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医药行业周报：集采落地看好创新，医药消费受益政策
Southwest Securities·2024-12-15 13:59

Investment Rating - The report maintains a "Buy" rating for several companies including Sainuo Medical (688108), Enhua Pharmaceutical (002262), and Shanghai Laisai (002252) [20][18][25]. Core Views - The pharmaceutical industry is expected to benefit from policy support aimed at boosting consumption, with a focus on brand Chinese medicine and chain pharmacies [2][16]. - The tenth batch of centralized drug procurement has been implemented, with a total of 439 companies submitting bids and 62 products selected, indicating a continued focus on innovation [2][17]. - The pharmaceutical industry index decreased by 0.93% this week, but outperformed the CSI 300 index by 0.07 percentage points [16][42]. Summary by Sections Investment Strategy and Key Stocks - The report highlights a positive outlook for the pharmaceutical sector, driven by government policies aimed at stimulating consumption and supporting innovation [2][16]. - Recommended stocks include Sainuo Medical, Enhua Pharmaceutical, and Shanghai Laisai, among others [2][18][25]. Market Performance - The pharmaceutical index has seen a decline of 8.68% since the beginning of 2024, underperforming the CSI 300 index by 23.31 percentage points [42]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 27.86 times, with a premium of 82.42% relative to the entire A-share market [43][42]. Recent News and Policies - The Central Economic Work Conference in 2024 emphasized the implementation of more proactive fiscal policies and moderate monetary policies to boost consumption [2][16]. - The report notes that the tenth batch of centralized procurement will ensure that selected products are available to patients by April 2025 [2][17]. Recommended Combinations - The report provides various stock combinations, including a robust combination featuring companies like Heng Rui Pharmaceutical (600276) and Xin Chuang (300832) [18][25]. - The Hong Kong stock combination includes companies such as Rongchang Bio (9995) and He Huang Pharmaceutical (0013) [3][18].