医药集采提质扩面，建议关注创新药及其产业链

Investment Rating - The report maintains a "Buy" rating for the pharmaceutical and biotechnology sector, indicating a positive outlook for the industry [2][4][11]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 3.24% in May 2024, ranking 26th among 31 primary industries, underperforming compared to major indices [8][14]. - The report emphasizes the importance of focusing on innovative drugs and their supply chains due to recent policy changes aimed at enhancing centralized procurement [9][10][11]. Summary by Sections 1. Industry Perspective - As of May 31, 2024, the average PE (TTM) for the pharmaceutical and biotechnology sector is 26.21 times, ranking 5th among 31 primary industries, indicating a premium of 125.93% over the CSI 300 index [8][23]. 2. Market Review 2.1 Overall Situation - From January to May 2024, the pharmaceutical and biotechnology sector saw a decline of 7.09%, ranking 27th among 31 primary industries [14]. 2.2 Sub-industry Situation - The pharmaceutical commercial, chemical pharmaceutical, and traditional Chinese medicine sectors showed slight increases, while medical devices, biological products, and medical services faced significant declines [18]. 2.3 Individual Stock Performance - Notable stock performances in May 2024 include Myp Medical (+20.32%) and Kangwei Century (+19.35%), while stocks like Chunli Medical (-20.28%) and Chang Pharmaceutical (-19.01%) faced significant declines [21][22]. 3. Industry Valuation - The pharmaceutical and biotechnology sector's PE is at a historical low, positioned in the bottom 13.80% since 2012, suggesting potential undervaluation [23][26]. 4. Important Industry News and Company Announcements - Recent policies from the National Medical Security Administration aim to enhance centralized procurement, expanding the range of drugs and medical supplies included in the procurement process [9][28]. - Companies like Baiyatai and Hengrui Pharmaceutical are actively pursuing new drug registrations and collaborations, indicating ongoing innovation and market activity [30][32].