医药生物行业周报：医保基金即时结算改革全面实施，国内药企BD交易总额创新高

Investment Rating - The industry investment rating is "Overweight (Maintain)" [1] Core Viewpoints - The report highlights that the domestic pharmaceutical industry is experiencing a significant increase in business development (BD) transaction volumes, with a total of $63.5 billion in 2024, despite a slowdown in growth rate. The number of major transactions in China has consistently exceeded 20% of the global total for two consecutive years, with the monetary share reaching 18.3% in 2024 [4] - The report emphasizes the growing activity in the ADC (Antibody-Drug Conjugates) sector, which has become the leading category in transaction volume, while bispecific antibodies are gaining traction, now accounting for approximately 17% of total transactions [4] - The report notes that the oncology sector remains the most active area for transactions, with 44.6% of drug-related transactions in 2024 focused on cancer treatments. The autoimmune sector is also seeing a resurgence, with a notable increase in transaction numbers [4] - The implementation of instant settlement for basic medical insurance funds is expected to enhance cash flow for medical institutions, thereby improving the overall efficiency of the pharmaceutical supply chain [5] Summary by Sections Industry Overview - The pharmaceutical industry is projected to maintain robust growth, with a focus on innovative drug development and international market expansion [4] Market Trends - The report indicates a shift towards more active licensing agreements, with a decrease in license-in transactions and an increase in license-out and domestic transactions [4] Investment Recommendations - The report suggests focusing on companies such as United Imaging Healthcare, Aohua Endoscopy, Elysium, Kangfang Biotech, and Kelun-Botai for potential investment opportunities [6]