药品行业周报：双目录调整启动，国内创新药市场规模有望持续扩容-20250623

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The domestic innovative drug market is expected to continue expanding, driven by the adjustment of medical insurance and commercial insurance catalogs [4][33] - The industry is transitioning from capital-driven growth to profit-driven growth, presenting opportunities for both performance and valuation recovery [4][29] - The innovative drug sector is entering a commercialization phase, with leading companies beginning their profit cycles [33] Market Performance - The pharmaceutical and biotechnology sector experienced a decline of 4.35% last week, ranking as the third largest decline among all primary industries [5][8] - Year-to-date, from January 1 to June 22, 2025, the pharmaceutical and biotechnology sector has increased by 4.6%, outperforming the broader market by 3.3 percentage points [5][8] - The valuation levels as of June 20, 2025, show a PE-TTM of 27.2X and a PB of 2.56X, both near their respective negative one standard deviation [5][8] Investment Recommendations - The report suggests focusing on two main investment themes: innovation and recovery [34] - Innovation Theme: Target companies with significant technological platforms and product advantages, such as Huadong Medicine and Aosaikang [34] - Recovery Theme: Look for bottom assets with significant safety margins, such as Changchun High-tech, China Resources Double Crane, and Weixin Kang [34] - The report emphasizes the importance of tracking industry developments and market cycles to identify suitable investment opportunities [34] Long-term Outlook - The pharmaceutical and biotechnology industry is expected to enter a high-quality development phase characterized by research upgrades, innovation, and international integration [34] - The innovative drug sector is anticipated to see a sustained recovery in market sentiment, although some sub-sectors like raw materials and generics have not yet shown significant improvement [34]