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医药生物行业2025年8月投资策略:关注创新药产业链以及估值合理的器械标的
Guoxin Securities·2025-08-20 15:26

Core Insights - The report emphasizes the focus on the innovative drug industry chain and reasonably valued medical device targets for investment strategies in the pharmaceutical and biotechnology sector [1][4]. Investment Strategy - The investment strategy suggests paying attention to the innovative drug industry chain and reasonably valued medical device targets. The proposed investment portfolio for August 2025 includes A-shares such as Mindray Medical, WuXi AppTec, Aier Eye Hospital, New Industry, Huatai Medical, Kaili Medical, Aohua Endoscopy, Adebiotech, Aibo Medical, and KingMed Diagnostics, as well as H-shares like Kangfang Biologics, Kelun-Botai Biologics-B, Hutchison China MediTech, Kangnuo-B, Sanofi, WuXi AppTec, Aikang Medical, and Gushengtang [4][5]. Market Trends - The National Healthcare Security Administration (NHSA) has released a list of drugs that passed the initial review for innovative drugs, indicating potential growth from commercial insurance. In 2025, the NHSA received 718 submissions for the basic medical insurance directory, with 534 passing the initial review, and 141 submissions for the commercial insurance innovative drug directory, with 121 passing the initial review [4][9]. Clinical Data and Conferences - The report highlights the upcoming World Lung Cancer Conference (WCLC) and European Society for Medical Oncology (ESMO) meetings, where several domestic innovative drugs will present their research results, showcasing the increasing competitiveness of domestic innovative drugs in global markets [4][9]. Policy Changes - The report notes a shift in the centralized procurement policy, moving away from a simple lowest price reference to a more balanced approach that considers clinical stability, quality assurance, and cost justification. This change is expected to improve the profitability of the medical device industry in the coming years [4][9]. Industry Performance - The pharmaceutical industry showed a 13.93% increase in July, outperforming the CSI 300 index by 10.38%. Sub-sectors such as medical services, chemical pharmaceuticals, and biological products experienced significant growth, with increases of 23.10%, 17.92%, and 12.54% respectively [10][12]. Valuation Insights - The overall valuation level of the pharmaceutical and biotechnology sector is currently at a historical percentile of 80.69%, with a price-to-earnings (PE) ratio of 39.11. The sector's premium relative to the CSI 300 and the entire A-share market is at its five-year average [21][22].