医药行业周报：中成药集采方案落地，关注相关个股机会

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [1] Core Views - The report highlights the implementation of the third batch of national Chinese medicine centralized procurement, which is expected to have a mild impact. The procurement involves 20 groups and 95 generic products, with a focus on commonly used and high-volume traditional Chinese medicines [12][19] - The report suggests that the pharmaceutical sector may experience a reversal in sentiment and valuation recovery due to recent positive signals from health and insurance authorities, indicating a potential upward trend in domestic pharmaceutical payments [2][19] - The report emphasizes the main investment themes of "innovation + overseas expansion + aging population," and suggests focusing on undervalued recovery opportunities in the pharmaceutical sector [51] Summary by Sections 1. National Chinese Medicine Centralized Procurement - The third batch of centralized procurement for traditional Chinese medicine has been officially announced, expanding the range of products included. The procurement will cover 20 groups and 95 generic names, with a focus on both oral and injectable forms [12][19] - The procurement cycle will last until December 31, 2027, with the largest reported demand for products like blood lipid capsules and injections [12] 2. Industry Perspective - The pharmaceutical index has shown a year-to-date decline of 7.82%, ranking last among all sectors. However, recent signs of marginal improvement in the pharmaceutical sector are noted, particularly with the acceleration of commercial health insurance [2][51] - The report recommends focusing on various segments, including innovative drugs, overseas expansion, domestic substitution, and aging-related healthcare needs, with specific companies highlighted for potential investment [51][52][53]