医药行业周报：政策端持续向好，促进医药产业高质量发展

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical and biotechnology sector is currently experiencing a downturn, with a 5.55% decline in the industry index compared to a 5.17% drop in the CSI 300 index during the week of December 30, 2024, to January 3, 2025 [3][5] - Recent government policies are expected to support high-quality development in the pharmaceutical industry, including increased support for drug and medical device innovation, improved review and approval processes, and enhanced regulatory compliance [3][15][19] - Despite concerns over policy impacts and market performance in 2024, the long-term growth logic of the pharmaceutical industry remains intact, with the sector currently at historical low valuations, presenting investment opportunities for 2025 [3][20][21] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - The pharmaceutical sector underperformed the CSI 300 index, with a year-to-date decline of 15.70%, ranking 29th among 30 primary sub-industries [5][6] 2. Industry Events and Policy Overview - The State Council issued opinions to deepen drug and medical device regulatory reforms, emphasizing support for innovation and improving review efficiency [3][15][19] - The National Medical Insurance Bureau updated the drug list, adding 91 new drugs, enhancing coverage for cancer, chronic diseases, and rare diseases [14] 3. Industry Investment Strategy - The report suggests focusing on sectors with strong growth potential and sound industrial logic, particularly in innovative drugs and medical devices, as well as cyclical recovery in consumer healthcare [20][21] - Key investment themes include innovation and internationalization, with a focus on companies with robust growth prospects in the innovative drug sector [21][22] 4. Recommended Stocks - Hengrui Medicine: Expected to benefit from a new product cycle and international expansion, with projected revenues of 26.65 billion, 35.49 billion, and 42.40 billion CNY for 2024-2026 [30] - Innovent Biologics: Anticipated rapid growth due to successful clinical results and inclusion in the medical insurance directory, with projected revenues of 2.82 billion, 4.77 billion, and 6.63 billion CNY for 2024-2026 [31] - WuXi AppTec: A leading integrated service provider with strong growth in orders and revenue recovery, projected EPS of 3.36, 3.74, and 4.11 CNY for 2024-2026 [32] - Aier Eye Hospital: A leading player in the medical service sector, expected to benefit from demand recovery [35] - Mindray Medical: A leader in medical devices with strong R&D capabilities and reasonable valuations [35]