Investment Rating - The investment rating for the industry 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 Class B drug catalog is expected to be released within the year, with adjustments to the medical insurance drug catalog being expedited. This catalog will focus on highly innovative drugs with significant clinical value that cannot be included in the basic medical insurance catalog due to exceeding the "basic protection" scope [7][19][62] - The introduction of the Class B catalog and the construction of a multi-level medical security system are expected to benefit more new and effective drugs for clinical patients, thus 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 medical consumables and other biological products sectors experienced the largest declines, with drops of 3.57% and 3.90%, respectively. Hospitals and offline pharmacies saw declines of 9.69% and 8.57% [3][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 sectors in terms of PE (TTM overall method, excluding negative values) are diagnostic services (74.23x), hospitals (36.76x), and medical consumables (32.95x), with the median at 26.12x. The lowest valuation is in pharmaceutical circulation at 15.26x [4][15] Important Industry News - The National Medical Insurance Administration plans to release the first version of the Class B drug catalog within the year, which will focus on innovative drugs with high clinical value [17][19] - The medical insurance fund's total income and expenditure for 2024 were reported, indicating a stable financial situation for the medical insurance system [20][21] - The approval of new indications for drugs such as AstraZeneca's Calquence and Qilu Pharmaceutical's Ibrutinib highlights ongoing innovation in the industry [27][29][32] Company Dynamics - The report highlights significant stock buybacks in the pharmaceutical and biotechnology sector, with 19 listed companies collectively increasing their holdings by 241 million yuan [60] - Key companies such as Jiuzhou Pharmaceutical and Huadong Medicine received updated investment ratings based on their performance and market conditions [52][54]
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有结余
长城国瑞证券·2025-01-20 09:25