医药生物行业定期报告：重视第四代基因测序，应用端正加速发展

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - The fourth generation of gene sequencing technology is gaining traction, with significant advantages in cost, accuracy, and speed, positioning it to become mainstream by 2030, with the market expected to exceed 100 billion [4][19] - The report emphasizes the importance of innovation in the pharmaceutical sector, particularly in innovative drugs and medical devices, supported by favorable government policies [5][12] Summary by Sections Industry Overview - The CITIC Pharmaceutical Index fell by 5.6% in the week of December 30, 2024, to January 3, 2025, underperforming the CSI 300 Index by 0.4 percentage points [3] - Year-to-date, the CITIC Pharmaceutical and Biotech Index has decreased by 15.7%, lagging behind the CSI 300 Index by 25.7 percentage points [3][45] Gene Sequencing Technology - The fourth generation of gene sequencing, represented by Oxford Nanopore Technologies, offers significant advantages such as ultra-long read lengths and real-time sequencing capabilities, with accuracy rates exceeding 99% [24][26] - The domestic leader, BGI Genomics, launched its nanopore sequencing instrument in September 2024, which is expected to enhance market penetration and application expansion [29] Market Trends and Opportunities - The report highlights the potential for the gene sequencing market to grow from 48.7 billion yuan in 2025 to 153.6 billion yuan by 2030, with a compound annual growth rate of 25.8% [19] - The approval of the first domestic stem cell therapy drug is seen as a positive development for innovative therapies in the pharmaceutical sector [5] Investment Strategy - The report suggests focusing on three main investment themes: innovation, recovery, and policy support, with a particular emphasis on innovative drugs and medical devices [5][12] - Recommended stocks include Heng Rui Medicine, Huada Gene, and Kangwei Century, among others, which are expected to benefit from these trends [6][12]