创新药行业周报：国谈启动，关注相关品种纳入医保放量投资机会

Investment Rating - Industry rating: Buy (maintained) [2] Core Views - The domestic biotech sector is showing signs of rebound, with A-share biotech up by 4.8%, while the Hang Seng and NASDAQ biotech indices are in a consolidation phase [2][8] - The 2024 National Negotiation for medical insurance is ongoing, with 162 generic drugs confirmed for negotiation, expected to boost sales of innovative drugs significantly [3][5] - The biotech sector is anticipated to enter a new phase of steady growth, supported by improving fundamentals and favorable policies [5][16] Summary by Sections Market Performance - A-share biotech has rebounded with a 4.8% increase, while the Hang Seng biotech index and NASDAQ biotech index showed mixed results with 0.3% and -2.6% changes respectively [2][8] - As of October 25, the Hang Seng biotech PB ratio is at 2.0X, near the negative one standard deviation mark [2][8] Investment Opportunities - The report highlights two main investment themes: 1. Pharma companies transitioning to innovation, which are expected to see performance and valuation uplift as their innovation pipelines mature [16] 2. Biotech companies with strong R&D platforms and potential for overseas product registrations [16] - The report emphasizes the importance of focusing on high-quality stocks in the innovative drug sector for long-term value [5][16] Policy and Market Dynamics - Continuous supportive policies for innovative drugs have been introduced in 2024, including measures from Beijing, Guangzhou, and Zhuhai to promote high-quality development in the pharmaceutical sector [5][16] - The report notes that the innovative drug sector is entering a new cycle of internationalization, with a well-established ecosystem of policies, talent, and capital [16]