东海证券晨会纪要-20250923

Group 1: Pharmaceutical and Medical Device Sector - The pharmaceutical and medical device sector experienced an overall decline of 2.07% from September 15 to September 19, 2025, ranking 23rd among 31 industries, underperforming the CSI 300 index by 1.63 percentage points. Year-to-date, the sector has risen by 24.17%, ranking 10th among 31 industries and outperforming the CSI 300 index by 9.76 percentage points. The current PE valuation for the sector is 31.18 times, at the historical median level, with a 136% premium over the CSI 300 valuation [5][6][7]. - The National Medical Insurance Administration has completed the review of the 2025 National Basic Medical Insurance Directory and the commercial insurance innovative drug directory, moving into the core negotiation and price consultation phase. The 11th batch of national procurement has officially included 55 major varieties, with optimizations in application requirements, volume, and rules, indicating a potential turning point for the industry [6][7]. - The Shanghai government has issued a comprehensive action plan to promote the high-end medical device industry, focusing on innovation, clinical empowerment, regulatory approval, market application, enterprise cultivation, and international development, with 20 key tasks outlined to support industry growth [6][7]. Group 2: Non-Bank Financial Sector - The non-bank financial index fell by 3.7% last week, underperforming the CSI 300 index by 3.3 percentage points, with both brokerage and insurance indices showing synchronized declines of -3.5% and -4.8%, respectively. The average daily trading volume for stock funds was 29,885 billion yuan, an 8% increase from the previous week [9][10]. - Market enthusiasm and activity remain high, with a focus on the performance catalysts from the upcoming third-quarter reports. The average daily trading volume for stock funds has increased by 108% year-on-year as of September 19, 2025, positively impacting brokerage, credit, and proprietary trading sectors [10][12]. - The establishment of a health management company by PICC and the continued increase of holdings in China Pacific Insurance by Ping An Life indicate a trend towards integrating health management with health insurance, enhancing operational efficiency and profitability [11][12]. Group 3: Economic and Market Overview - The LPR for both the 5-year and 1-year terms remained unchanged at 3.5% and 3%, respectively, as of September 2025, indicating stable lending rates [14]. - The steel industry has set a target for an average annual growth of 4% over the next two years, with a strict prohibition on new capacity additions, reflecting a focus on structural adjustment and high-quality development [16]. - The A-share market showed mixed performance, with the Shanghai Composite Index closing at 3,828 points, up 0.22%, while the Shenzhen Component and ChiNext indices also saw gains, indicating a cautious recovery amid ongoing market volatility [17][18].