医药生物行业跨市场周报：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 and supply capabilities are likely to achieve volume growth through price adjustments. The impact of centralized procurement on OTC TCM products is limited due to their strong brand power and channel management capabilities, benefiting 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 and the ChiNext index by 0.49 percentage points, ranking 22nd among 31 sub-industries [7][9]. - The Hong Kong Hang Seng Medical Health Index decreased by 2.09%, underperforming the Hang Seng Index by 0.75 percentage points [7]. - The smallest decline in A-shares was in chemical preparations, down 0.92%, while the largest decline was in hospitals, down 4.81% [7]. Company Announcements - Notable announcements include Zhaoli Pharmaceutical's employee stock ownership plan and the approval of a medical device registration for Zhenghai Biological [27]. R&D Progress Updates - Recent developments include the new application for the listing of a humanized monoclonal antibody injection by Sanofi, and clinical applications for various drugs by companies such as BeiGene and Betta Pharmaceuticals [29]. Important Database Updates - From January to November 2023, the total number of hospital visits reached 3.861 billion, a year-on-year increase of 7.08%, with significant growth in tertiary hospitals [31].