医药生物行业跨市场周报：医保局政策支持，多重因素利好创新药

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology sector [7]. Core Insights - The National Healthcare Security Administration (NHSA) is actively planning and continuously launching a series of new policies that are expected to benefit innovative drug and medical device companies significantly. These policies aim to enhance revenue through commercial insurance coverage and overseas market expansion, while also reducing funding costs and ensuring reasonable profit margins through a unified pricing guideline [4][25][30]. - The recent adjustment of the National Medical Insurance Drug List included 117 drugs, with a success rate of 76% for negotiations, resulting in an average price reduction of 63%. This adjustment marks a record high in both the number and proportion of new innovative drugs included [4][27][30]. Summary by Sections Market Review - The A-share pharmaceutical and biotechnology index rose by 2.95%, outperforming the CSI 300 index by 1.63 percentage points, while underperforming the ChiNext index by 0.39 percentage points. The sector ranked 13th among 31 sub-industries [3][15]. - The Hong Kong Hang Seng Healthcare Index increased by 3.77%, outperforming the Hang Seng Index by 2.9 percentage points [3][15]. Company Updates - Recent clinical applications include the AWT020 sterile powder injection by Junshi Biosciences and the CM313(SC) injection by Kangnuo, both of which are in the new application stage. Additionally, the IND application for TQB3912 tablets by Zhengda Tianqing has also been newly undertaken [34]. Important Database Updates - From January to November 2023, the total number of hospital visits reached 3.861 billion, reflecting a year-on-year growth of 7.08%. Tertiary hospitals saw a 12.11% increase in visits, while secondary hospitals experienced a 2.58% decrease [38]. - The basic medical insurance income for the first seven months of 2024 reached 1.5755 trillion yuan, with expenditures amounting to 1.3829 trillion yuan [45]. Investment Strategy - The report suggests a focus on three payment channels within the pharmaceutical industry: hospital payments, out-of-pocket payments, and overseas payments. It highlights opportunities in innovative drugs and devices, expanding demand for blood products and home medical devices, and the upward cycle of overseas exports [5][31].