医药生物行业2025年年度策略：政策拐点愈发明确，布局创新药+医疗设备+服务

Industry Rating - The report maintains an investment rating of "Outperform" for the pharmaceutical and biotechnology industry [1] Core Insights - The report highlights a clear policy turning point, emphasizing the focus on innovative drugs, medical devices, and services as key investment areas [2][3] - The overall industry is experiencing stable growth in patient visits, with a noted stabilization in average costs in certain regions [2] - The competitive landscape for products is significantly improving, with more companies integrating into the global pharmaceutical supply chain [2] Summary by Sections Industry Dynamics - The report outlines key medical policies, including the promotion of commercial health insurance and the implementation of DRG (Diagnosis-Related Group) payment systems, which are expected to impact industry development positively [12][17] - The ongoing healthcare reforms aim to enhance the multi-tiered medical insurance system, focusing on improving the quality and accessibility of healthcare services [23][24] Investment Strategy - The report suggests that the pharmaceutical sector has reached a relatively sufficient adjustment phase, with long-term investment opportunities driven by aging populations and upgraded demand for quality healthcare [3] - It recommends a stock-picking strategy focusing on innovative drugs and medical devices, particularly those with global sales potential and undervalued leading companies [3][4] - Specific stocks to watch include innovative biotech firms and leading companies in consumer healthcare [4] Market Trends - The report notes that the medical device sector is seeing a recovery in procurement activities, with a significant increase in bidding amounts observed in November [82][85] - The report anticipates that the demand for medical devices will continue to grow, driven by equipment upgrades and increased domestic and international market penetration [82][83]