医药板块行情有哪些驱动因素？

Policy Support - The significant rebound in the pharmaceutical sector is largely driven by favorable policies supporting innovative drug development, including optimization measures for drug review and approval processes [1][2] - The introduction of a new category in the medical insurance directory aims to support innovative drugs, allowing previously high-priced drugs like CAR-T to be included, which will alleviate payment pressures in the pharmaceutical industry [2][3] - The proportion of medical insurance spending on innovative drugs has increased from approximately 0.29% in 2019 to 3.19% in 2023, indicating a shift towards supporting innovative drugs over generic ones [3] Supply Side - Domestic innovative drug companies have shown significant competitive advancements, with the number of original drugs entering clinical trials in China surpassing that of the United States since 2020 [4] - The trend of Chinese pharmaceutical companies engaging in license-out agreements and collaborations has surged, driven by the expiration of patents for original drugs from multinational companies, leading to increased demand for innovative drug acquisitions [6][7] Profitability - The upward trend in the pharmaceutical sector is also attributed to the commercialization of innovative drugs, with some leading companies achieving breakeven or profitability after years of losses [10] Valuation - The pharmaceutical sector is currently at a relatively low valuation, with the weighted PE ratio around 35%, indicating potential for valuation recovery as significant events and policy support emerge [11] Funding - The proportion of public fund holdings in the pharmaceutical sector has decreased significantly from a peak of 18% in 2020 to about 9% in the first quarter of this year, suggesting room for institutional investment growth as catalysts and policies continue to develop [12]