生物医药行业：全国医疗保障工作会议在京召开

Investment Rating - The industry investment rating is "Outperform the Market" (预计6个月内，行业指数表现强于市场表现5%以上) [34] Core Insights - The report emphasizes the achievements of the medical insurance system during the "14th Five-Year Plan" period and outlines the key focus areas for 2026, including enhancing the basic medical insurance system, supporting the development of commercial health insurance, and optimizing medical insurance payment mechanisms [4][18] - The report suggests that the rise of innovative drugs is sustainable, recommending attention to companies with rich pipeline layouts, high-potential innovative drugs, and leading enterprises in cutting-edge technology platforms [6] Summary by Sections Industry Overview - The national medical insurance work conference was held in Beijing, focusing on the implementation of policies and strategies to improve the medical insurance system and support the development of the pharmaceutical industry [4][18] Investment Strategy - Investment recommendations include focusing on innovative drug companies with diverse pipelines, companies with high potential single products, and firms leading in advanced technology platforms [6] - The report also highlights the stability of R&D investments in the pharmaceutical sector and the potential for growth in emerging fields [6] Market Performance - The pharmaceutical sector experienced a decline of 1.04% last week, ranking 17th among 28 industries, while the Shanghai and Shenzhen 300 Index fell by 0.08% [9][20] - The valuation of the pharmaceutical sector is reported at 29.16 times (TTM), with a premium of 16.73% compared to the overall A-shares [25] Notable Industry News - Fosun Pharma licensed oral GLP-1 to Pfizer, with potential milestone payments totaling up to $15.85 billion based on sales performance [14] - Baiaosaitu successfully listed on the STAR Market, raising 1.267 billion yuan with a significant opening price increase [15] - Zhenjiang Tianqing's semaglutide injection application has been accepted for listing, indicating strong market interest in GLP-1 products [17]