医药生物行业周报：继续看好创新药，关注上游产业链-20250715

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Viewpoints - The report highlights a positive outlook on innovative drugs and emphasizes the importance of the upstream supply chain [5][22]. - The recent measures introduced by the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs, which includes increasing support for R&D and enhancing the role of commercial insurance in the multi-tiered medical security system [4][21]. Summary by Sections 1. Market Performance Review - From July 7 to July 11, 2025, the Shenwan Pharmaceutical and Biological Index increased by 1.82%, outperforming the CSI 300 Index by 1.00 percentage points, ranking 16th among 31 Shenwan first-level industry indices [2][12]. - Year-to-date, the Shenwan Pharmaceutical and Biological Index has risen by 12.11%, surpassing the CSI 300 Index by 10.08 percentage points, ranking 4th among the 31 indices [14][17]. 2. Important Events - The recent introduction of 16 measures to support the high-quality development of innovative drugs includes enhancing R&D support, facilitating access to basic medical insurance and commercial health insurance, and improving payment capabilities for innovative drugs [4][21]. 3. Industry Insights - The report emphasizes the growing role of commercial insurance in the multi-tiered medical security system, which is expected to provide greater flexibility and support for high-priced innovative drugs and medical devices [5][22]. - The innovative drug sector is entering a phase of realization of results, with significant R&D progress expected to drive investment in 2025 [22]. - The report suggests focusing on companies involved in overseas expansion, particularly in emerging markets, as they present substantial growth potential [22]. - The ongoing acceleration of centralized procurement in various pharmaceutical sectors is anticipated to lead to new growth opportunities, particularly in insulin and orthopedic segments [22].