医药生物 2025 年 11 月 02 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-11 2025-03 2025-07 医药生物 沪深300 相关研究报告 《中国新药闪耀 2025ESMO 大会，推 荐相关投资机会 — 行 业 周 报 》 -2025.10.26 《MFN 定价进展超预期，关注创新药 全 球 定 价 动 态 — 行 业 周 报 》 -2025.10.19 《体内 CAR-T 交易迭起，关注国内投 资机会—行业周报》-2025.10.12 集采+医保谈判稳步推进，关注相关投资机会 ——行业周报 | 余汝意（分析师） | 刘艺（联系人） | 巢舒然（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | chaoshuran@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | 证书编号：S0790123110015 | 集采、医保政策持续推进，继续推荐制药板块性机会 新一轮集采和医保谈判持续 ...

Core Insights - The eleventh batch of national drug procurement has initiated the reporting of demand from medical institutions, which is crucial for the effectiveness of the procurement process [1] Group 1: Changes in Reporting Rules - A new option for reporting demand by drug brand has been introduced, allowing medical institutions to report based on brand names rather than just generic names, addressing diverse medication needs [2] - A total of 55 drug varieties are involved in this procurement, covering treatment areas such as anti-infection, anti-tumor, anti-allergy, diabetes, and cardiovascular medications, with 480 companies having submitted relevant drug information [2] Group 2: Demand Reporting Flexibility - Medical institutions are generally required to report an annual demand of no less than 80% of the average usage from 2023 to 2024, but exceptions can be made for significant decreases in clinical demand or business adjustments [3] - Institutions may reduce reported quantities based on actual needs, provided they submit a written explanation [3] Group 3: Participation Encouragement - Private medical institutions and retail pharmacies are encouraged to participate in the procurement reporting, facilitating easier access for the public to selected drugs [4] Group 4: Procurement Policy Clarifications - The policy emphasizes that while selected drugs should be prioritized, it does not mandate exclusive use, allowing institutions to procure both selected and non-selected drugs [5] - Since 2018, ten batches of national drug procurement have cumulatively procured 435 types of drugs, improving the affordability and accessibility of medications for the public [5]