Shenwan Hongyuan Securities·2025-04-08 09:30Group 1 - The report highlights the recent policy initiatives from Beijing and Shenzhen aimed at supporting the high-quality development of innovative pharmaceuticals and medical devices, emphasizing a full-chain support approach from research and development to clinical application [4][5][6] - The policies include measures to enhance the efficiency of clinical trials, such as reducing the overall time for initiating clinical trial projects to under 20 weeks in Beijing and 25 weeks in Shenzhen, along with financial incentives for successful trials [6][10] - The report notes that these initiatives are a continuation of previous efforts, with significant improvements observed in clinical trial timelines and the establishment of green channels for urgent drug imports, contributing to an 8.7% growth in the pharmaceutical and health industry in Beijing [11][12] Group 2 - The report suggests focusing on key companies in the innovative drug, medical device, and AI sectors, including major players like 恒瑞医药 (Hengrui Medicine), 迈瑞医疗 (Mindray), and 润达医疗 (Runda Medical) [3][14][16] - It provides a valuation table for key companies in the pharmaceutical and medical device sectors, indicating their market capitalization and projected earnings per share (EPS) for 2024 to 2026, which reflects the expected growth and investment potential in these companies [14] - The report emphasizes the importance of artificial intelligence in enhancing pharmaceutical innovation, with both Beijing and Shenzhen promoting AI applications in drug development and clinical trial management [7][8]