生物医药行业：第十批国采竞争相对激烈，中标品种集中度再度提升

Investment Rating - The industry investment rating is "Outperform the Market" [50] Core Viewpoints - The competition in the tenth batch of national procurement is relatively intense, with a concentration of selected varieties increasing again. A total of 778 products were quoted, with 385 products proposed for selection, resulting in a selection rate of only 49.5%, indicating fierce competition [2][3] - The concentration of selected products in the tenth batch has risen to 24%, compared to 19% and 18% in the eighth and ninth batches, respectively. This is close to the overall concentration level of 26% for ten batches but still below the fifth batch's 32% [3][4] Summary by Sections Industry Overview - The tenth batch of national procurement has seen a record number of products quoted and selected, with 778 products quoted and 385 proposed for selection, marking a historical high in both categories [2] - Major players in the procurement include companies like Beite Pharmaceutical, Shiyao Group, and Kelun Pharmaceutical, with Beite and Shiyao each having 15 products proposed for selection [2] Investment Strategy - Focus on "Innovation," "Going Global," "Equipment Upgrades," and "Consumption Recovery." Recommended companies include Dongcheng Pharmaceutical, Jiutian Pharmaceutical, and others in the innovative drug sector [6] - The "Going Global" strategy highlights opportunities in overseas markets, with companies like Xinyi Medical and Sanofi Pharmaceuticals recommended for investment [6] - The "Equipment Upgrade" strategy suggests that government support for medical equipment updates will benefit companies like United Imaging Healthcare and Aohua Endoscopy [6] Key Companies to Watch - Jiutian Pharmaceutical: Strong growth potential with a projected CAGR of over 30% for the next three years [9] - Yuan Dong Biological: Expected to benefit from the collection of controlled substances and has a promising pipeline for innovative products [9] - Aisheng Medical: Positioned to benefit from the aging population and has seen improvements in product pricing and market share [14] - Baiji Shenzhou: Leading in the blood cancer drug market with significant sales growth expected [10][14] Market Performance - The pharmaceutical sector saw a decline of 0.93% last week, with the industry ranking 23rd among 28 sectors [18][32] - The valuation of the pharmaceutical sector is currently at 27.86 times (TTM), with a premium of 30.79% over the overall A-share market [36]