多重利好加持 业内看好创新药投资前景

Group 1 - The core viewpoint of the news is that the National Healthcare Security Administration and the National Health Commission of China have jointly issued measures to support the high-quality development of innovative drugs, introducing 16 specific initiatives aimed at enhancing the industry [1][3] - The measures cover the entire chain from research and development to approval, access, and payment, facilitating the process for innovative drugs from market entry to clinical application [3] - Since the mention of "innovative drugs" in the 2024 Government Work Report, a series of policies have been introduced to support domestic pharmaceutical companies in transitioning from "generic-innovative combination" to "global original research" [3] Group 2 - The innovative drug sector has shown strong performance, with the Hong Kong Hang Seng Innovative Drug Index increasing by 68.71% year-to-date as of early July 2025, and a TTM price-to-earnings ratio of 29.44, indicating significant valuation recovery potential [3] - Revenue for Hong Kong-listed innovative drug companies is projected to reach 48.53 billion yuan in 2024, representing a year-on-year growth of 17.3%, with some leading companies expected to turn profitable by 2025 [3] - The total amount of overseas licensing transactions by Chinese innovative drug companies reached 45.5 billion USD from January to May 2025, surpassing the total for the entire year of 2024 [3] Group 3 - Industry insiders believe that the Chinese innovative drug sector is entering a performance explosion phase, with short-term reliance on domestic market growth and long-term contributions from overseas markets [4] - The current industry market capitalization is approximately 3 trillion yuan, indicating a high risk-reward profile for investors [4] - Investors are encouraged to focus on opportunities within the innovative drug sector and the structural advantages brought by AI technology in shortening research and development cycles [4]