Investment Rating - The industry investment rating is "Positive" [1] Core Insights - The report indicates that the medical insurance fund in China achieved a balance with a slight surplus in 2024, with total income of 3.48 trillion yuan, a year-on-year increase of 4.4%, and total expenditure of 2.97 trillion yuan, a year-on-year increase of 5.5% [6][20][21] - The first version of the Category C drug list is expected to be released within the year, with adjustments to the medical insurance drug list being expedited. This list will focus on highly innovative drugs with significant clinical value that cannot be included in the basic medical insurance list due to exceeding the "basic protection" scope [7][18][62] - The introduction of the Category C list and the construction of a multi-tiered medical security system are expected to benefit more new and effective drugs for clinical patients, thereby promoting the healthy development of the pharmaceutical industry [7][62] Industry Performance - During the reporting period, the pharmaceutical and biotechnology industry index fell by 0.51%, ranking 27th among 31 first-level industries, underperforming the CSI 300 index, which fell by 0.98% [3][12] - The sub-industries of medical consumables and other biological products saw declines of 3.57% and 3.90%, respectively, while hospitals and offline pharmacies experienced declines of 9.69% and 8.57% [12] Valuation - As of January 17, 2025, the pharmaceutical and biotechnology industry's PE (TTM overall method, excluding negative values) was 25.31x, down from 25.48x at the end of the previous period, indicating a decline in valuation below the mean and negative one standard deviation [4][15] - The top three PE ratios among the pharmaceutical sub-industries were diagnostic services (74.23x), hospitals (36.76x), and medical consumables (32.95x), with a median of 26.12x, while pharmaceutical circulation had the lowest valuation at 15.26x [4][15] Important Industry News - The National Medical Insurance Administration plans to release the first version of the Category C drug list this year, which will focus on innovative drugs and support commercial health insurance to include these drugs in their coverage [17][18] - AstraZeneca's "Calquence" received FDA approval for a new indication, marking it as the first BTK inhibitor approved for first-line treatment of MCL [27][28] - Qilu Pharmaceutical's "Ibrutinib" has been approved for marketing in China, becoming the first generic version of this drug [29][30] - The National Medical Insurance Administration reported that the basic medical insurance fund achieved a balance with a slight surplus in 2024, indicating a stable financial situation [20][21] Company Dynamics - The report highlights various companies' investment ratings and profit forecasts, indicating a generally positive outlook for companies with innovative capabilities and differentiated products [52][54] - Notable company announcements include the approval of new drugs and the establishment of partnerships for drug development, reflecting ongoing innovation in the industry [55][58]
医药生物行业周报：医药生物行业双周报2025年第2期总第125期2024年我国医保基金收支平衡、略有结余第一版丙类药品目录将于年内发布
长城国瑞证券·2025-01-20 08:23