医药生物行业双周报2024年第23期总第121期：医保预付金政策发布，PD-1双抗交易火热

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [3] Core Insights - The pharmaceutical and biotechnology industry index increased by 2.25% during the reporting period, outperforming the CSI 300 index which rose by 2.03% [3] - The PE ratio (TTM, excluding negative values) for the pharmaceutical and biotechnology industry is 27.66x as of November 15, 2024, showing an increase from 27.02x in the previous period, but remains below the average [3][34] - Notable sub-industries include hospitals and pharmaceutical distribution, which saw increases of 4.26% and 4.15% respectively, while offline pharmacies and chemical preparations experienced declines of 4.92% and 0.94% [3][26] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index ranked 16th among 31 primary industries, indicating a strong performance relative to the broader market [3][26] Important Industry News - The National Healthcare Security Administration and the Ministry of Finance issued a notice on the management of medical insurance prepayments, clarifying the policy framework and conditions for disbursement [41] - The first-in-class leukemia therapy menin inhibitor "Revumenib" received FDA approval [56] - Novo Nordisk's GLP-1RA weekly formulation "Ozempic" was approved for long-term weight management in China, demonstrating an average weight reduction of approximately 17% [61][62] - Jianerkang Medical Technology Co., Ltd. listed on the Shanghai Stock Exchange, opening with a 452.9% increase [62] Company Dynamics - 25 listed companies in the pharmaceutical and biotechnology sector saw a net increase in shareholder holdings amounting to 4.296 billion yuan during the reporting period [4] - The approval of the first domestic biosimilar drug "HDM3001" by Huadong Medicine marks a significant milestone in the industry [52][55] - The PD-1/VEGF bispecific antibody "LM-299" is under development and has attracted significant investment from Merck, with an upfront payment of $588 million [73]