Orient Securities: Price competition in centralized procurement is easing; domestic substitution is extending to biliary and pancreatic stents.

Orient Securities released a research report stating that the impact of this round of centralized procurement on the pharmaceutical and biotechnology industry: 1) abnormally low prices are constrained, which helps alleviate price pressure on conventional consumables; 2) mature products such as hemostatic clips will focus on stabilizing share, while snares, injection needles, and high-value biliary-pancreatic interventional products will become the focus for companies seeking incremental growth. It is recommended to pay attention to two types of companies: 1) companies with leading reported volumes in major high-frequency products that can cover hospitals nationwide and maintain stable supply; 2) companies with reserves of biliary-pancreatic interventional products and overseas proprietary brand businesses.