中国创新药闪耀ASCO，重磅出海交易持续落地

Investment Rating - The report assigns a "Buy" rating to several companies in the pharmaceutical sector, indicating a potential upside of over 15% in their stock prices over the next 12 months [31]. Core Insights - The MSCI China Healthcare Index has increased by 27.6% since the beginning of 2025, outperforming the MSCI China Index by 14.5% [2]. - The international competitiveness of Chinese innovative drugs is being demonstrated through significant overseas licensing deals, reflecting a strong market presence [2]. - The report anticipates a valuation recovery in the pharmaceutical industry by 2025, driven by factors such as overseas licensing transactions, optimization of domestic procurement policies, and the implementation of new medical insurance categories [5]. Summary by Sections 1. Industry Research - Medical Insurance Negotiations - Continued support for innovation and recovery in overseas R&D demand [5]. 2. Industry Research - Medical Equipment - Expected recovery in bidding for medical devices and fruitful outcomes from innovative drug overseas transactions [5]. 3. Industry Research - Medical Insurance Directory - The results of adjustments to the medical insurance directory are expected to continuously support innovation [5]. 4. Industry Research - Ongoing Policy Efforts - Positive outlook for valuation rebound due to sustained policy support [5]. 5. Industry Research - New Medical Insurance Categories - The introduction of new medical insurance categories is expected to open up domestic payment space for innovative drugs [5]. 6. Industry Research - Valuation Recovery - The industry is poised for a valuation recovery, with several companies recommended for purchase [5]. 7. Industry Research - Drug Pricing Policies - Drug pricing policies are expected to be optimized, with accelerated commercialization of medical AI [5]. 8. Industry Research - Anticipated Drug Procurement Policy Optimization - Expectations for the implementation of an "innovative drug directory" [5]. 9. Industry Research - 2024 Performance Review - Innovative drugs are expected to dominate the market [5].