医药生物行业周报：“医保&商保双目录”正式发布，重视创新药及相关产业链投资机会-20251208

Investment Rating - The report maintains an investment rating of "Positive" for the pharmaceutical and biotechnology industry [2]. Core Viewpoints - The recent release of the "Medical Insurance + Commercial Insurance Dual Directory" by the National Medical Insurance Administration is expected to boost investment enthusiasm for innovative drugs. The report suggests focusing on investment opportunities in innovative drugs, CXO, and the upstream life sciences industry chain [3][9]. - The pharmaceutical sector is currently experiencing a lack of clear market direction, with the pharmaceutical commercial sector leading in performance. Notable stocks include Haiwang Biological (up 55.59%), Ruikang Pharmaceutical (up 36.54%), and Yue Wannianqing (up 15.37%) [3][9]. - The report emphasizes the importance of companies with stable dividends and operational improvements, as well as potential turning points in high-end medical devices [3][11]. Summary by Sections 1. Market Performance - The pharmaceutical and biotechnology sector's return was -0.74% last week, underperforming the CSI 300 by 2.02%, ranking 21st among 31 primary sub-industry indices. The pharmaceutical commercial sector had the highest weekly return at 5.19% [3][7]. - Over the past month, the sector's return was -2.35%, also ranking 20th among sub-industry indices, with the pharmaceutical commercial sector leading at 5.78% [3][7]. 2. Innovative Drugs - The report recommends focusing on companies with leading product pipelines and market potential, including Innovent Biologics, 3SBio, Hengrui Medicine, and others [3][9][10]. 3. CXO and Upstream Life Sciences - Key CXO companies to watch include WuXi AppTec, WuXi Biologics, and others. The report also highlights clinical CRO leaders and resource-based CXOs [10]. 4. High-End Medical Devices - The report identifies several companies in the high-end medical device sector that may benefit from market recovery and increased demand, including Mindray Medical and others [11]. 5. Valuation Metrics - The current PE (TTM) for the pharmaceutical and biotechnology industry is 29.27 times, which is below the historical average of 30.88 times over the past five years [12][15].