医药生物行业周报：支持高端医疗器械创新发展举措有望出台，建议关注相关受益领域-20250623

Investment Rating - The report maintains a "Recommend" rating for the healthcare industry [7] Core Insights - The pharmaceutical sector underperformed the CSI 300 index, with the Shenwan Pharmaceutical Bio Index declining by 4.35% from June 16 to June 20, 2025, lagging behind the CSI 300 by 3.90 percentage points, ranking 29th among 31 Shenwan first-level industry indices [2][12] - Year-to-date, the Shenwan Pharmaceutical Bio Index has increased by 4.57%, outperforming the CSI 300 by 6.81 percentage points, ranking 6th among the 31 indices [2][14] - As of June 20, 2025, the valuation of the pharmaceutical sector stands at 27.07 times (TTM overall method, excluding negative values), with a premium of 140.87% compared to the CSI 300 [2][17] Summary by Sections Market Performance - The pharmaceutical sector's performance from June 16 to June 20, 2025, showed a decline of 4.35%, underperforming the CSI 300 index [12] - The sector's valuation as of June 20, 2025, is 27.07 times, indicating a significant premium over the CSI 300 [17] Key Events - On June 20, 2025, the National Medical Products Administration (NMPA) held a meeting to discuss measures to support the innovation of high-end medical devices, which includes optimizing special approval processes and enhancing communication and guidance mechanisms [4][21] Industry Perspective - The high-end medical device market in China is expanding, with significant growth in areas such as medical robots, high-end medical imaging equipment, AI medical devices, and new biomaterials [5][22] - The upcoming measures from the NMPA are expected to facilitate the transformation of research achievements into practical products, meeting clinical needs and providing market opportunities for companies [5][22] - The report expresses optimism about innovative drugs, overseas expansion, and the clearing of procurement segments, suggesting a focus on insulin, orthopedics, and certain generic drug companies [5][22]