医药生物行业报告（2025.08.18-2025.08.24）：国家卫生健康委等四部门联合印发《关于推进耳与听力健康工作的指导意见》，相关行业确定性提高

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The recent issuance of the "Guiding Opinions on Promoting Ear and Hearing Health Work" by multiple government departments is expected to enhance certainty in the related industry [4][14] - The report highlights that approximately 220 million people in China suffer from hearing loss, with a prevalence rate of about 45% among individuals aged 60 and above [5][25] - The medical device sector showed the highest growth this week, increasing by 4.49%, while the overall pharmaceutical sector rose by 1.05%, underperforming the CSI 300 index by 3.13 percentage points [6][27] Summary by Sections Industry Investment Rating - The industry maintains a rating of "Outperform" [2] Recent Developments - The "Guiding Opinions" aim to strengthen ear and hearing health across all age groups, focusing on prevention, early detection, and effective rehabilitation [14][25] - Key targets include increasing the number of ENT practitioners and ensuring that over 95% of county hospitals have ENT departments by 2030 [14][15] Market Performance - The medical device sector experienced the largest increase this week, followed by the vaccine sector at 4.41% and traditional Chinese medicine at 2.86% [6][31] - The pharmaceutical sector has underperformed the CSI 300 index, with a year-to-date increase of 2.71%, lagging behind the index by 2.75 percentage points [27][32] Beneficiary Stocks - Beneficiary stocks include innovative drugs and medical devices, with specific companies such as Innovent Biologics, Kangfang Biotech, and Mindray Medical highlighted for their potential [7][34][40]