Core Viewpoint - The recent price adjustment notification from the Shanghai Sunshine Pharmaceutical Procurement Network has caused significant industry impact, with the second price drop for two major traditional Chinese medicine injections, indicating a strong signal for price control in the industry [1][2]. Group 1: Price Adjustments - The injection price of Shuanghuanglian (600mg) produced by Heilongjiang Songhua River Pharmaceutical Technology Co., has decreased from 19.7 yuan to 12.45 yuan, a reduction of over 36% [1]. - The price of Honghua injection (20ml) from Yabao Pharmaceutical Group has dropped from 74.98 yuan to 50.64 yuan, a decrease of over 32% [1]. - The average price reduction across 174 selected drugs in the third batch of national traditional Chinese medicine procurement reached 68%, marking a record high [2]. Group 2: Industry Context - The third batch of national traditional Chinese medicine procurement began in December 2024, led by the Hubei Provincial Medical Insurance Bureau, involving 95 generic products and 400+ companies [2]. - The price of Qingkailing injection (2ml) from Shanxi Taihang Pharmaceutical dropped by 93.8%, from 16.08 yuan to 0.99 yuan, setting a new price benchmark [2]. - The price adjustment reflects the urgent need for price balance in traditional Chinese medicine, as the industry has long faced issues of inflated prices and significant price differences among similar products [8]. Group 3: Regulatory and Market Implications - The price adjustments are part of a broader effort to address the price disparity issues that have emerged during the procurement process, which have hindered the effectiveness of price reductions [9]. - Starting from April 2025, the results of the third batch of traditional Chinese medicine procurement will be implemented nationwide, with 25 provinces already confirming execution dates [8]. - The Hubei Province plans to initiate the fourth batch of traditional Chinese medicine procurement this year, aiming to further optimize pricing calculation methods and quality standards [9].

证券研究报告 2025 年 07 月 06 日 湘财证券研究所 根据 wind 数据，上周（2025.06.29-2025.07.05）医药生物报收 7952.02 点，上涨 3.64%；中药Ⅱ报收 6383.03 点，上涨 1.27%；化学制药报收 12684.34 点，上涨 5.03%；生物制品报收 6353.41 点，上涨 4.4%；医药商业报收 5098.04 点，上涨 2.47%；医疗器械报收 6204.35 点，上涨 2.16%；医疗服务报收 5523.93 点，上涨 4.47%。医药二级子板块延续普涨态势，化学制药、医疗服务、生物制品涨幅 居前，中药涨幅靠后。 从公司表现来看，根据 wind 数据，表现居前的公司有：九芝堂、佐力药业、 康惠制药、启迪药业、贵州百灵；表现靠后的公司有：马应龙、济川药业、东 阿阿胶、华润三九、ST 香雪。 ❑ 估值：上周中药板块 PE（ttm）为 27.57X，PB（lf）为 2.28X 根据 wind 数据，上周中药 PE（ttm）为 27.57X，环比上升 0.34X，近一年 PE 最大值为 30.13X，最小值为 22.58X。PB（lf）为 2.28X，环比 ...