医药行业周报：本周医药上涨3.1%，医保局发布按病种付费管理暂行办法和医保“双目录”初审名单，司美在美获批治疗MASH-20250817

Investment Rating - The report maintains a positive outlook on the innovative drug sector, recommending it as an investment opportunity [3][10]. Core Insights - The pharmaceutical sector saw a 3.1% increase in the Shenyin Wanguo Pharmaceutical Bio Index, outperforming the Shanghai Composite Index, which rose by 1.7% [3][4]. - The overall valuation of the pharmaceutical sector is at 33.4 times PE (2025E), ranking 6th among 31 primary industries [4][8]. - The National Medical Insurance Administration announced the preliminary review of the "dual directory" for medical insurance, with a significant increase in the number of drugs passing the initial review compared to 2024 [10]. - The introduction of the "Interim Measures for Disease-based Payment Management" aims to standardize medical insurance payments and improve the efficiency of fund usage [10]. - Notable events include the FDA's accelerated approval of Wegovy for treating MASH and the listing of Yinnuo Pharmaceutical on the Hong Kong Stock Exchange, raising approximately 635 million HKD [11][12]. Market Performance - The pharmaceutical sector's performance is detailed with various sub-sectors showing mixed results, such as chemical preparations (+4.3%) and medical research outsourcing (+7.8%) [4][6]. - The report highlights the growth in product revenue and external licensing in the innovative drug sector over the past three years, with expectations for continued high growth and reduced losses [3][10]. Key Events - The FDA's approval of Wegovy for MASH treatment marks a significant milestone in innovative therapies [11]. - The investment of 1.3 billion USD by Eli Lilly in an AI pharmaceutical company aims to accelerate drug development for obesity and other metabolic diseases [12].