医药行业周报：创新药持续获得政策支持，关注AI+医疗主题和板块超跌反弹机会

Industry Rating - The report assigns a "Leading" investment rating to the pharmaceutical industry, indicating an expectation of attractive performance relative to the benchmark index over the next 12 months [1][24]. Core Insights - Continuous policy support for innovative drugs is highlighted, with a focus on the AI+ healthcare theme and opportunities for rebound in oversold sectors. The report emphasizes the potential for significant recovery in the sector due to favorable policies and historical low valuations [4][5]. - Recent policy drafts aim to enhance the pricing mechanism for drugs and support the high-quality development of innovative drugs, which is expected to improve market sentiment and investment opportunities [5][6]. Summary by Sections Market Performance - The Hang Seng Index rose by 3.7% and the Hang Seng Healthcare Index increased by 5.7% during the week of February 19-26, 2025, outperforming the broader market. Notable sub-sector performances included biotechnology (+10.5%) and healthcare equipment (+8.4%) [4][9]. Policy Developments - Key measures from the drafts include the establishment of an investment fund for innovative drugs, multi-tiered pricing, and a diverse payment system to enhance market access and pricing stability for innovative drugs [5][6]. - The introduction of a "Category C" directory for high-priced innovative drugs aims to facilitate negotiations between insurance and commercial health sectors, potentially bringing in over 1.75 trillion yuan in funding [5][6]. Investment Recommendations - The report recommends focusing on companies that are likely to benefit from upcoming policy changes, including Kangfang Biopharma, Innovent Biologics, Legend Biotech, and others with clear growth trajectories and valuation recovery potential [4][5]. - It also suggests monitoring the AI+ healthcare trend, particularly companies with clear data entry advantages and defined application scenarios [4]. Company Valuations - The report provides a valuation summary for various companies, with many rated as "Buy" and showing significant potential upside based on target prices compared to current prices. For instance, AstraZeneca is rated "Buy" with a target price of $93.30, while its current price is$75.40, indicating a potential upside of 23.5% [3][22].