中成药集采持续推进，价格规则有望逐步温和

Investment Rating - The industry investment rating is "Outperform the Market" [16][81]. Core Views - The report highlights that the Chinese traditional medicine procurement continues to advance, with price rules expected to gradually moderate [19][44]. - The report emphasizes the potential for companies to benefit from the adjustment of the basic drug catalog, particularly in the second half of 2023 and into 2024 [3][42]. Summary by Sections Industry Overview - The pharmaceutical sector experienced a decline of 1.91% last week, ranking 21st among 28 industries, while the Shanghai and Shenzhen 300 Index rose by 1.36% [6][12]. - The H-share pharmaceutical sector saw a slight increase of 0.48%, ranking 10th among 11 industries [15]. Key Companies - Fangsheng Pharmaceutical is noted for its continuous innovation in traditional Chinese medicine, with a robust pipeline and expected performance growth due to the adjustment of the basic drug catalog [3]. - Nocere Pharmaceutical is highlighted for its core product, Obinutuzumab, which is expected to see rapid growth in the first half of 2024, with a strong cash position to support its pipeline [5]. - Yao Sheng Pharmaceutical has received FDA approval for its liraglutide injection, marking a significant milestone in its international expansion efforts [10][55]. - Microelectrophysiology is recognized for its comprehensive layout in cardiac electrophysiology, with significant clinical feedback and a strong growth trajectory anticipated [23]. Investment Strategies - The report suggests focusing on companies with unique products that have manageable price reductions and are expected to accelerate hospital coverage through procurement, such as Zhaoli Pharmaceutical and Jichuan Pharmaceutical [42]. - It also recommends attention to companies like Jiayou Pharmaceutical and Weidong Medical, which are positioned to benefit from the recovery in consumer spending and medical device upgrades [20][46]. Market Performance - The report provides insights into the performance of various pharmaceutical sub-sectors, indicating that the medical device sector had the smallest decline at 0.63%, while the medical services sector faced the largest drop at 3.70% [33][59].