医药健康行业研究：集采出清、药械创新价值值得重视，静待来年板块业绩改善

Investment Rating - The report maintains a "Buy" rating for companies including Kelun-Botai, Teva Pharmaceutical, Renfu Pharmaceutical, East China Pharmaceutical, Kefu Medical, Xinmai Medical, Taiji Group, and Yifeng Pharmacy [1]. Core Insights - 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. The recent results from the tenth batch of national drug procurement and the publication of procurement documents for traditional Chinese medicine are expected to alleviate cost control pressures, potentially initiating a cross-year market trend [18][67]. - The report highlights the competitive landscape of GLP-1 drugs, noting that domestic companies are approaching global standards in innovation, particularly in dual-target and triple-target drugs, as well as small molecule agonists. It suggests actively monitoring opportunities in this sector [18][67]. - The report emphasizes the importance of early positioning in the market, particularly for innovative drugs and semi-innovative drugs, as well as opportunities in traditional Chinese medicine, medical devices, chain pharmacies, medical services, and upstream supply chain stocks [18][67]. Summary by Sections Pharmaceutical Sector - The report discusses the recent approval of innovative drugs and the progress of various products in the market, including the approval of a new generation of ALK inhibitors by Betta Pharmaceuticals and the clinical application of TROP 2 ISAC by Innovent Biologics [36][49][61]. - It notes the establishment of unified pricing guidelines for anesthetic services, which aims to reduce patient burdens and optimize resource allocation [62][67]. Medical Devices - The report details the results of the fifth batch of high-value medical consumables procurement, indicating a selection rate exceeding 90% for participating companies. This procurement is expected to gradually take effect in the first half of 2025, allowing domestic companies to expand their market share [25][42][67]. Biologics - The report highlights the competitive nature of the weight loss drug market, particularly among GLP-1 drugs, with significant developments expected in the coming months. It advises continued attention to research progress and market dynamics in this area [18][67]. Traditional Chinese Medicine - The report mentions the release of procurement documents for traditional Chinese medicine, which is expected to stabilize pricing for certain exclusive products [67].