医药生物行业周报：创新药械再获政策支持，把握调整机会-20250623

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology sector, indicating that the sector is expected to outperform the CSI 300 index by at least 10% over the next six months [1]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 4.35% in the week of June 16-20, 2025, ranking 30th among 31 sectors in the Shenwan index, underperforming the CSI 300 index by 3.90 percentage points. Year-to-date, the sector has risen by 4.57%, ranking 6th among all sectors and outperforming the CSI 300 index by 6.81 percentage points [3][12][16]. - The current PE valuation of the pharmaceutical and biotechnology sector stands at 27.21 times, which is at the historical median level, with a valuation premium of 123% compared to the CSI 300 index [19]. - The report highlights significant recent developments in the industry, including a meeting by the National Healthcare Security Administration to discuss adjustments to the 2025 National Basic Medical Insurance Drug List and the Commercial Health Insurance Innovative Drug List [4][27]. - The National Medical Products Administration has proposed to shorten the review and approval process for innovative drug clinical trials to 30 working days, aiming to encourage the development and market entry of innovative drugs [28]. Market Performance - The pharmaceutical and biotechnology sector's performance has been mixed, with a notable decline in the week of June 16-20, 2025. The top three declining sub-sectors were chemical pharmaceuticals, medical services, and pharmaceutical commerce, with declines of 5.48%, 4.92%, and 4.42%, respectively [12][16]. - Year-to-date, the chemical pharmaceuticals, medical services, and biological products sub-sectors have shown increases of 18.57%, 5.03%, and 0.60%, respectively [16]. Investment Recommendations - The report suggests that the recent significant decline in the pharmaceutical and biotechnology sector presents a buying opportunity for long-term investors. It emphasizes that innovative drugs remain the core investment focus within the sector [29]. - The report recommends monitoring the selection principles, price negotiations, and access policies related to the upcoming adjustments in the commercial health insurance innovative drug list [29]. - Specific stock recommendations include: - Recommended stocks: Betta Pharmaceuticals, Teva Biopharmaceuticals, Lao Bai Xing, Ling Rui Pharmaceutical, and Nuotai Biopharmaceuticals - Stocks to watch: Kelun Pharmaceutical, Rongchang Biopharmaceutical, Lijun Pharmaceutical, Qianhong Pharmaceutical, and Kaili Medical [30].