医药生物行业报告（2025.08.04-2025.08.10）：国家医保局连续召开五场“医保支持创新药械”座谈会，从研发、准入到支付全链条支持创新

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The National Healthcare Security Administration (NHSA) has held five meetings on "Medicare Support for Innovative Drugs and Devices," emphasizing a complete chain of support from research and development to access and payment for innovative products [6][17] - The NHSA's clear stance against "pseudo-innovation" and "involution-style innovation" is expected to accelerate the global presence of Chinese innovative drugs and devices, benefiting patients [6][17] Summary by Sections Industry Overview - The closing index is at 8759.57, with a weekly high of 8891.5 and a low of 6070.89 [2] Weekly Performance - The pharmaceutical sector declined by 0.84%, underperforming the CSI 300 index by 2.07 percentage points, ranking 31st among 31 sub-industries [20][22] - The medical consumables sector saw the highest increase of 3.93%, while the medical research outsourcing sector experienced the largest decline of 3.56% [7][23] Beneficiary Stocks - Beneficiary stocks in the innovative drug sector include: - H-shares: Innovent Biologics, CanSino Biologics, Zai Lab, and others - A-shares: Zai Lab, Eucure Biopharma, and others - In the medical device and consumables sector, notable companies include: Mindray Medical, United Imaging Healthcare, and others [8][18] Sub-sector Analysis - Medical Devices: The sector is expected to benefit from policies supporting high-end medical device innovation, with a current TTM P/E ratio of 38.35, indicating potential for valuation growth [28][29] - Medical Consumables: The sector is anticipated to see steady growth as high-value consumables procurement approaches completion, with a focus on companies with high growth potential [30] - IVD Sector: The IVD sector is projected to improve due to policy optimizations, with a TTM P/E ratio of 37.80, suggesting room for valuation increases [32] - Blood Products: The sector is experiencing stable demand growth, with a focus on companies with strong operational efficiency and brand value [34][35] - Retail Pharmacy: The sector is undergoing consolidation, with leading pharmacies expected to benefit from increased customer traffic and profitability [36] - Healthcare Services: The hospital sector is recovering, with growth in specific areas like ophthalmology and assisted reproductive technology [39][40] - Traditional Chinese Medicine: The sector is expected to see a turning point as inventory clears, with a focus on innovative and policy-benefiting companies [41][42] - CXO Sector: The sector is recovering, with an increase in demand for outsourcing services, driven by improved fundamentals [44][45] - Innovative Drugs: Despite recent adjustments, the sector remains optimistic about future performance, supported by strong global competitiveness [46][47]