医药生物行业跟踪周报：仿制药第十批集采，再次驱动向创新药转型

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The pharmaceutical index has seen a decline of -0.93% this week and -8.68% year-to-date, with a relative excess return of 0.07% this week and -23.31% year-to-date compared to the CSI 300 index. The medical commercial (+2.13%) and traditional Chinese medicine (+0.62%) sectors performed well, while medical devices (-1.06%), medical services (-1.30%), and chemical pharmaceuticals (-1.37%) experienced significant declines. Notable gainers this week include Fudan-Zhangjiang (+34.84%), Kaikai Industry (+33.75%), and Dezhan Health (+32.38%), while major decliners include Xinganjiang (-19.07%), Jinhao Medical (-13.10%), and Zimu Palace (-12.89%). Larger market capitalization stocks in the pharmaceutical sector showed more pronounced declines [1][18]. Summary by Sections 1. Pharmaceutical Procurement - The tenth batch of generic drug procurement has introduced stricter entry standards, changing the selection rule from a 50% price drop to a maximum of 1.8 times the lowest comparable price for the same variety. The average price reduction exceeded 70%, marking the highest reduction in history. This batch included 62 varieties and 135 specifications, with 439 companies submitting 778 products, and an agreed procurement amount of 8.513 billion yuan for the first year. The report suggests that the evolving procurement price mechanism will drive generic drug companies towards innovation, highlighting companies like Haizhi Science, Xinlitai, and Hengrui Medicine as potential beneficiaries of this transition [2][19]. 2. R&D Progress and Company Dynamics - The report notes significant advancements in innovative drugs, including the approval of the first domestic CD19 ADC drug by Linglu Pharmaceutical for treating refractory diffuse large B-cell lymphoma. Additionally, AstraZeneca reported positive results from a Phase III study showing improved progression-free survival for chronic lymphocytic leukemia patients treated with acalbrutinib and venetoclax [3]. 3. Investment Strategy - The report outlines specific investment strategies across various sectors, recommending companies such as: - Innovative drugs: Innovent Biologics, Hengrui Medicine, and BeiGene - Traditional Chinese medicine: Zhaoli Pharmaceutical and Huazhong Sanjiu - CXO and research services: WuXi AppTec and Kintor Pharmaceutical - High-end formulations: Renfu Pharmaceutical and Enhua Pharmaceutical - Medical services: Aier Eye Hospital and Puren Eye Hospital - Consumer healthcare: Oupukan and Aibo Medical - Clinical and generic CRO: Nossger and Tigermed - GLP-1 industry chain: Saintno Biological and Notai Biological - IVD sector: Yuhua Medical and New Industry [4][20][23].