医药行业周报：国谈结果偏积极，再次凸显创新药产业趋势

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [1] Core Viewpoints - The results of the national negotiation for innovative drugs in 2024 are positive, highlighting the trend of the innovative drug industry. The new medical insurance directory includes 91 new drugs, with a success rate of 76% and an average price reduction of 63% [2][31][35] - The report emphasizes the importance of innovation, international expansion, and aging population as key themes for investment in the pharmaceutical sector, suggesting a focus on undervalued recovery opportunities [3][67] Summary by Sections National Negotiation Results - The 2024 medical insurance directory adjustment has been released, adding 91 new drugs, with 89 included through negotiation or bidding, and 43 drugs removed. The success rate for negotiations was 76%, with an average price reduction of 63% [2][31] - The directory now includes a total of 3,159 drugs, with a significant number of new innovative drugs benefiting from the negotiations, particularly those launched within the last five years [31][35] Industry Perspective - The pharmaceutical index has shown a decline of 9.29% year-to-date, but recent signals indicate a marginal improvement in the industry. The report suggests that the commercial health insurance sector is expected to accelerate, enhancing payment capabilities [3][67] - The report recommends focusing on innovative drugs, international expansion, and sectors benefiting from an aging population, with specific companies highlighted for potential investment [3][67] Investment Recommendations - Suggested stocks include innovative drug companies such as 恒瑞医药 (Hengrui Medicine), 和黄医药 (Hutchison China MediTech), and 康方生物 (Kangfang Biotech), as well as companies involved in international expansion and domestic substitution [3][67] - The investment portfolio for December includes 九典制药 (Jiudian Pharmaceutical), 昆药集团 (Kunming Pharmaceutical), and others, indicating a strategic focus on recovery and growth in the pharmaceutical sector [3][69]