医药生物行业周报（20240520-0524）：集采提质扩面，省级集采有望升级，上海12项辅助生殖技术纳入医保

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The report highlights the expansion and quality improvement of centralized procurement, with provincial alliances expected to upgrade to national procurement levels. This is supported by a recent notification from the National Medical Insurance Administration [3][4]. - The inclusion of 12 assisted reproductive technologies in Shanghai's medical insurance is expected to benefit related medical services and pharmaceutical companies, given the rising infertility rates in China [4][6]. Summary by Sections Centralized Procurement - The notification aims to expand the alliance range to form a national centralized procurement system, enhancing regional collaboration and reducing repetitive bidding costs for enterprises [3]. - It emphasizes the need for coordinated selection of procurement varieties, focusing on high-value medical consumables and drugs that have received consistent evaluation [3]. - New rounds of national centralized procurement will be conducted for insulin and other drugs, with specific provinces leading the procurement of traditional Chinese medicine and high-value medical consumables [3]. Assisted Reproductive Technologies - The report notes that the infertility rate in China has increased from 2% to 18.5%, affecting approximately 50 million couples of childbearing age, with one in eight couples seeking assisted reproductive technology [4]. - Shanghai ranks second in the number of assisted reproductive technology cycles performed, with over 100,000 cycles annually [4]. - The new insurance policy is expected to positively impact patients seeking assisted reproductive services in Shanghai [4]. Investment Recommendations - The report suggests focusing on companies in the assisted reproductive sector, including Jinxin Fertility, Lizhu Group, and Xianju Pharmaceutical, as they are likely to benefit from the favorable policy changes [6].