医药生物行业定期报告：中化药集采落地，坚持创新+复苏为主线

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical sector [5]. Core Insights - The report emphasizes the importance of innovation and recovery as the main themes for investment in the pharmaceutical industry, particularly in the context of ongoing drug procurement reforms and market recovery [2][3][12]. Summary by Sections 1. Mid-term Investment Strategy and Recommended Focus - The pharmaceutical sector can gradually increase allocations, with potential for excess returns post semi-annual reports [12]. - Key policies for 2024 include the comprehensive promotion of DRG/DIP, adjustments to the essential drug list, and enhanced efficiency assessments for state-owned enterprises [12]. - The report suggests focusing on aging populations and import substitution as long-term investment keywords [12]. 2. Normalization of Traditional Chinese Medicine Procurement - The normalization of traditional Chinese medicine procurement is expanding, with the average price drop for traditional Chinese medicine ranging from 23% to 56%, significantly lower than the 70% drop for chemical drugs [3][22]. - The third batch of national procurement documents for traditional Chinese medicine was officially released in December 2024, indicating a shift towards regular procurement practices [3][22]. 3. Weekly Market Review and Hotspot Tracking (Dec 9 - Dec 13, 2024) - The CITIC pharmaceutical index fell by 0.9% during the week, outperforming the CSI 300 index by 0.1 percentage points [2]. - The report highlights that the pharmaceutical sector's overall performance aligns with the broader market trends, with specific segments like traditional Chinese medicine showing relative strength [3]. 4. Recommended Focus for Short-term Investments - The report suggests focusing on innovative drugs, brand-name traditional Chinese medicine, and medical devices as key areas for investment in the short term [3][12]. - Notable companies to watch include Kangfang Biopharma, Yunding New Medicine, and Juning Pharmaceutical, among others [3][12].