医药生物行业报告（2025.09.15-2025.09.19）：基药目录调整工作有望继续推进，关注中药品种调增机会

Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1]. Core Insights - The adjustment of the National Essential Medicines List (NEML) is expected to continue, with a focus on opportunities for the inclusion of traditional Chinese medicine (TCM) products [4][5][18]. - The report highlights the importance of the NEML adjustment cycle, which is generally not more than three years, and the potential for TCM products to be added to the list [5][17]. - The report suggests focusing on innovative drug research and development, particularly in TCM, and recommends specific companies as potential investment targets [19][34]. Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9096.29, with a weekly high of 9323.49 and a low of 6070.89 [1]. Recent Market Performance - During the week of September 15-19, 2025, the A-share pharmaceutical and biotechnology sector fell by 2.07%, underperforming the CSI 300 index by 1.63 percentage points and the ChiNext index by 4.41 percentage points [6][20]. - The sector ranked 25th among 31 first-level sub-industries in terms of weekly performance [6]. Investment Recommendations 1. Innovative Drugs: The report suggests that the innovative drug sector may experience fluctuations but emphasizes the importance of identifying high-quality assets. Recommended companies include Innovent Biologics, 3SBio, and others [7][24]. 2. CXO Services: The report indicates that the domestic innovative drug sector is stabilizing, with expected improvements in the CRO industry performance. Recommended companies include WuXi AppTec and Tigermed [25][26]. 3. Biological Products: Focus on opportunities for core product volume growth and potential valuation adjustments based on product data or business development expectations. Recommended companies include TianTan Bio and others [29]. 4. Medical Devices: The report anticipates a turning point in the medical device sector due to improved procurement funding and anti-corruption measures. Recommended companies include Mindray and others [30]. 5. Traditional Chinese Medicine: The report highlights the potential for TCM products to benefit from NEML policies and suggests companies like Zhaoke Ophthalmology and others as beneficiaries [33][34]. Market Trends - The report notes that the pharmaceutical sector's overall valuation (TTM) is 31.24, with a relative valuation premium of 136.13% compared to the CSI 300 index [44].