医药行业周报：本周医药下跌0.9%，中央经济工作会议要求提高城乡医保补助标准及发展银发经济，医保工作会议要求探索形成丙类药品目录

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [1]. Core Insights - The pharmaceutical sector experienced a decline of 0.9% this week, with the Shenwan Pharmaceutical and Biological Index ranking 24th among 31 Shenwan first-level sub-industries [4][6]. - The overall valuation of the pharmaceutical sector is at 28.5 times PE (2024E), ranking 9th among 31 Shenwan first-level industries [6][10]. - Key events include the central economic work conference emphasizing the need to increase urban and rural medical insurance subsidies and the exploration of a category C drug list [12][13]. - The 10th batch of national drug procurement results was announced, with 62 drugs successfully procured, marking a record high in the number of selected products [14]. - Shanghai has established a 10 billion yuan biopharmaceutical industry merger fund to promote innovation and restructuring in the sector [17]. Summary by Sections Market Performance - The Shenwan Pharmaceutical and Biological Index fell by 0.9%, while the Shanghai Composite Index decreased by 0.4% [4]. - The performance of various sub-sectors includes: raw materials (-1.0%), chemical preparations (-1.4%), traditional Chinese medicine (+0.6%), blood products (-0.7%), vaccines (-3.4%), and medical devices (-1.6%) [6][7]. Key Events - The central economic work conference held on December 11-12 focused on increasing basic pensions and medical insurance subsidies [12]. - The national medical insurance work conference on December 14 aimed to strengthen strategic purchasing and explore a category C drug list [13]. - The 10th batch of national drug procurement was conducted on December 12, with a record number of products selected [14]. - Shanghai's government announced a 100 billion yuan fund to support mergers and acquisitions in the biopharmaceutical industry [17]. Investment Recommendations - The report suggests focusing on CXO companies such as WuXi AppTec, Kanglong Chemical, and Kelun Pharmaceutical due to the blockage of the U.S. Biosecurity Act from being included in the NDAA [1]. - It also recommends paying attention to innovative drug companies like Hengrui Medicine, BeiGene, and Betta Pharmaceuticals in light of the exploration of a category C drug list [1].