Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [6] Core Insights - The report highlights significant policy support for mergers and acquisitions in key sectors including integrated circuits, biomedicine, and artificial intelligence, aiming to cultivate competitive listed companies by 2027 with a target merger transaction scale of 300 billion yuan [26] - The scientific instruments and research reagents sector is expected to see a turnaround in performance due to favorable policies, with a projected market size growth from approximately 250 billion yuan in 2018 to around 480 billion yuan in 2022, reflecting a compound annual growth rate of about 18% [30][32] - The tenth batch of national drug procurement has intensified competition, with a record number of products participating, leading to a significant reduction in drug prices and creating opportunities for innovative drugs to be included in insurance coverage [33][34] Summary by Sections Section 1: Mergers and Acquisitions Policy - On December 10, 2024, Shanghai's government released a plan to support mergers and acquisitions, focusing on key industries such as biomedicine, aiming to establish around 10 internationally competitive listed companies by 2027 [26] - A 10 billion yuan biopharmaceutical industry merger fund will be established to support acquisitions and resource integration [26][27] Section 2: Scientific Instruments and Research Reagents - The Shanghai Municipal Science and Technology Commission issued a plan to promote innovation in scientific instruments and research reagents, targeting a market output of approximately 450 billion yuan by 2027 [30] - The domestic market for scientific instruments is expected to grow significantly, with a current market size of about 350.79 billion yuan in 2022, showing a 6.9% increase from 2021 [31] Section 3: National Drug Procurement - The tenth batch of national drug procurement resulted in 62 successful drug purchases, with a total of 385 products selected, marking a historical high in competition [33][34] - The average selection rate for this batch was 49.5%, the lowest in history, indicating increased competition among pharmaceutical companies [34] Section 4: Weekly Performance - The pharmaceutical and biotechnology sector experienced a decline of 0.93% in the week of December 9 to December 13, 2024, outperforming the CSI 300 index by 0.07 percentage points [42] - The offline pharmacy sector saw the highest increase of 4.97%, while the vaccine sector faced the largest decline of 3.4% [46]
医药生物行业报告：科学仪器和科研试剂领域迎政策利好，坚定看好创新、出海、并购大方向
China Post Securities·2024-12-16 03:17