医药行业周报（2024年第15期）：支持商业医保，赋能医药产业创新

Investment Rating - The report indicates a neutral investment rating for the pharmaceutical industry, suggesting that the industry stock index is expected to perform in line with the benchmark over the next 12 months [30]. Core Insights - The report highlights the importance of commercial health insurance in empowering pharmaceutical innovation and supporting the development of a multi-tiered medical security system [2][19]. - It emphasizes the need for a balanced approach to medical insurance fund management, advocating for the integration of commercial health insurance with basic medical insurance to enhance the quality of pharmaceutical industry development [2][19]. Market Review - The Hong Kong stock market saw the Hang Seng Composite Index rise by 0.4% while the Hang Seng Healthcare Index fell by 1.8%, underperforming the market by 2.2 percentage points during the week of December 6-13, 2024 [9][15]. - In the A-share market, the CSI 300 Index declined by 1%, with the pharmaceutical and biological index down by 0.9%, outperforming the market by 0.1 percentage points [15]. - Among 13 pharmaceutical sub-sectors, offline pharmacies, pharmaceutical circulation, and traditional Chinese medicine showed gains of 5.0%, 1.0%, and 0.6% respectively, while other sectors experienced declines [15]. Important News - The National Medical Insurance Administration held a national medical security work conference, outlining plans for 2025 that include promoting the experience of the Sanming medical reform and enhancing the role of commercial health insurance [2][19]. - The report mentions the implementation of centralized procurement for medical consumables and the introduction of new pricing management measures to regulate pharmaceutical prices [19][22]. - Significant developments include the announcement of a collaboration between Duality Biologics and GSK for an ADC drug, with a total agreement value exceeding $1 billion [23]. Sub-sector Performance - The report notes that in 2024, the pharmaceutical and medical device sectors are valued at 0.5-1 times PEG, while traditional Chinese medicine and internet healthcare are valued at 1-2 times PEG [11]. - For 2025, the pharmaceutical sector is projected to exceed 2 times PEG, indicating potential growth opportunities [11].