperforming compared to the broader market [8] - It highlights that the overall valuation of the pharmaceutical sector has slightly decreased, with a current PE ratio of 27.02, which is below the historical average [8] Investment Recommendations - The report suggests focusing on companies with strong brand presence and control over distribution channels, such as Dong-E E-Jiao, Tongrentang, Yunnan Baiyao, Lingrui Pharmaceutical, and China Resources Sanjiu [10][12] - It also recommends companies in the CXO sector that are expanding their new business lines, such as WuXi AppTec, Tigermed, and Kelun Pharmaceutical, as well as innovative drug companies benefiting from supportive policies [10][12]