EBSCN·2025-06-23 04:12Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6]. Core Viewpoints - The acceleration of innovative drug reviews is expected to enhance the market's risk appetite for the innovative drug sector, with a focus on companies capable of rapid research, internationalization, and commercialization [3][24]. - The report suggests that the approval efficiency improvements will shorten product launch cycles, benefiting companies like Heng Rui Medicine, BeiGene, and Rongchang Biologics [3][27]. - The 2025 investment strategy emphasizes structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [3][28]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index fell by 4.35%, underperforming the CSI 300 index by 3.90 percentage points [1][18]. - The Hong Kong Hang Seng Medical Health Index dropped by 7.72%, lagging behind the Hang Seng Index by 6.24 percentage points [1][18]. Company R&D Progress Tracking - Recent IND applications include ABSK043 by He Yu Pharmaceutical and clinical applications for BGB-B455 by BeiGene and SA102-CAR-T by Sanofi [2][31]. - RAY1225 by Zhongsheng Pharmaceutical and HRS-1893 by Heng Rui Medicine are in Phase III clinical trials, while HS-10370 by Hansoh Pharmaceutical and SSGJ-612 by Sanofi are in Phase I [2][31]. Policy and Regulatory Updates - The National Medical Products Administration has proposed a draft to optimize the clinical trial review process, aiming to shorten approval times to 30 working days for eligible innovative drugs [3][26]. - The policy is expected to support key areas such as pediatric drugs and rare disease treatments, enhancing the commercialization speed of innovative drugs [3][26]. Key Company Profit Forecasts and Valuation - Heng Rui Medicine: 2024 EPS forecast at 0.99 CNY, with a PE ratio of 52, rated as "Accumulate" [5]. - Fish Leap Medical: 2024 EPS forecast at 1.80 CNY, with a PE ratio of 20, rated as "Buy" [5]. - Mindray Medical: 2024 EPS forecast at 9.62 CNY, with a PE ratio of 24, rated as "Buy" [5]. - United Imaging Healthcare: 2024 EPS forecast at 1.53 CNY, with a PE ratio of 84, rated as "Buy" [5].