海外消费周报：多项政策出台支持创新药高质量发展，商保创新药目录有望于年内落地-20250704

Investment Rating - The report maintains a positive outlook on the overseas pharmaceutical sector, particularly regarding the support for innovative drugs and the expected implementation of commercial health insurance innovative drug catalogs within the year [3][7]. Core Insights - Multiple policies have been introduced to support the high-quality development of innovative drugs, with a focus on comprehensive support from research and development to clinical application and multi-payment systems [3][8]. - The National Healthcare Security Administration and the National Health Commission have released measures to enhance the accessibility of innovative drugs, including the establishment of a commercial health insurance catalog for innovative drugs that are clinically valuable and beneficial to patients [3][9]. Summary by Sections 1. Overseas Pharmaceutical Sector - The Hang Seng Healthcare Index rose by 3.37%, outperforming the Hang Seng Index by 4.42 percentage points [7]. - Recent measures include the encouragement of commercial health insurance companies to expand investment in innovative drugs and the establishment of a dynamic adjustment mechanism for the basic medical insurance drug catalog [9][12]. 2. Domestic Pharmaceutical Company Updates - Heng Rui Medicine has initiated clinical trials for HRS-1738, a diagnostic radiopharmaceutical for prostate cancer [4][11]. - Zai Lab's Bemarituzumab has shown positive results in a Phase III trial for FGFR2b positive gastric cancer [4][11]. - The combination therapy of Savolitinib and Osimertinib has received NMPA approval for treating advanced non-small cell lung cancer [4][11]. 3. Overseas Pharmaceutical Company Updates - AbbVie announced a cash acquisition of Capstan Therapeutics for up to $2.1 billion to gain access to its CAR-T therapy candidate [5][13]. - AstraZeneca has initiated a Phase III trial for a B7-H4 ADC in endometrial cancer [5][13]. - Regeneron received accelerated FDA approval for its BCMA/CD3 bispecific antibody for treating relapsed or refractory multiple myeloma [5][13]. 4. Investment Recommendations - Continuous attention is recommended for innovative drugs with ongoing commercialization and clinical progress, particularly for companies like BeiGene, Innovent Biologics, and others [14]. - The report suggests monitoring pharmaceutical companies that are progressively advancing their innovative pipelines [14].