医药行业周报：健康险发展扩宽创新药的价值天花板

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The development of commercial health insurance is creating a new payment system that expands the value ceiling for innovative drugs [2] - Active implementation of medical insurance negotiations is injecting new growth into the pharmaceutical industry [4] - Innovative achievements are gradually emerging, with numerous opportunities for overseas expansion [6] - The demand for respiratory diagnostics is increasing due to rising flu positivity rates [8] - The acceleration of retail pharmacy clearance is benefiting leading companies and increasing market concentration [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.17 percentage points in the past week, with a weekly increase of 1.62% [30] - Over the past month, the pharmaceutical industry outperformed the CSI 300 index by 2.32 percentage points, with a monthly increase of 1.05% [33] - The medical services sub-sector had the highest weekly increase of 4.64% [36] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index increased by 1.05% over the last month, outperforming the CSI 300 index by 2.32 percentage points [49] - The current PE (TTM) for the pharmaceutical industry index is 33.07, which is below the historical average of 33.41 [58] 3. Recent Research Achievements - The report highlights various recent research achievements, including the steady growth of blood products and the acceleration of the import substitution process in inhalation preparations [61] 4. Important Industry Policies and News - The 2024 National Medical Insurance Drug List was officially released, aiming to improve medication security for insured individuals [65] - Recent news includes the acceptance of several drug applications by the National Medical Products Administration, indicating ongoing innovation in the industry [67][69]