Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5]. Core Views - The report suggests that with the gradual implementation of top-level design from the "Two Sessions," particularly the optimization of centralized procurement policies, reforms in medical insurance payment, and the promotion of innovative drug policies, various sub-sectors within the pharmaceutical industry are expected to rebound. It is recommended to focus on sub-sectors with relatively low valuations and smaller prior gains, especially companies expected to show significant performance improvements [2][35]. Summary by Sections Weekly Market Review - The pharmaceutical and biotechnology index rose by 2.62%, outperforming the CSI 300 index by 1.03 percentage points, ranking 16th in terms of industry performance. Year-to-date, the index has increased by 9.18%, also outperforming the CSI 300 by 7.36 percentage points, ranking 18th [10][12]. Weekly Stock Performance - In the A-share market, 477 pharmaceutical and biotechnology stocks were tracked, with 355 stocks rising, accounting for 74.42%. The top five performing stocks included: - Jincheng Pharmaceutical (+42.43%) - Saily Medical (+34.47%) - Dongfang Ocean (+25%) - Laobaixing (+22.47%) - Dajia Weikang (+21.14%) [19][20]. - In the Hong Kong market, 106 pharmaceutical and biotechnology stocks were tracked, with 54 stocks rising, representing 50.94%. The top performers included: - Sillod Medical (+39.86%) - Jinxin Fertility (+35.23%) - 3SBio (+28.01%) [23][25]. Industry News and Policies - The National Healthcare Security Administration released a guideline for pricing projects related to neurological services, specifically for brain-computer interface technologies, which will support the realization of high-level medical technology values [28]. - New childbirth subsidy regulations were announced in Hohhot, providing financial support for families with newborns, which is expected to enhance the supply of inclusive childcare services [29]. Weekly Insights - The report indicates that the pharmaceutical sector is performing well, driven by policy support from the "Two Sessions." The best-performing sub-sectors this week included: - Pharmaceutical commerce (+7.1%) - Traditional Chinese medicine (+2.95%) - Chemical pharmaceuticals (+2.65%) - Medical devices (+2.23%) - Biological products (+1.91%) - Medical services (+1.06%) [34]. - Year-to-date, the medical services sub-sector has seen the largest increase of 18.19%, while traditional Chinese medicine has experienced a decline of 0.93% [16][34].
医药生物行业周报：脑机接口服务收费打通，生育补贴新规落地-2025-03-18
东方财富证券·2025-03-18 06:03