医药行业重大事件点评报告：政府工作报告优化集采政策，支持创新药发展

Investment Rating - The industry investment rating is Neutral [4] Core Insights - The 2025 government work report emphasizes the optimization of drug procurement policies, highlighting the importance of quality assessment and regulation, which is expected to improve the competitive environment in the industry [5][6] - The report supports the development of innovative drugs, indicating a need to establish a drug pricing mechanism and a directory for innovative drugs, which may lead to separate policy management for drugs included in the directory [5][6] Summary by Sections Drug Procurement Policy - The 2025 report states the need to optimize drug procurement policies, adding quality assessment to the existing low-price bidding rules, which is expected to benefit companies that excel in both cost and quality [5][6] Support for Innovative Drugs - The report reiterates the commitment to accelerate the development of innovative drugs and mentions the establishment of a pricing mechanism and a directory for innovative drugs, which is crucial for the sustainable development of the industry [5][6] Healthcare System Improvement - The report prioritizes enhancing basic medical services and promoting the equitable distribution of quality medical resources, which includes support for the construction of regional medical centers and upgrading medical equipment in county hospitals and town health centers [5][7] Investment Recommendations - The report suggests focusing on leading generic drug companies with cost and quality advantages, as well as innovative drug companies with strong capabilities and a rich product pipeline, such as Heng Rui Medicine, BeiGene, WuXi AppTec, and Kelun Pharmaceutical [2][9]