生物医药行业：2025年首次新增商保目录，以支付杠杆引导创新药价值回归

Investment Rating - The industry investment rating is "Outperform the Market" which indicates an expected performance that exceeds the market by more than 5% over the next six months [33]. Core Insights - The report emphasizes the introduction of the first commercial health insurance innovative drug directory in 2025, which aims to guide the return of innovative drugs to their clinical value by leveraging payment mechanisms [3]. - The National Healthcare Security Administration (NHSA) has initiated the process for the 2025 negotiations, which includes the adjustment of the national medical insurance directory and the commercial health insurance innovative drug directory [3]. - The report suggests focusing on "innovation," "going global," "equipment upgrades," and "consumption recovery" as key investment strategies within the biopharmaceutical sector [5]. Summary by Sections Industry Overview - The NHSA's new policy will include innovative drugs that are highly innovative, clinically valuable, and significantly beneficial to patients, which will be recommended for use in commercial health insurance and medical mutual aid systems [3]. - The commercial health insurance innovative drug directory will be developed with the participation of insurance industry experts, who will have significant decision-making power regarding drug access and pricing negotiations [3]. Investment Strategy - The report recommends focusing on companies with global competitiveness in innovative drugs, such as BeiGene, East China Pharmaceutical, and others [5]. - It highlights potential opportunities in overseas markets and suggests monitoring companies like Mindray Medical and others for long-term growth [5]. - The report also points out the expected support for medical equipment upgrades from central and local government financing, recommending companies like Mindray Medical and others [5]. - It notes that consumption recovery policies may positively impact sectors like ophthalmology, dentistry, and medical aesthetics, suggesting companies like Puri Eye Hospital and others for investment [5]. Market Performance - The biopharmaceutical sector saw a weekly increase of 3.64%, outperforming the CSI 300 index, which rose by 1.54% [8][19]. - The report indicates that the pharmaceutical sector's valuation stands at 28.52 times (TTM), with a premium of 32.16% over the overall A-share market [24].