医药生物行业：国家医保局与卫健委完善医药集中带量采购政策

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The recent notification from the National Medical Insurance Administration and the National Health Commission aims to enhance the management of centralized procurement, ensuring that patients benefit from the reforms [3] - The policy encourages timely signing of procurement agreements between medical institutions and selected enterprises, facilitating quicker market access for selected products [3] - The policy also emphasizes improving the management level of selected products in medical institutions, promoting rational use and curbing the prescription of high-priced non-selected drugs [3] - Incentives for retaining savings from centralized procurement are expected to motivate medical institutions to participate actively in the procurement process [3] - The policy is anticipated to lead to an increase in market share for selected drug and consumable manufacturers, positively impacting their performance [3] - Related service industries, such as pharmaceutical distribution and logistics, are expected to see new development opportunities as the procurement policy deepens [3] Summary by Sections Recent Industry Performance - The relative return over the past month is 0.8%, while the absolute return is -2.64% [2] - Over three months, the relative return is -0.97%, and the absolute return is 24.22% [2] - Over twelve months, the relative return is -26.58%, and the absolute return is -9.93% [2] Investment Recommendations - The report suggests focusing on selected drug and consumable manufacturers, medical institutions, and related service industries for investment opportunities [3] - Companies to watch include Heng Rui Medicine, Fosun Pharma, China National Pharmaceutical Group, Shanghai Pharmaceuticals, Mindray Medical, and Yuyue Medical [3]