商保目录首次纳入调整方案，医疗保障法征求意见发布

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector, indicating a positive outlook for the industry over the next 6 to 12 months [2][45]. Core Insights - The pharmaceutical sector has shown a 1.60% increase, following the broader market trend, with the Shanghai Composite Index rising by 1.95%. The sector ranks 23rd among 31 primary sub-industries [5][13]. - All sub-sectors within the pharmaceutical industry experienced growth, with notable increases in medical services (2.92%), medical devices (2.10%), and pharmaceutical commerce (2.08%) [5][13]. - The report emphasizes that innovative drugs remain the most promising sub-sector within the pharmaceutical industry, with a clear growth trajectory expected to continue despite short-term adjustments [5][13]. - The National Healthcare Security Administration has initiated discussions on the 2025 National Basic Medical Insurance and commercial health insurance drug directory adjustments, which are expected to catalyze innovation in the sector [5][13]. - The introduction of the Medical Security Law is anticipated to enhance the regulatory framework and support the long-term development of the pharmaceutical industry [5][13]. Summary by Sections Market Performance - The pharmaceutical sector's return is 6.2% year-to-date, outperforming the Shanghai Composite Index, which has a return of -0.3% [14]. - The report notes that the pharmaceutical sector's valuation is currently at 23.2 times PE based on 2025 earnings forecasts, which is a 24.2% premium over the overall A-share market [17]. Key Company Recommendations - The report recommends increasing allocations to innovative drug companies, particularly those transitioning from biotech to biopharma, such as I-Mab, Junshi Biosciences, and BeiGene [5][13]. - Traditional pharmaceutical companies that are innovating, such as 3SBio and Changchun High & New Technology, are also highlighted as strong investment opportunities [5][13]. Company Dynamics - The report includes updates on key companies, such as the approval of clinical trials for various drugs by companies like Hengrui Medicine and the positive opinion from the European Medicines Agency for a new treatment by Baiyue Pharmaceutical [30].