中医优势病种按病种付费试点工作即将开启

Investment Rating - The industry maintains an "Overweight" rating [8] Core Insights - The Chinese medicine sector outperformed other pharmaceutical sub-sectors last week, with a 0.38% increase, while the overall pharmaceutical sector declined by 2.48% [2] - The current PE (ttm) for the Chinese medicine sector is 27.9X, which is at the 30.45% percentile since 2013, while the PB (lf) is 2.36X, at the 6.85% percentile since 2013 [3] - The price index for Chinese medicinal materials remained stable due to the National Day holiday, with a total index of 232.77 points [4] - A pilot program for disease-based payment for traditional Chinese medicine (TCM) is set to begin, which may enhance reimbursement for TCM services [5] Summary by Sections Market Performance - The Chinese medicine sector recorded a 0.38% increase, while the overall pharmaceutical sector saw a decline of 2.48% [2] - Top-performing companies in the sector include Guizhou BaiLing, Wanbangde, and Darentang, while underperformers include Tianmu Pharmaceutical and Tailong Pharmaceutical [2] Valuation - The PE (ttm) for the Chinese medicine sector is 27.9X, up 0.1X week-on-week, with a one-year maximum of 30.26X and a minimum of 24.72X [3] - The PB (lf) is 2.36X, unchanged from the previous week, with a one-year maximum of 2.59X and a minimum of 2.17X [3] Policy Developments - The pilot program for TCM payment will select around 15 provinces or cities to test the new payment model over 2-3 years, potentially improving the compatibility of TCM services with existing insurance payment methods [5] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [6][11][12] - Specific recommendations include companies with strong R&D capabilities and unique products, as well as those less affected by price reductions from centralized procurement [12]