医药生物行业跨市场周报（20241124）：中成药集采持续温和，不确定中紧握确定性资产

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology sector [1]. Core Viewpoints - The ongoing centralized procurement of traditional Chinese medicine (TCM) is moderate, and companies with certainty in their assets are expected to perform well. The report highlights that companies with unique products and good cost control capabilities are likely to benefit from price-volume trade-offs. The impact of centralized procurement on OTC TCM products is limited due to their strong brand power and channel management capabilities, which are expected to benefit from trends in aging population and self-care [1][24]. Summary by Sections Market Review - The pharmaceutical and biotechnology index in A-shares fell by 2.36%, outperforming the CSI 300 index by 0.24 percentage points. The sector ranked 22nd among 31 sub-industries, indicating average performance. In H-shares, the Hang Seng Healthcare Index dropped by 2.09%, underperforming the Hang Seng Index by 0.75 percentage points [7][9]. Company Announcements - Notable announcements include Zhaoli Pharmaceutical's employee stock ownership plan and the approval of a medical device registration for Zhenghai Biological. Other companies like Fuan Pharmaceutical and Jiuzhou Pharmaceutical also made significant investments and received regulatory approvals [27]. R&D Progress Updates - Recent developments in R&D include the new application for a humanized monoclonal antibody injection by Sanofi, and clinical applications for various drugs by companies like BeiGene and Betta Pharmaceuticals. Several companies are in different phases of clinical trials for their products [29][30]. Important Database Updates - The total number of hospital visits from January to November 2023 reached 3.861 billion, showing a year-on-year growth of 7.08%. Tertiary hospitals saw a 12.11% increase in visits, while secondary hospitals experienced a slight decline [31][32].