医药生物行业周报：政府工作报告首提创新药

Investment Rating - The report assigns a "Neutral" investment rating to the pharmaceutical and biotechnology industry [3][21]. Core Insights - The pharmaceutical and biotechnology industry experienced a decline of 2.24% last week, underperforming the CSI 300 index, which rose by 0.2%, resulting in a relative underperformance of approximately 2.44 percentage points [5][8]. - All six sub-sectors within the industry reported losses, with the medical services sector experiencing the largest drop of over 5%, while the bioproducts sector fell by more than 3% [5][8]. - The latest government work report highlighted the need to accelerate the development of innovative drugs and create new growth engines in biomanufacturing, indicating a positive outlook for the industry [5][8][12][13]. - The report suggests focusing on sectors expected to maintain rapid growth in Q1, such as innovative drugs, specialty generics, and traditional Chinese medicine, as the industry valuation has reached a level of cost-effectiveness [5][8]. Summary by Sections 1. Market Performance and Investment Strategy - The pharmaceutical and biotechnology industry ranked 27th among 31 primary industries in the Shenwan classification, with all sub-sectors reporting declines [5][8]. - The overall TTM valuation of the industry is approximately 34 times, with a relative valuation premium of 103% compared to all A-shares [8]. - The report recommends focusing on stocks with high cost-effectiveness and those benefiting from policy support, such as Heng Rui Medicine, Mai Rui Medical, Ke Lun Pharmaceutical, and Da Ren Tang [5][8]. 2. Important Industry News - The National Development and Reform Commission emphasized the need for equipment upgrades in seven key sectors, including healthcare, with an estimated market size exceeding 5 trillion [12]. - The government work report introduced the term "innovative drugs" for the first time, indicating a commitment to promoting innovation in traditional Chinese medicine and improving drug procurement systems [13]. 3. Important Company Announcements - WuXi AppTec clarified its position regarding a revised bill in the U.S. Senate that could affect its operations, asserting that it does not pose a national security risk [14][15]. - Puli Pharmaceutical received temporary FDA approval for Brivaracetam injection, which could positively impact its market expansion in the U.S. [16]. 4. Related Stock Valuation - Key stock valuations include Heng Rui Medicine with a PE ratio of 57.80, Mai Rui Medical at 30.49, Ke Lun Pharmaceutical at 17.56, and Da Ren Tang at 21.75 [18].