医药生物行业周报（第1期）：第十批集采超预期

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical and biotechnology industry, but it provides insights into market performance and trends [14]. Core Insights - The pharmaceutical sector experienced a weekly decline of 0.93%, outperforming the CSI 300 index, which fell by 1.01%. The pharmaceutical commercial sub-sector led gains with a 2.13% increase, while the biopharmaceutical sector saw a decline of 2.24% [14]. - The tenth batch of centralized procurement exceeded expectations, with significant changes in rules that enhanced competition. A total of 62 drugs were successfully procured, involving 385 products from 234 companies, with price reductions exceeding expectations in various therapeutic areas [15][38]. - The U.S. Congress did not include the bioterrorism safety bill in the 2025 National Defense Authorization Act, which may positively impact overseas investment in the biopharmaceutical primary market and improve expectations for CXO companies with high overseas revenue [15]. Summary by Sections Market Weekly Review - The pharmaceutical sector's performance this week was -0.93%, compared to the CSI 300's -1.01%. The top five gainers included Fudan-Zhangjiang (34.84%), Kaikai Industry (33.75%), and others, while the top five losers included Hotgen Biotech (-10.79%) and others [14][34]. Industry News and Key Company Announcements - The tenth batch of national centralized procurement resulted in 62 successful drug procurements, covering various diseases and involving high-quality drugs that passed consistency evaluations [38]. - The Shanghai government issued a plan to support mergers and acquisitions in the biopharmaceutical sector, establishing a 10 billion yuan fund for this purpose [39]. - Companies like Maiwei Biotech are planning to issue H shares and list on the Hong Kong Stock Exchange, while Guangshengtang's innovative hepatitis B treatment has been included in a breakthrough therapy list [40].