中药再迎政策催化，医药情绪春节前后或将逆转

Investment Rating - The industry rating is "Outperform the Market" [8] Core Insights - The top-level policy for traditional Chinese medicine (TCM) has been clarified, emphasizing high-quality development and supporting industry leaders. The "Implementation Plan for High-Quality Development of the Traditional Chinese Medicine Industry (2026-2030)" was released on February 6, 2026, outlining the development framework for the next five years. The plan highlights the importance of leading companies and innovation in driving industry growth [5][16][21]. - The TCM sector is expected to experience a turning point due to policy support, improved consumer environment, declining raw material prices, and inventory clearance. Key companies to watch include brand TCM firms like China Resources Sanjiu, Dong-E E-Jiao, Jiangzhong Pharmaceutical, and Mayinglong, as well as innovative TCM drug companies like Yiling Pharmaceutical and Fangsheng Pharmaceutical [5][22]. Market Review - In the week from February 2 to February 6, 2026, the CITIC Pharmaceutical Index rose by 0.3%, outperforming the CSI 300 Index by 1.7 percentage points, ranking 12th among CITIC's primary industry classifications. Since the beginning of 2026, the CITIC Pharmaceutical and Biotech sector index has increased by 3.3%, also outperforming the CSI 300 Index by 3.0 percentage points, ranking 19th [4][25]. - The top five performing stocks during this week were: Guangshentang (+29.8%), Haixiang Pharmaceutical (+18.6%), Meidixi (+18.0%), Tianzhihang (+17.6%), and Saike Xide (+14.5%) [4][39]. Short-term Investment Thoughts - The pharmaceutical sector has shown signs of recovery after a period of adjustment, with market sentiment expected to reverse around the Spring Festival. The performance of traditional Chinese medicine has been particularly strong, likely due to the recent policy announcements. The report suggests focusing on innovative drugs, medical devices, and companies benefiting from domestic demand [6][22]. - Recommended stocks for February include Heng Rui Medicine, Kangfang Biotech, Baiji Shenzhou, Ying'en Biotech, Tiger Medical, Microelectrophysiology, Huana Pharmaceutical, and Haite Biotech [6][12].