医药生物行业点评：两部门发文支持珍稀濒危中药材替代品研制

Investment Rating - The report assigns an investment rating of "Recommended" for the pharmaceutical and biotechnology industry, indicating a positive outlook for the sector over the next six months [5]. Core Insights - The National Medical Products Administration and the National Administration of Traditional Chinese Medicine have jointly issued an announcement supporting the development of substitutes for rare and endangered traditional Chinese medicinal materials, focusing on key varieties and encouraging innovation [1]. - The announcement outlines two registration paths for substitutes: one for existing national drug standards and another for newly developed substitutes, with a priority review process for those with clear clinical value [1]. - The progress of developing substitutes for rare and endangered medicinal materials is expected to accelerate, with specific companies recommended for investment, including Shanghai Kaibao, Taiji Group, Jianmin Group, and Warner Pharmaceutical [1]. Summary by Sections Policy Support - The announcement emphasizes support for the research and development of substitutes for endangered medicinal materials, including pangolin scales, antelope horns, cow bile, bear bile powder, and Cordyceps sinensis [1]. - It aims to streamline the registration process and enhance collaboration between academia and industry [1]. Investment Opportunities - The report suggests that investors should pay attention to companies involved in the development of substitutes for rare and endangered medicinal materials, highlighting potential growth in this area [1].