医药行业周报：医保丙类目录推进中，有望进一步提升创新药可及性

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The pharmaceutical sector outperformed the CSI 300 index, with a weekly increase of 2.58% compared to the index's 2.14% [4][6] - The National Medical Insurance Administration is set to release the first version of the Class B drug list in 2025, which will enhance the accessibility of innovative drugs [4][16] - The JPMorgan Healthcare Conference showcased positive developments from companies like BeiGene and Innovent, indicating a stable performance trend for the sector [4][17] - The report emphasizes the importance of innovation and internationalization in the pharmaceutical industry, suggesting a focus on innovative drugs and improving fundamentals in the supply chain [4][18] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - The pharmaceutical sector's performance from January 13 to January 17, 2025, showed a 2.58% increase, outperforming the CSI 300 index [4][6] - Year-to-date, the pharmaceutical sector has declined by 16.26%, underperforming the CSI 300 index by 27.37 percentage points [6] 2. Valuation Level Changes - As of January 17, 2025, the pharmaceutical sector's valuation stands at 24.88 times PE, with a premium of 110.26% over the CSI 300 index [7] 3. Industry Events and Policy Overview - The National Medical Insurance Administration's upcoming Class B drug list aims to support innovative drugs and enhance their accessibility through commercial health insurance [4][16] - The report highlights the ongoing recovery in the innovative drug supply chain, with expectations for improved performance in 2025 [22] 4. Investment Strategy - The report suggests focusing on sectors with strong growth potential and favorable industry logic, particularly innovative drugs and medical devices [18][24] - It recommends companies with differentiated innovation capabilities and global potential, such as BeiGene and Hengrui Medicine [21][27] 5. Recommended Companies - Recommended companies include BeiGene, Hengrui Medicine, and Innovent, which are expected to benefit from their innovative drug pipelines and international expansion [27][28][29]