医药生物行业周报：政策持续鼓励创新器械，创新与出海企业有望受益-20250728

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare industry [6] Core Insights - The healthcare sector has shown a slight outperformance against the CSI 300 index, with the Shenwan Pharmaceutical and Biological Index rising by 1.90% from July 21 to July 25, 2025, outperforming the CSI 300 by 0.21 percentage points [1][11] - Year-to-date, the Shenwan Pharmaceutical and Biological Index has increased by 18.81%, outperforming the CSI 300 by 13.92 percentage points, ranking third among 31 Shenwan primary industry indices [1][13] - As of July 25, 2025, the valuation of the pharmaceutical sector stands at 30.53 times (TTM overall method, excluding negative values), with a valuation premium of 155.99% compared to the CSI 300 [1][16] Summary by Sections 1. Market Performance - The pharmaceutical sector has outperformed the CSI 300 index, ranking 19th among 31 primary industry indices [1][11] - The sector's valuation is significantly higher than the market average, indicating strong investor interest [1][16] 2. Important Events - On July 25, 2025, the National Medical Insurance Administration held a seminar to support innovative drugs and medical devices, discussing new policies to encourage innovation and global expansion of Chinese medical products [3][20] - The seminar highlighted initiatives such as the establishment of new medical service pricing projects and mechanisms for the pricing of newly launched drugs [3][20] 3. Industry Perspective - The report emphasizes that future policies will support companies in avoiding internal competition, promoting overseas expansion, and encouraging differentiated innovation, which is beneficial for the high-quality development of the medical device industry [4][21] - It is expected that collective procurement prices will stabilize, enhancing the profitability of related companies [4][21] - The report continues to favor innovative drugs, overseas markets, and sectors benefiting from collective procurement reforms, particularly in insulin and orthopedic segments [4][21]