医药健康行业研究：年底集采预期陆续出清，板块行情有望逐步启动

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector [1] Core Views - The pharmaceutical sector is currently undergoing a triple reversal in performance, policy, and funding, with expectations for revenue and profit growth to rebound in 2025 [1] - The recent results of the tenth batch of national drug procurement and the improvement of centralized procurement mechanisms are expected to alleviate concerns about cost control in the sector [1] - The report emphasizes the potential for domestic innovative drug companies and suggests focusing on leading companies with international capabilities [1][53] Summary by Sections Pharmaceutical Sector - The tenth batch of national drug procurement resulted in 62 successful drug purchases, with significant price reductions observed [46] - The report highlights the competitive nature of the bidding process, with many drugs seeing price drops of over 90% [49] - The report anticipates that the collection of procurement results will stabilize supply and promote industry reform [49] Medical Devices - The improvement of centralized procurement mechanisms is expected to accelerate the domestic replacement trend in high-value consumables [54] - The approval of innovative products, such as the heart pulse electric field ablation device by Huatai Medical, is noted as a significant advancement in the field [55] Medical Services and Consumer Healthcare - The report indicates that the medical services sector is at a low point but is expected to recover as macroeconomic policies stimulate domestic demand [58] - There is optimism regarding the recovery of consumer healthcare performance, with significant room for valuation recovery [58] Traditional Chinese Medicine - Recent procurement data indicates that some traditional Chinese medicine products may see moderate price reductions, which could stabilize the market [71] Biopharmaceuticals - The report highlights ongoing innovations in the biopharmaceutical sector, particularly in cell therapy, with companies like KJ Pharma making significant advancements [50] Upstream Pharmaceutical Industry - The Shanghai government has introduced policies to support the development of scientific instruments and research reagents, indicating growth potential for local companies [15]