医药生物行业周报：政策持续支持医药行业发展，继续看好创新药、创新药产业链、AI医疗三大方向

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical and biotechnology sector [1]. Core Insights - The report emphasizes the recovery of the pharmaceutical sector's prosperity, highlighting three main directions: innovative drugs, the innovative drug industry chain, and AI healthcare [2][3]. - The government work report presented by Premier Li Qiang stresses the importance of medical insurance, healthcare, and pharmaceuticals, supporting the development of related industries [3][16]. - The report suggests focusing on segments with good growth potential and industrial logic, with "innovation + internationalization" as core keywords [3][21]. Weekly Market Performance - From March 3 to March 7, 2025, the pharmaceutical sector outperformed the CSI 300 index, with a weekly increase of 1.09% compared to the CSI 300's 1.39% [5][7]. - Since the beginning of 2025, the pharmaceutical sector has shown a 2.07% increase, outperforming the CSI 300 by 1.84 percentage points [5]. Valuation Levels - As of March 7, 2025, the pharmaceutical sector's valuation stands at 25.97 (PE, TTM), with a premium rate of 116.19% over the CSI 300 [7][10]. Investment Strategy - The report recommends focusing on innovative drugs and the improving fundamentals of the innovative drug industry chain, as well as the growing importance of AI healthcare in 2025 [3][21]. - It highlights the potential recovery in the medical device sector and the expected rebound in consumer healthcare if the economic outlook improves [3][21]. Recommended Stocks - Hengrui Medicine: Expected to recover from the transitional pain of innovation, with several innovative drugs starting to gain traction [3][31]. - Innovent Biologics: Entering a period of accelerated growth, with major products expected to launch next year [3][31]. - BeiGene: Continues to exceed expectations with its core product, Zebrutinib, and is gradually moving towards profitability [3][31]. - Aibot Medical: Driven by innovation and new product launches, with significant growth expected in its product lines [3][31]. - Enhua Pharmaceutical: Steady growth in the psychiatric anesthesia sector, with a robust pipeline ensuring future growth [3][31]. Sector Trends - The report notes that the innovative drug sector is a key focus of policy support, with expectations for improved performance in 2025 [18][20]. - AI healthcare is identified as a significant direction for the pharmaceutical sector in 2025, with companies leveraging high-quality medical data resources to gain competitive advantages [25][21]. - The medical device industry is expected to return to a growth trajectory, with ongoing policy reforms and market demand driving recovery [27][21].