Investment Rating - The report rates the pharmaceutical industry as "Overweight," indicating a positive outlook for the sector compared to the overall market performance [4][27]. Core Insights - The pharmaceutical sector saw a weekly increase of 3.6%, outperforming the Shanghai Composite Index, which rose by 1.4% [4][5]. - The report highlights the introduction of supportive policies for innovative drugs and high-end medical devices, including a comprehensive support system for innovative drug development, access, usage, and payment [4][12]. - The negotiation for the 2025 National Medical Insurance Drug List has officially started, with plans to include innovative drugs in commercial health insurance for the first time [4][13]. - AstraZeneca and Summit are reportedly negotiating a deal worth over $15 billion for the drug AK112, indicating significant activity in the innovative drug market [4][16]. - The report emphasizes the growth in revenue and licensing deals for innovative drugs, suggesting a trend towards broader market expansion [4]. Market Performance - The pharmaceutical sector's overall valuation stands at 29.8 times PE (2025E), ranking 6th among 31 primary industries [4][11]. - The performance of various sub-sectors includes: - Raw materials (+5.8%) - Chemical preparations (+4.9%) - Other biological products (+8.3%) - Medical devices (-0.2%) [4][7]. Key Events - On July 1, the National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, outlining 16 specific initiatives [4][12]. - The National Medical Products Administration announced measures to support the innovation of high-end medical devices, focusing on key areas such as medical robots and AI medical devices [4][13]. - Longcheng Gaoxin announced plans to issue H shares and list on the Hong Kong Stock Exchange, enhancing its international brand image [4][15].
医药行业周报:本周医药上涨3.6%,创新药及高端器械再迎支持政策,医保目录谈判正式启动,AZ/Summit或达成超150亿美元交易-20250706