医药生物行业即时点评：美国药价政策仅是扰动，中国创新药出海持续看好

Investment Rating - The report maintains a positive outlook on the Chinese innovative pharmaceutical sector, suggesting that it is a high-quality asset with significant potential for international expansion [4]. Core Insights - The recent U.S. drug pricing policy, while complex, is unlikely to have a substantial negative impact on the profits of major pharmaceutical companies [2][3]. - Chinese innovative drugs are recognized as some of the best assets globally, driven by a decade of development and reform in the drug research and development policy since 2015 [3]. - The report emphasizes that multinational corporations (MNCs) are likely to accelerate their business development (BD) efforts in innovative drugs due to the U.S. pricing policy and the upcoming expiration of numerous patents by 2028 [3][4]. Summary by Sections U.S. Drug Pricing Policy - The complexity of the U.S. healthcare system makes significant price reductions challenging, with the potential impact on pharmaceutical profits being limited [2]. - The administrative order signed by Trump aims to align U.S. drug prices with those in other countries, but its execution may face practical difficulties [2]. Chinese Innovative Drugs - The report highlights the strengths of the Chinese pharmaceutical industry, including a robust pipeline of innovative drugs and a well-developed clinical research environment [3]. - The integration of high-quality resources in China has led to recognition from MNCs, positioning Chinese innovative drugs favorably in the global market [3]. Investment Recommendations - The report suggests focusing on companies with globally competitive innovative drug pipelines that are likely to engage in business development, including companies like HeYue-B (2256.HK), YiMing Oncology-B (1541.HK), and others [4].