中国创新药烈火烹油：突破性涨幅背后的产业质变｜创新药观察

Core Viewpoint - The innovative drug sector in China is experiencing a significant resurgence, driven by policy relaxation, industry enthusiasm, and soaring stock prices, with the Hang Seng Innovative Drug Index showing a remarkable increase of 93.46% year-to-date [2] Policy Changes - The National Healthcare Security Administration announced the initiation of the 11th batch of drug procurement, establishing the principle that "procurement does not apply to new drugs," which protects the core profit expectations of innovative drug companies [4] - Recent regulatory changes by the China Securities Regulatory Commission and the Shanghai Stock Exchange aim to enhance the inclusivity of the Sci-Tech Innovation Board, addressing financing challenges for unprofitable biotech firms [4][5] - A multi-tiered medical insurance system is being developed to support the high-priced innovative drugs, providing a pathway for their market entry [5] Industry Dynamics - The innovative drug sector is transitioning from merely selling drugs to monetizing intellectual property, with a notable increase in overseas licensing deals [6][7] - In the first half of 2025, companies in the BioBAY park completed nearly $12 billion in overseas transactions, indicating a strong market for licensing agreements [7] - Major licensing deals, such as the $6.05 billion agreement between 3SBio and Pfizer, highlight the growing recognition of Chinese R&D quality [7] Investment Trends - The investment logic is shifting from speculative bets on scientific breakthroughs to value-based assessments as revenue streams become more predictable [7][10] - The enthusiasm in the secondary market is positively influencing the entire industry chain, with improved confidence being transmitted from the secondary to the primary market [7] R&D Investment - According to KPMG's report, the proportion of R&D investment among A-share health technology companies has been steadily increasing, yet remains low at around 5.1% in 2023 [8]