兴证医药2024年12月投资月报：2024年国家医保目录公布，继续大力支持创新+推动商保发展

Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 and "Hold" ratings for 信达生物, 百济神州, 翰森制药, 爱博医疗, 恩华药业, and 鱼跃医疗 [2] Core Insights - The pharmaceutical and biotechnology sector outperformed the Shanghai and Shenzhen 300 Index in November 2024, with a 2.31% increase compared to a 0.66% increase in the index [3][14] - The 2024 National Medical Insurance Directory was released, adding 91 new drugs, with over 70% from domestic companies. The negotiation success rate for drugs was 76%, with an average price reduction of 63% [3][16] - The report emphasizes a focus on innovative drugs and the internationalization of the pharmaceutical sector as key investment themes [3][19] Summary by Sections 1. December 2024 Pharmaceutical Industry Strategy and Recommended Portfolio - The report highlights the performance of the pharmaceutical sector in November, noting that it has lagged behind the broader market since the beginning of 2024 [14] - The strategy for December focuses on sectors with strong growth potential and innovative capabilities, particularly in innovative drugs and medical devices [19][25] 2. Pharmaceutical and Biotechnology Sector Performance in November 2024 - The pharmaceutical sector's valuation as of November 30, 2024, was 27.24 times TTM, with a premium of 130.34% over the Shanghai and Shenzhen 300 Index [51] - The report notes that 327 stocks in the pharmaceutical sector rose in November, with notable performers including 浩欧博 and 健尔康 [56] 3. Recommended Companies - Recommended companies include: - 恒瑞医药: Transitioning through innovation, with several new drugs gaining market traction [40] - 信达生物: Entering a growth phase with significant product launches expected [40] - 百济神州: Showing strong performance with its lead product exceeding expectations [40] - 翰森制药: A comprehensive pharmaceutical company with promising product pipelines [40] - 爱博医疗: Focused on innovative products with upcoming approvals [40] - 恩华药业: Strong growth in the anesthetics sector with a solid product pipeline [40] - 鱼跃医疗: Leading in home medical devices with strong brand presence [40]