医药生物行业跨市场周报：政府采购给予价格评审优惠，建议关注国产设备相关投资机会

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [9]. Core Viewpoints - The government procurement policy provides a 20% price evaluation preference for domestic products, significantly enhancing the competitiveness of domestic medical equipment manufacturers and benefiting the upstream supply chain [4][25][26]. - The report suggests focusing on investment opportunities related to domestic medical equipment manufacturers such as United Imaging Healthcare, Mindray Medical, and others due to the favorable policy environment [4][26]. - The 2025 annual investment strategy emphasizes structural selection of investment opportunities based on payment willingness and ability, highlighting three key areas: hospital policy support, expansion of public demand, and rising overseas cycles [5][27]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index rose by 1.62%, outperforming the CSI 300 index by 0.17 percentage points, but underperformed the ChiNext index by 0.96 percentage points, ranking 23rd among 31 sub-industries [3][16]. - The largest gainers in the A-share market included medical research outsourcing, which increased by 6.21%, while blood products saw a slight decline of 0.03% [16][22]. Company Announcements - Recent clinical applications and IND submissions were reported for several companies, including Innovent Biologics and Hengrui Medicine, indicating ongoing R&D progress [31][30]. R&D Progress Updates - Notable advancements include the initiation of clinical trials for various drugs, with Hengrui Medicine's HRS-5965 in Phase III and Tonghua Dongbao's THDBH120 in Phase II [31][32]. Important Database Updates - The total number of hospital visits from January to November 2023 reached 3.861 billion, reflecting a year-on-year growth of 7.08% [35]. - Basic medical insurance revenue for the first ten months of 2024 amounted to 2.3065 trillion yuan, with a monthly income of 289.7 billion yuan in October, marking a 12.5% increase month-on-month [41][44]. Price Trends - Antibiotic prices showed mixed trends in October 2024, with some prices remaining stable while others fluctuated [45][52]. - The pharmaceutical manufacturing sector reported a 0.1% year-on-year increase in revenue for the first ten months of 2024, totaling 2.04094 trillion yuan [54].