医药行业周报：医保收支压力缓和，继续关注创新药+创新药产业链

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and "Hold" ratings for 信达生物, 百济神州, 翰森制药, 爱博医疗, and 恩华药业 [1]. Core Insights - The report emphasizes continued focus on innovative drugs and the innovation drug supply chain, while gradually paying attention to consumer healthcare sectors [1][3]. - The pharmaceutical sector has shown a steady trend, with a focus on innovation and internationalization as core themes [1][3]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From November 18 to November 22, the pharmaceutical sector outperformed the CSI 300 index, with a decline of 2.36% compared to a 2.60% drop in the index [17]. - Year-to-date, the pharmaceutical sector has underperformed, with a decline of 10.38%, lagging behind the CSI 300 by 23.04 percentage points [17]. 2. Industry Events and Policy Overview - On November 20, the National Healthcare Security Administration issued guidelines for pricing projects related to radiological examinations, which will help standardize pricing across provinces [27]. - On November 22, multiple government departments released opinions to enhance the management of drug linkage at the grassroots level, expanding the types of drugs available for chronic and common diseases [27]. 3. Industry Investment Strategy - The report highlights the importance of focusing on sectors with good growth potential and industrial logic, with innovation and internationalization as key themes [29][30]. - The report suggests that the pharmaceutical sector's fundamentals are expected to improve marginally, with Q4 likely to see policy and overseas developments materialize [30]. 4. Recommended Companies - Recommended companies include: - 恒瑞医药: Transitioning through innovation pain points, with several innovative drugs starting to gain traction [44]. - 信达生物: Entering an accelerated growth phase with major products expected to launch next year [44]. - 百济神州: Showing strong performance with its product pipeline [44]. - 翰森制药: A quality comprehensive pharmaceutical company with expanding international opportunities [44]. - 爱博医疗: Growth driven by innovative R&D and new product launches [44]. - 恩华药业: Steady growth in the psychiatric anesthesia sector with a robust product pipeline [44].