2025年医药生物行业中期策略报告：坚定信心，向“新”而行-20250626

Investment Summary - The innovative pharmaceutical and medical device sectors are entering a commercialization phase, with significant reductions in losses for many companies in 2024. Research and development in dual/multi-antibody drugs, radiopharmaceuticals, antibody-drug conjugates (ADC), and gene therapies are gaining momentum [5][16] - The medical device sector is experiencing a substantial growth trend in bidding and procurement, with a reported increase of approximately 67% in the first quarter of 2025 compared to the previous year [22] - The rise of health-conscious consumer behavior is creating new opportunities in traditional Chinese medicine, pharmacies, and healthcare services, with the health consumption market expected to grow rapidly [5][24] Sector Performance Review - As of June 10, 2025, the pharmaceutical and biotechnology sector has seen a year-to-date increase of 10.65%, outperforming the CSI 300 index by 12.42 percentage points [9][12] - The chemical pharmaceutical sub-sector led the gains with a 26.71% increase, while traditional Chinese medicine saw a decline of 1.29% [12][13] Innovative Pharmaceuticals - The Chinese pharmaceutical industry is witnessing a surge in the number of innovative drugs developed domestically, with a total of 3,575 active innovative drugs as of December 31, 2024, surpassing the United States [18] - The commercialization phase for innovative drugs is marked by significant revenue growth for companies like Baiyi Tianheng, which reported a revenue increase of 936.31% in 2024 [18][19] - The trend of licensing-out agreements is on the rise, with a total of 76 transactions reported in 2024, reflecting the growing international competitiveness of Chinese biotech firms [20] Medical Devices - The medical device sector is experiencing structural differentiation, with a market value decline from 1.54 trillion yuan to 1.31 trillion yuan in 2024, a decrease of nearly 15% [22] - The introduction of policies aimed at promoting innovation and updating equipment is expected to revitalize the medical device industry [22][23] New Health Consumption - The Chinese government has introduced policies to promote health consumption, which is expected to drive rapid growth in the health consumption sector [24] - The health consumption market is characterized by low spending levels and rapid growth, with the total revenue of the health industry reaching 9 trillion yuan in 2024 [24][25] - AI technology is enhancing medical services, improving patient experiences and diagnostic efficiency, particularly in traditional Chinese medicine [25][26]