医药生物行业医药情绪逆转：一手抓AI医疗，一手抓创新主线

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [8] Core Insights - The sentiment in the pharmaceutical sector has reversed, focusing on both AI healthcare and innovative drug lines. The report emphasizes the importance of high-quality development for innovative drugs supported by recent policy changes [4][5] - The report highlights a significant increase in the research and development capabilities of China's innovative drug industry since the 2015 healthcare reform, indicating a potential for global competitiveness [4][26] Summary by Sections 1. Investment Strategy and Performance - The pharmaceutical sector can gradually increase allocations, with potential for excess returns in 2025. Key policies include the promotion of DRG/DIP, adjustments to the essential drug list, and support for innovative drugs [16][21] - The recommended focus is on innovative biopharma with global competitiveness, innovative pharmaceutical companies with second growth curves, and the CXO sector [16][19] 2. Policy Support for Innovative Drugs - The second draft of the "Measures to Support the High-Quality Development of Innovative Drugs" has been released, which is favorable for the long-term development of innovative drugs. It encourages commercial health insurance to expand investments in innovative drugs and allows companies to set their own prices [4][26] - The report notes that the policy environment for innovative drugs has been continuously optimized since the 2015 healthcare reform, with significant improvements in the approval process for new drugs [26][28] 3. Market Review and Trends - The report reviews the performance of the pharmaceutical sector from February 17 to February 21, 2025, noting a 1.9% increase in the CITIC Pharmaceutical Index, outperforming the CSI 300 Index by 0.9 percentage points [3][5] - The report identifies key stocks that performed well during this period, including Anbiping (+48.91%) and Maiwei Bio (+21.69%) [3] 4. Recommended Focus Stocks - The report suggests focusing on companies such as BGI Genomics, Meien Health, and BeiGene, among others, for potential investment opportunities [6][22]