Great Wall Glory Securities·2025-08-18 09:15Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Views - The report highlights the release of the preliminary list of innovative drugs for commercial insurance, focusing on companies with leading clinical value and commercialization capabilities [4] - The pharmaceutical and biotechnology industry index increased by 2.21%, ranking 21st among 31 primary industries, underperforming the CSI 300 index which rose by 3.64% [5][16] - The report suggests a focus on companies in the oncology, metabolic diseases, and rare diseases treatment sectors, particularly those with strong clinical pipelines and commercialization capabilities [8] Industry Overview - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) as of August 15, 2025, is 31.38x, up from 30.97x in the previous period, indicating an upward valuation trend but still below the average [5][21] - The top three sub-industries by PE are vaccines (62.98x), hospitals (40.19x), and medical consumables (39.11x), while the lowest is pharmaceutical distribution (15.85x) [21] Important Industry News - The National Healthcare Security Administration (NHSA) has published the preliminary list of innovative drugs for commercial insurance, with over 100 innovative drugs included, covering areas such as oncology and rare diseases [8][26] - The NHSA is also advancing the reform of medical insurance payment methods, emphasizing a disease-based payment model to enhance the quality of healthcare services [30] Company Dynamics - Insmed's "Brensocatib" has received FDA approval for treating non-cystic fibrosis bronchiectasis, marking a significant advancement in targeted therapies for this condition [42][44] - Precigen's "Papzimeos" has been approved by the FDA as the first-in-class gene therapy for recurrent respiratory papillomatosis, providing a new treatment option for patients [48] - The approval of "博优平" (Dulaglutide injection) by 博安生物 marks it as the first domestically produced biosimilar of its kind, aiming to compete in the diabetes treatment market [49][50]