医药行业周报：商保是国家医保的有效补充，有望提升创新药械可及性

Investment Ratings - The report assigns a "Buy" rating to 恒瑞医药 (Hengrui Medicine) [2] - The report assigns an "Increase" rating to 百济神州 (BeiGene), 爱博医疗 (Aibomed), 信达生物 (Innovent Biologics), and 翰森制药 (Hansoh Pharmaceutical) [3][4][7][8] Core Insights - The report emphasizes the importance of focusing on segments with good growth potential and industrial logic, highlighting "innovation + internationalization" as core themes. It suggests that innovative drugs remain the main focus, while also considering parts of the innovative drug supply chain with improving fundamentals and lower risks [5] - The report notes that the recent easing of restrictions on the configuration of large medical equipment is beneficial for leading companies in the sector, such as 联影医疗 (United Imaging) and 微创机器人 (MicroPort) [6] - The report discusses the significant potential for commercial health insurance in reducing personal healthcare expenditure, with a target of reaching a scale of 2 trillion by 2025. It highlights the need for innovation in health insurance products to cover new medical technologies and drugs [27][29] Summary by Sections 1. Market Overview - The pharmaceutical sector outperformed the market, with a weekly increase of 2.92%, while the Shanghai and Shenzhen 300 Index rose by 1.79% [6] - The pharmaceutical sector's valuation stands at 27.86 times PE, with a premium of 132.40% over the Shanghai and Shenzhen 300 Index [19] 2. Industry Events and Policy Review - The report mentions the central government's focus on implementing more proactive fiscal policies and moderately loose monetary policies to enhance macroeconomic regulation [46] - The National Healthcare Security Administration's initiatives to empower commercial health insurance are expected to significantly lower underwriting costs and improve payment levels [48] 3. Investment Strategy - The report recommends focusing on innovative drugs and their supply chains, as well as medical devices that align with the "innovation + internationalization" logic. It suggests that cyclical sectors like consumer healthcare may perform better if economic fundamentals improve [5][34] 4. Recommended Companies - Recommended companies include 恒瑞医药 (Hengrui Medicine), 信达生物 (Innovent Biologics), 百济神州 (BeiGene), 翰森制药 (Hansoh Pharmaceutical), and 爱博医疗 (Aibomed) due to their strong growth potential and innovative pipelines [34][61]