医药生物行业2025年7月投资策略：继续推荐关注创新药及创新产业链

Core Insights - The report continues to recommend focusing on innovative drugs and the innovative industry chain, highlighting improvements in both domestic and overseas markets for July 2025 [5][4] - The investment strategy suggests a sustained focus on innovative drugs and related industries, with a specific portfolio of recommended stocks for A-shares and H-shares [5][6] Industry Overview - The pharmaceutical manufacturing industry reported a cumulative revenue of 994.79 billion yuan with a year-on-year decline of 1.4% from January to May 2025, while total profits decreased by 4.7% to 135.32 billion yuan [9][8] - The overall industrial added value for the pharmaceutical manufacturing sector grew by 0.9% during the same period, indicating a modest recovery [9][8] Market Performance - In June 2025, the pharmaceutical sector experienced a 0.70% increase, underperforming the CSI 300 index by 1.80% [10][11] - The medical service sector showed significant growth, with a 4.77% increase, while traditional Chinese medicine and medical commercial sectors faced declines of 1.86% and 1.23%, respectively [13][14] Investment Recommendations - The report emphasizes the potential for domestic innovative drugs to achieve sales growth supported by medical insurance negotiations and commercial health insurance [5][4] - Recommended companies with high-quality innovation capabilities include Kelun-Biotech, CanSino Biologics, and Innovent Biologics, among others [5][4] Valuation Insights - The overall valuation level of the pharmaceutical sector is currently at a PE (TTM) of 46.97, which is at the 73.1% historical percentile over the past five years [20][19] - The report indicates that the pharmaceutical sector's valuation has fully adjusted, with premium rates relative to the CSI 300 and the entire A-share market being at their five-year averages [20][19] Recent Approvals and Applications - In June 2025, four innovative drugs or biosimilars were approved for market entry, including three domestic products and one imported product [22][23] - The report tracks NDA and IND applications for innovative drugs, highlighting several key products and their respective companies [24][25][26]