医药行业周报：本周医药上涨2.9%，新版医保目录公布，第五批高值耗材与第三批全国中成药联盟集采启动

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [1]. Core Insights - The pharmaceutical sector saw a weekly increase of 2.9%, outperforming the Shanghai Composite Index, which rose by 1.8% [4][12]. - The new medical insurance directory was released, with 117 drug varieties participating in negotiations, achieving a success rate of 76% and an average price reduction of 63% [12]. - The overall valuation of the pharmaceutical sector stands at 28.6 times PE for 2024E, ranking 7th among 31 primary industries [6][10]. Market Performance - The pharmaceutical and biological index increased by 2.9%, ranking 13th among 31 sub-industries [4][6]. - Various sub-sectors showed different performance levels, with chemical preparations up by 5.1% and medical equipment up by 0.4% [6][7]. Key Events - The new medical insurance directory was published on November 28, 2024, adding 91 new drugs, with 90 approved within the last five years [12]. - The fifth batch of high-value medical consumables procurement officially started on November 29, 2024 [14]. - The third batch of national traditional Chinese medicine alliance procurement was initiated on December 1, 2024 [17]. - The management measures for pharmaceutical representatives were opened for public consultation on November 28, 2024 [17]. - AI-assisted diagnosis was included in the medical insurance pricing structure for the first time [18]. Investment Recommendations - Companies likely to benefit from the new medical insurance negotiations include Heng Rui Medicine, BeiGene, and others [12][18].