医药生物行业周报：ADA大会召开，关注创新产业链-20250627

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [58][70]. Core Insights - The report highlights the approval of measures by the National Medical Products Administration (NMPA) to support the innovation of high-end medical devices, which is expected to enhance the industry’s growth [16][17]. - The report notes that from January to May 2025, there were 167 million instances of employee medical insurance personal account mutual aid, amounting to 22.026 billion yuan [4][16]. - Dupilumab has received FDA approval for the treatment of bullous pemphigoid, marking a significant advancement in targeted therapies [18]. Industry News - The NMPA has approved measures to optimize the lifecycle regulation supporting high-end medical device innovation, which includes ten specific actions aimed at enhancing the development of innovative medical technologies [16][17]. - The report mentions the upcoming ADA conference, where numerous pharmaceutical companies will showcase their innovative drug research, suggesting potential investment opportunities in related sectors [8][57]. - The report emphasizes the ongoing optimization of centralized procurement policies, which is expected to mitigate negative impacts on the industry and improve performance in related sectors [8][57]. Market Performance - The report indicates that during the week of June 20-26, 2025, the Shanghai Composite Index rose by 2.57%, while the pharmaceutical and biological sector increased by 1.34%, with all sub-sectors showing positive growth [6][47]. - As of June 26, 2025, the price-to-earnings ratio (TTM) for the pharmaceutical and biological industry was 27.45, with a valuation premium of 138% compared to the CSI 300 index [51][58]. Company Announcements - Kintor Pharmaceutical announced that the NMPA has accepted the new drug application for Shurike Aolun's injection for the treatment of advanced gastric/esophageal junction adenocarcinoma [27]. - HBM7020, developed by Hengrui Medicine, has entered a global strategic cooperation agreement with Otsuka Pharmaceutical for the treatment of autoimmune diseases [28][32]. - The report also highlights various collaborations and licensing agreements among companies, indicating a trend towards strategic partnerships in the industry [33][34][35].