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医药行业周报:本周医药上涨1.9%,药品集采不简单以最低价作为中选参考,上海国资基金拟战略参股微创医疗-20250727
Shenwan Hongyuan Securities·2025-07-27 10:13

Investment Rating - The report indicates a positive outlook for the pharmaceutical industry, suggesting an "Overweight" rating, meaning the industry is expected to outperform the overall market [22]. Core Insights - The pharmaceutical sector saw a weekly increase of 1.9%, outperforming the Shanghai Composite Index which rose by 1.7% [2][3]. - The overall valuation of the pharmaceutical sector is currently at 32.0 times PE (Price to Earnings) for 2025E, ranking 6th among 31 primary sectors [5][9]. - The 11th batch of drug procurement has been initiated, with new rules stating that the lowest price will not be the sole reference for selection, emphasizing the need for companies to justify their pricing [10]. - The National Medical Insurance Administration is seeking opinions on how real-world data can support comprehensive value assessments for drugs and medical devices [11]. - Strategic investments are being made in companies like MicroPort Medical and Kanghua Biotech, indicating a trend of consolidation and investment in the sector [11][13]. Summary by Sections Market Performance - The pharmaceutical sector's performance is highlighted with a 1.9% increase, with various sub-sectors showing mixed results, such as vaccines (+6.6%) and medical devices (+4.9%) [5][6]. Key Events - The initiation of the 11th batch of drug procurement with revised selection criteria [10]. - The National Medical Insurance Administration's call for research on real-world data for drug value assessment [11]. - Strategic investments in MicroPort Medical and Kanghua Biotech, indicating a shift in ownership and control within the industry [11][13]. Investment Analysis - The report emphasizes the growth in innovative drug revenues and licensing deals, suggesting a focus on companies with significant product launches and business development expectations [2].