医药行业周报（2025年第1周）

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [4][25]. Core Insights - The pharmaceutical and biological industry experienced a decline of 5.6% during the week of December 30, 2024, to January 3, 2025, ranking 10th among 31 sectors in the Shenwan classification [10][12]. - The total trading volume for the pharmaceutical sector was 248.04 billion yuan during the same period [10]. - The report highlights significant regulatory developments, including the National Medical Insurance Administration's initiative to enhance drug traceability and the approval of China's first stem cell therapy drug [2][17]. Summary by Sections Industry Overview - The pharmaceutical industry saw a weekly decline of 5.6%, matching the performance of the Shanghai Composite Index, while outperforming the Shenzhen Component Index and the Wind All A Index [10]. - The chemical pharmaceutical sector had the highest trading volume at 90.12 billion yuan, while the pharmaceutical commercial sector had the lowest at 15.26 billion yuan [15]. Industry News and Important Announcements - The National Medical Insurance Administration announced the implementation of strict regulations on drug traceability starting January 1, 2025, to combat fraud in the use of medical insurance funds [16]. - The National Medical Products Administration conditionally approved the first stem cell therapy drug, aimed at treating acute graft-versus-host disease in patients over 14 years old [17]. - Taiji Group received a registration certificate for its traditional Chinese medicine product in Macau, marking a milestone in the internationalization of traditional Chinese medicine [19]. - Changchun High-tech's pediatric cough syrup received approval for market entry, enhancing its product offerings in the pediatric respiratory treatment sector [20]. - Renfu Pharmaceutical's Celecoxib capsules obtained a drug registration certificate, expanding its product line and market presence [21].