医药行业周报：全国中药饮片、中成药集采开启，关注后续医保政策宽松相关机会

Industry Rating - The report assigns a Leading rating to the pharmaceutical industry, indicating that the industry is expected to outperform the benchmark index over the next 12 months [1] Core Views - The national centralized procurement of traditional Chinese medicine (TCM) decoction pieces and proprietary Chinese medicines has officially started, covering 45 and 95 varieties respectively, with key factors for selection being a price reduction of over 20% and a price difference of 1.2 times [1][3] - The 27-province alliance for medical consumables procurement has announced results, with an 85% selection rate and an average price reduction of 70% [1][4] - The pharmaceutical sector has shown slight recovery after significant fluctuations, with potential for further recovery due to low valuations and expected favorable fiscal and medical insurance policies [1] Sector Performance - The Hang Seng Index rose 1.0% while the Hang Seng Healthcare Index rose 0.3%, underperforming the broader market [1][13] - Sub-sector performance: Life Science Tools & Services (+5.8%), Healthcare Equipment & Supplies (+2.8%), Biotech (+1.4%), Healthcare Providers & Services (+1.1%), Healthcare Technology (+0.5%), Pharmaceuticals (+0.2%) [1][13] Key Company Developments - Akeso Biopharma: Positive results from a Phase Ib/II study of cadonilimab in PD-(L)1 resistant NSCLC, showing a 6-month PFS rate of 56.9% and median PFS of 6.5 months [5] - Simcere Pharmaceutical: Approval of Xianbixin® sublingual tablets for acute ischemic stroke, offering improved bioavailability [6] - CSPC Pharmaceutical: CRB-701 (SYS6002) granted Fast Track designation by the FDA for metastatic cervical cancer [8] - Hengrui Medicine: Two innovative drugs, fluzoparib and apatinib, approved for new indications in HER2-negative breast cancer [9] - Innovent Biologics/Hutchmed: Tyvyt® (sintilimab) combined with Elunate® (fruquintinib) conditionally approved for advanced endometrial cancer [10] - Merck/Kelun-Biotech: Sacituzumab tirumotecan (Sac-TMT) granted Breakthrough Therapy Designation by the FDA for EGFR-mutated NSCLC [11] Valuation Overview - The healthcare sector's TTM P/E ratios: Pharmaceuticals (11.2x), Life Science Tools & Services (15.2x), Biotech (21.3x), Healthcare Equipment & Supplies (12.3x), Healthcare Providers & Services (11.4x), Healthcare Technology (23.4x) [21] Top Stock Performers - Cloudbreak Pharma: +32.1% [13] - CanSino Biologics: +16.0% [13] - WuXi Biologics: +12.1% [13] Key Investment Recommendations - Focus on innovative drug companies with strong short-term catalysts and high growth potential, such as Akeso Biopharma, Legend Biotech, and Everest Medicines [1] - Pay attention to leading prescription drug companies with potential for both earnings growth and valuation multiple expansion, such as Simcere Pharmaceutical and Sino Biopharmaceutical [1] - Consider consumer-oriented private medical services and medical aesthetics companies, as well as pharmaceutical distribution companies with high dividend yields [1]