医药行业周报：本周医药上涨2.7%，医保局2025年内形成医保丙类目录，人福医药或迎来招商局控股

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, suggesting a focus on innovative drugs and medical devices due to the upcoming establishment of the Class C drug directory by the National Medical Insurance Administration in 2025 [2][16]. Core Insights - The pharmaceutical sector saw a weekly increase of 2.7%, outperforming the Shanghai Composite Index which rose by 2.3% [3][5]. - The overall valuation of the pharmaceutical sector stands at 26.6 times PE for 2024E, ranking 9th among 31 primary industries [5][7]. - The National Medical Insurance Administration plans to release the first version of the Class C drug directory in 2025, which will focus on innovative drugs that provide significant clinical value but are not included in the basic medical insurance directory [16]. - Anhui Province is set to lead a national alliance for the centralized procurement of biological drugs, continuing efforts to streamline procurement processes [17]. - The report highlights a slight rebound in the national birth rate for 2024, which may impact healthcare demand [16]. Summary by Sections Market Performance - The pharmaceutical index increased by 2.7% this week, with various sub-sectors showing mixed performance, such as medical devices (+2.6%) and medical consumables (+5.0%) [3][5]. - The pharmaceutical sector's performance ranked 25th among 31 sub-industries [3]. Key Events - The National Medical Insurance Administration announced reforms to the medical insurance fund settlement mechanism, which began on January 1, 2025, in Anhui Province [17]. - The report notes that the expected operating profit for BeiGene in 2025 will be positive, indicating a potential recovery for the company [19]. Company Focus - The report suggests monitoring companies involved in innovative drugs and medical devices, such as Heng Rui Medicine and Mindray Medical, in light of the upcoming Class C directory [19]. - The potential acquisition of Renfu Pharmaceutical by China Merchants Group is highlighted, which could lead to significant changes in the company's control structure [19].