中药行业周报：集采稳步推进，关注具有品种、质量、成本优势的企业-20251116

Investment Rating - The industry rating is maintained at "Overweight" [6] Core Views - The Chinese medicine industry is experiencing steady progress in centralized procurement, with a focus on companies that have advantages in product variety, quality, and cost [5][9] - The market performance of the Chinese medicine sector has shown a 4.08% increase recently, ranking third among secondary sub-sectors [2][13] - The price governance policies are expected to lead to a clearer differentiation within the industry, benefiting companies with competitive advantages [10][11] Market Performance - The Chinese medicine sector's PE (ttm) is 29.25X, which has increased by 1.14X week-on-week, while the PB (lf) is 2.47X, up by 0.1X [3] - The overall market for Chinese medicinal materials is experiencing volatility, with a recent price index of 225.47 points, down 0.2% from the previous week [4] Centralized Procurement - The fourth batch of centralized procurement for traditional Chinese medicine has been initiated, with significant competition in certain product groups [5] - The "3+N" alliance in the Beijing-Tianjin-Hebei region has also started procurement for 200 types of Chinese medicine formula granules [5] Investment Suggestions - Focus on three main lines: price governance, consumption recovery, and state-owned enterprise reform [10][11] - Recommended companies include Zhaoli Pharmaceutical and Yiling Pharmaceutical, with a watch on Pizaihuang and Shouxiangu [11]