药品行业周报：国常会通过全链条支持创新药发展实施方案，创新药再迎政策利好

Investment Rating - The industry rating is "Overweight" [2][7] Core Views - The domestic pharmaceutical and biotechnology sector is showing signs of bottoming out, with a slight increase of 0.1% last week, ranking 10th among all primary industry sectors [4][9] - The State Council has approved a comprehensive support plan for the development of innovative drugs, which is expected to boost the pharmaceutical industry [5][6] - The industry is entering a new cycle of internationalization, with an improved commercialization environment for high-productivity drugs in China [6][22] Summary by Sections Industry Performance - The pharmaceutical sector outperformed the market, with traditional Chinese medicine, chemical drugs, and raw materials showing gains of 1.5%, 1.4%, and 1.3% respectively [4][9] - The overall valuation level for the pharmaceutical and biotechnology sector as of July 5 is a PE-TTM of 24X and a PB of 2.28X, both below their respective standard deviations [4][9] Policy Developments - The approval of the "Comprehensive Support Plan for Innovative Drug Development" aims to enhance policy support across pricing, insurance, and investment, fostering innovation in drug development [5][6] Investment Recommendations - The report suggests three main investment themes: 1. Innovative drug sector: Focus on clinical needs, technology platforms, and product strength to identify investment opportunities [6][22] 2. Raw materials sector: Anticipated recovery as the inventory adjustment cycle completes [6][22] 3. State-owned enterprise reform: Look for investment opportunities in state-owned enterprises with high safety margins and potential profit improvements [6][22] Long-term Outlook - The pharmaceutical industry is transitioning into a high-quality development phase, with a well-established ecosystem of policies, talent, and capital, maintaining an "Overweight" rating for the sector [7][22]