医药生物行业周报（1月第3周）：医药支付端政策持续加码

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights a positive market trend with a 2.67% increase in the pharmaceutical and biotechnology index, outperforming the CSI 300 index [2][7]. Core Insights - The report emphasizes the ongoing enhancement of payment policies in the healthcare sector, particularly the introduction of a new category (Category C) for high-value innovative drugs that are currently not included in the basic medical insurance directory. This is expected to boost the payment capacity for innovative treatments such as cell and gene therapies [2][10]. - The report notes a decrease in flu-like cases reported by sentinel hospitals in southern and northern provinces, indicating a potential peak in flu cases [2][10]. Market Weekly Review - The pharmaceutical and biotechnology index rose by 2.67%, outperforming the CSI 300 index (2.14%) but underperforming the Wind All A index (3.61%). Small-cap stocks remain favored [7]. - The best-performing sector was medical consumables, which increased by 5.03%, followed by hospitals (3.2%) and pharmaceutical distribution (2.61%). The only sector that declined was offline pharmacies, which fell by 0.47% [7][8]. - Notable individual stock performances included Dabo Medical (21.74% increase), Changshan Pharmaceutical (18.88% increase), and Ailisi (18.54% increase). Conversely, Pulley Pharmaceutical (-15.63%), Kangwei Century (-14.19%), and Jiudian Pharmaceutical (-11.23%) saw the largest declines [9][10]. Industry News and Key Company Announcements - The National Healthcare Security Administration announced plans to release the first version of the Category C medical insurance directory within 2025, focusing on innovative drugs with significant clinical value [10][15]. - The report highlights various company announcements, including Johnson & Johnson's acquisition of Intra-Cellular Therapies for approximately $14.6 billion and Eli Lilly's acquisition of Scorpion Therapeutics' PI3Kα inhibitor project [18][19]. - The report also mentions the financial performance forecasts of several companies, indicating a mixed outlook with some companies expecting losses while others anticipate revenue growth [19][20].