上市周期缩短、海外授权激增，欧美渗透率提升，1.5万亿创新药赛道估值提升

Group 1 - The National Medical Products Administration (NMPA) supports companies in enhancing the research and development of innovative drugs and medical devices, prioritizing original products and domestic alternatives to critical technologies [1] - China's innovative drug industry has achieved rapid development driven by policy support, with significant reforms in the review and approval system leading to a shortened market entry timeline for innovative drugs and devices [1] - During the 14th Five-Year Plan period, the NMPA approved 210 innovative drugs and 269 innovative medical devices, with a continuous growth trend, positioning China's biopharmaceutical market as the second largest globally, holding about 30% of the world's innovative drugs in development [1] Group 2 - BeiGene's Zebrutinib has become the first Chinese innovative drug to exceed $2 billion in sales in the U.S., marking a 106% year-on-year growth and indicating China's entry into the global mainstream market for anti-tumor drugs [2] - Forecasts suggest that China's innovative drug market size will grow from 800 billion yuan in 2025 to 1.5 trillion yuan by 2030, with a compound annual growth rate of 13% [2] - Morgan Stanley predicts that the penetration rate of Chinese innovative drugs in the European and American markets will increase from 5% in 2025 to 15% by 2030, driving up the valuation of the sector [2]