医药行业周报：创新对外授权价值有望逐步显现

Investment Rating - The report maintains an investment rating of "Recommended" for the pharmaceutical industry [1] Core Insights 1. The value of Chinese innovative drugs for external authorization is being continuously validated, with significant partnerships emerging in various therapeutic areas, including autoimmune diseases [3] 2. The weight loss and NASH markets are seeing innovative developments, with Chinese companies actively pursuing overseas authorizations [4] 3. The domestic influenza positivity rate is declining, leading to increased testing and treatment rates [6] 4. The continuation of centralized procurement in 2025 is expected to drive growth in innovative drugs within the domestic market [8] 5. The introduction of a category of drugs for commercial insurance is anticipated to broaden the payment capabilities for innovative drugs [9] Summary by Sections Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 0.70 percentage points over the past week, with a decline of 1.03% [21] - Over the past month, the industry also lagged behind the CSI 300 index by 1.85 percentage points, with a decline of 5.97% [25] Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's valuation is currently below the historical five-year average, with a PE ratio of 29.59 times [38] Recent Research Achievements - The research team has published several in-depth reports highlighting positive trends in the supply and demand sides of the pharmaceutical industry, including the growth of blood products and the acceleration of the import substitution process in inhalation preparations [41] Recent Industry Policies and News - Recent policies include the implementation of a new payment management regulation aimed at improving the efficiency of medical insurance fund usage [44] - Notable industry news includes the acceptance of new drug applications by the National Medical Products Administration, indicating ongoing innovation and development within the sector [46][48]