国家药监局一日批四款创新药，行业高质量发展势头强劲

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The approval of four innovative drugs by the National Medical Products Administration (NMPA) on December 15, 2025, marks a significant milestone for the Chinese pharmaceutical industry, indicating a concentrated effort to enhance the efficiency of drug approval processes and support for urgently needed clinical medications [5][7] - The approved drugs demonstrate significant clinical differentiation and market potential, with clear commercial value, such as the innovative anti-influenza drug from Health元, which offers a single-dose administration, addressing existing treatment challenges [7] - The approval process highlights a "stronger gets stronger" trend, where leading companies are recognized not only for individual products but also for their underlying research and commercialization capabilities, reinforcing their market positions [7] Summary by Sections Recent Industry Performance - The industry has shown relative returns of -3.06% over the past month, -9.84% over the past three months, and -7.91% over the past year, while absolute returns were 0.49% for the last month, -7.88% for the last three months, and 9.5% for the last year [3] Investment Highlights - The approval of four innovative drugs signifies a new phase of high-quality development in the pharmaceutical industry, with a more streamlined process from research and evaluation to market entry [7] - The drugs approved have demonstrated strong clinical efficacy, with the TRK inhibitor showing an objective response rate of 89.1%, fulfilling urgent needs in precision oncology [7] - The report suggests focusing on companies that will directly benefit from these approvals, such as Health元, 诺诚健华, and 恒瑞医药, as they represent key players in the market [7]