医药生物行业周报（20241118-1122）：设备更新招标浪潮起，突破性疗法新药品种数量创新高

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The scale of equipment update bidding continues to grow, with significant increases in procurement for endoscopes and other medical devices. The bidding budget reached 395 million yuan in week 44, a month-on-month increase of 581.03%, and 656 million yuan in week 45, a month-on-month increase of 66.08% [2] - The total disclosed budget for medical equipment update bidding in China has reached 4.8 billion yuan, with procurement intentions totaling 17.7 billion yuan. The number of product categories involved has increased to 252, with a focus on large medical imaging equipment and IVD devices [2] - The number of drug varieties included in breakthrough therapy designations has reached a historical high, with 76 clinical applications recognized by CDE as of November 20, 2024. Domestic drugs account for 75% of these, with a significant number being biopharmaceuticals [2][4] - The report highlights the potential for domestic innovative drugs to enter a new phase of rapid development, supported by national policies promoting innovation in drug development [4] Summary by Sections Equipment Update Bidding - The bidding for medical equipment updates has shown a clear upward trend, with significant budget increases in recent weeks. The focus remains on high-end imaging equipment and IVD devices, with a growing number of hospitals participating in the procurement process [2] - The report anticipates a recovery in the market for domestic equipment companies as fiscal funds are released and bidding projects progress [2] Breakthrough Therapy Designations - The number of drugs recognized under the breakthrough therapy program has significantly increased, with a notable proportion being domestic products. This reflects the growing strength of domestic R&D capabilities [2][4] - The report emphasizes the clinical value of these breakthrough drugs, which often demonstrate superior clinical data and targeted therapies [2][4] Investment Recommendations - The report suggests focusing on companies such as United Imaging, Kaili Medical, Aohua Endoscopy, Ailis, Kangfang Biotech, Kelun-Botai, and Maiwei Biotech for potential investment opportunities [5]