复苏信号显现，《政府工作报告》加大创新药

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [2] Core Insights - The 2025 Government Work Report emphasizes the importance of supporting innovative drugs and improving the procurement policies for medical devices, indicating a recovery signal in the medical equipment market [6][24] - The report highlights the potential of new drug applications, such as Corcept Therapeutics' relacorilant for Cushing's syndrome and Capricor Therapeutics' deramiocel for Duchenne muscular dystrophy (DMD), which could become standard treatments if approved [38][40] Summary by Sections Market Performance Review (March 1 - March 8, 2025) - The Shanghai Composite Index closed at 3372.55, up 1.56% - The Shenzhen 300 Index closed at 3944.01, up 1.39% - The pharmaceutical industry index closed at 7380.21, up 1.06%, ranking 19th among 31 industry indices [1][2] Medical Equipment Market Recovery Signals - The 2025 Government Work Report outlines key reforms, including: 1. Health priority development strategy to promote the synergy of medical care, insurance, and pharmaceuticals 2. Optimizing drug procurement policies to enhance quality assessment and regulation 3. Supporting innovative drug development through a structured pricing mechanism and innovation drug catalog [6][24][25] - The report notes a significant increase in procurement amounts for certain medical devices compared to 2023, indicating a recovery in the market [27][28] Important News - Corcept Therapeutics' relacorilant has been accepted for review by the FDA, with potential to become a standard treatment for Cushing's syndrome [38] - Capricor Therapeutics' deramiocel has received priority review status from the FDA, with expectations for approval by August 31, 2025, potentially becoming the first approved therapy for DMD heart disease [40] Key Recommendations - The report suggests focusing on companies with strong innovation capabilities and those benefiting from new medical infrastructure and high-end medical device exports, such as Mindray Medical, United Imaging, and others [12]