Group 1 - The overall development of the biopharmaceutical industry is expected to continue its positive momentum, supported by the "14th Five-Year Plan" which emphasizes health, biotechnology, and innovation [1][2] - The "14th Five-Year Plan" aims to accelerate high-level technological self-reliance, strengthen original innovation, and promote deep integration of technological and industrial innovation [2] - Key sectors such as quantum technology, biomanufacturing, hydrogen energy, and medical devices are identified as new economic growth points [2] Group 2 - In the context of U.S. interest rate cuts, demand from overseas pharmaceutical companies is showing signs of recovery, with a positive trend in orders for external CDMO services [3] - Leading companies are experiencing a good growth trend in orders, with expectations for continued improvement in 2025 as overseas biotech companies become more active [3] - The domestic CRO sector is stabilizing, with a recovery in R&D demand driven by supportive policies for innovative drugs and active business development transactions [3] Group 3 - The industry is expected to return to endogenous growth by 2025, with ongoing policy support for innovative medical devices and potential increases in commercial insurance coverage for innovative drugs [3] - The optimization of centralized procurement policies is anticipated to enhance sector valuations, with proposals for provincial-level coordination of basic medical insurance and improved drug procurement policies [3]
摩根士丹利基金：“十五五”规划建议发布 创新药械发展值得期待
Zhi Tong Cai Jing·2025-11-11 23:29