摩根士丹利：中国医疗保健_每周快报

Investment Rating - The report rates the China Healthcare industry as Attractive [4]. Core Insights - The National Health Commission (NHC) has published guidelines for the "2025 Tertiary Hospital Accreditation Standards," focusing on enhancing hospital accreditation processes and supporting primary healthcare institutions [2]. - WuXi Biologics has begun construction of a microbial manufacturing facility in Chengdu, featuring a 15,000L fermentation tank with an annual production capacity of 80-110 drug substance batches and potential expansion to 60,000L [2]. - The National Medical Products Administration (NMPA) has granted Breakthrough Therapy Designation for Sac-TMT in combination with tagitanlimab for treating non-squamous non-small cell lung cancer [2]. Summary by Sections Regulatory Developments - The NHC's guidelines aim to improve tertiary hospital capabilities, emphasizing critical medical services and innovation [2]. Company Updates - WuXi Biologics' new facility will be the first in China to have a two-chamber lyophilization line, capable of producing over 10 million bottles of drug product annually [2]. - Other companies like Kelun Bio and Huadong Medicine have received NMPA approvals for clinical trials, indicating ongoing innovation in the sector [8]. Market Trends - The report highlights a decline in net fund flows in the healthcare sector, with a net outflow of RMB 2,476,000 in the past week, reflecting a cautious investor sentiment [15][16].