医药生物：商业健康险为行业重大增量，继续重视创新和复苏主线

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector [4]. Core Insights - The report emphasizes the significant growth potential of commercial health insurance as a major increment for the industry, alongside a focus on innovation and recovery [3][4]. - The National Medical Insurance Administration has announced the addition of 91 new drugs to the national medical insurance drug list, with a clear direction to encourage genuine innovation [2][22]. - The pharmaceutical sector has shown resilience, with the CITIC Pharmaceutical Index rising by 3.0% in the week of November 25-29, 2024, outperforming the CSI 300 Index by 1.7 percentage points [25][41]. Summary by Sections 1. Investment Strategy and Recommended Stocks - The report suggests gradually increasing allocations to the pharmaceutical sector, anticipating excess returns post semi-annual reports [14]. - Key investment themes include innovation, recovery, and supportive policies, with a focus on innovative biopharma and medical devices [14][3]. 2. National Medical Insurance Drug List Adjustment - The adjustment resulted in the addition of 91 drugs, including 38 innovative drugs that are globally new, marking a record high in both proportion and absolute numbers [2][24]. - The success rate for negotiations of innovative drugs exceeded 90%, significantly higher than the overall success rate [2][24]. 3. Weekly Market Review and Hotspot Tracking - The CITIC Pharmaceutical Index has underperformed the CSI 300 Index by 21.8% year-to-date, ranking 29th among CITIC industry classifications [25]. - The report highlights the top-performing stocks for the week, including HuLuWa (+49.6%) and DaDongFang (+31.8%) [41][25]. 4. Valuation and Market Dynamics - As of November 29, 2024, the overall valuation of the pharmaceutical sector stands at 27.84, with a relative valuation premium of 28.89% compared to the broader market [31]. - The report notes a decrease in trading volume for the pharmaceutical sector, with total trading volume of 3,809.8 billion yuan for the week, down 12.8% from the previous trading period [38].