医药行业周报：血软价格体系有望维持稳定，重点推荐昆药集团

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [2] Core Viewpoints - The report highlights that the pressure from the third batch of traditional Chinese medicine centralized procurement is expected to ease, leading to a potential reversal in the sector's performance. Key recommendations include focusing on companies like Kunming Pharmaceutical Group [2][29] - The report emphasizes a strategic focus on "innovation + overseas expansion + aging population" as the main investment themes, suggesting that there are opportunities for valuation recovery in the pharmaceutical sector [2][45] Summary by Sections 1. Traditional Chinese Medicine Centralized Procurement - The third batch of centralized procurement for traditional Chinese medicine has been announced, involving 20 product groups and 95 products. The procurement rules are expected to maintain a moderate stance, which could lead to a reversal in market sentiment [29][35] - The average price drop from previous procurement rounds was significant, with the first round seeing an average drop of 42.27% and the second round at 49.36%. The current procurement is expected to have a less severe impact on prices, especially for products with daily costs under 5 yuan [30][38] 2. Industry Perspective - The pharmaceutical index has shown a decline of 8.68% year-to-date, indicating it is among the worst-performing sectors. However, there are signs of marginal improvement, particularly with the acceleration of commercial health insurance and the potential for enhanced payment capabilities [2][45] - The report suggests focusing on various segments, including innovative drugs, overseas expansion, domestic substitution, and aging-related healthcare needs. Specific companies to watch include Heng Rui Medicine, Mindray Medical, and Kunming Pharmaceutical Group [2][80] 3. Investment Recommendations - The report recommends a diversified investment portfolio, including stocks like Jiutian Pharmaceutical, Kunming Pharmaceutical Group, and Sanofi Biologicals for the current week. For December, the suggested portfolio includes Jiutian Pharmaceutical, Kunming Pharmaceutical Group, and others [2][81]