医药生物周报（24年第50周）：医保谈判结果公布，支付端多方面支持创新

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2][4]. Core Insights - The release of the new National Medical Insurance Drug List has included 91 new drugs, with 89 successfully negotiated or bid for inclusion, indicating a stable trend in drug pricing and negotiation success rates [2][16]. - The proportion of innovative drugs in hospital revenues is expected to rise from 10% to 30%, driven by supportive policies for domestic innovative drugs and their increasing market share [2][18]. - The report emphasizes the importance of a diversified payment system, which is expected to enhance purchasing power for innovative drugs and medical devices [49][50]. Summary by Sections Medical Insurance Negotiation Results - The new drug list will be implemented nationwide on January 1, 2025, with a total of 3,159 drugs now included in the National Medical Insurance Drug List [16][17]. - The negotiation success rate and price reduction for new drugs are consistent with previous years, reflecting a stable environment for drug pricing [16][18]. Key Companies and Their Performance - Mindray Medical (300760.SZ): Outperform rating, with a projected net profit of 127.6 billion CNY for 2024 [4]. - WuXi AppTec (603259.SH): Outperform rating, with a projected net profit of 94.4 billion CNY for 2024 [4]. - United Imaging Healthcare (688271.SH): Outperform rating, with a projected net profit of 14.2 billion CNY for 2024 [4]. - Innovent Biologics (9926.HK): Outperform rating, with a projected net profit of -3.3 billion CNY for 2024, indicating ongoing development challenges [4][23]. Investment Strategy - The report suggests prioritizing investments in innovative drugs, medical devices, and healthcare services, as well as monitoring opportunities in AI healthcare and mergers and acquisitions [2][49][50]. - The demand for healthcare is expected to continue growing, with a compound annual growth rate (CAGR) of 8.6% from 2019 to 2023, indicating a robust market environment [49]. Recommended Stocks - Mindray Medical: Strong R&D and sales capabilities, benefiting from domestic healthcare infrastructure [53]. - WuXi AppTec: Comprehensive service capabilities in drug development, poised to benefit from the global outsourcing market [53]. - United Imaging Healthcare: Focused on high-performance medical imaging equipment, with growth potential in international markets [53].