医药生物行业：四川出台全链条产业政策，本地医药龙头发展获强支撑

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The Sichuan provincial government has issued a comprehensive policy to support the high-quality development of the biopharmaceutical and medical device industries, addressing long-standing issues such as lengthy R&D cycles and market access challenges [5][7] - The policy includes 21 specific measures aimed at creating a full-chain innovation ecosystem, providing financial support for approved innovative drugs and medical devices, and significantly reducing approval times for product launches [5][7] - The policy is expected to benefit local leading enterprises with strong R&D capabilities, such as Baillie Tianheng and Kelun Pharmaceutical, by offering them financial and regulatory advantages [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -1.87% over the past month, -9.27% over the past three months, and -6.57% over the past year compared to the CSI 300 index [3] Investment Highlights - The policy provides up to 15 million yuan in provincial financial support for Class 1 innovative drugs and up to 2 million yuan for innovative medical devices, reducing R&D risks and financial pressures for companies [7] - Approval times for drug applications have been significantly reduced, with technical review times for supplementary drug applications cut from 200 working days to 60, and for Class II medical devices to 35 working days [7] - The policy also facilitates market access by requiring the dynamic compilation of new and innovative drug and device directories, ensuring that hospitals can procure these products promptly [7]