医药行业月报（四月）：北京市发布支持创新药发展政策

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry [1]. Core Insights - The report highlights that the performance of the pharmaceutical sector is expected to improve, with industry revenue and profit projected to grow by approximately 10% in 2024, driven by policy support and recovery from previous negative factors [2][3]. - The report notes significant price stability in insulin procurement despite increased demand, indicating a balanced market environment [2]. - The report emphasizes the positive impact of Beijing's new policies aimed at supporting innovative drug development, which include the removal of restrictions on the number of drugs in medical institutions [2][3]. Summary by Sections Price Changes and Valuation Analysis (April 6, 2024 - May 6, 2024) - During the reporting period, 281 out of 461 A-share pharmaceutical companies saw stock price increases, with the top three sub-industries being chemical preparations (75 companies), traditional Chinese medicine (43 companies), and raw materials (32 companies) [5][6]. - In the H-share market, 78 out of 87 companies experienced price increases, with the leading sub-industries being other biological products (20 companies), chemical preparations (13 companies), and medical consumables (10 companies) [5][6]. Industry Policies - The report outlines key policies affecting the pharmaceutical industry, including the continuation of insulin procurement and the introduction of supportive measures for innovative drug development in Beijing [2][18]. - It also mentions ongoing anti-corruption efforts in the medical sector, which are expected to enhance regulatory oversight [2][18]. Company News - The report provides updates on several companies, including Yifeng Pharmacy, which reported a revenue increase of 13.59% year-on-year for 2023, and Mindray Medical, which achieved a 15.04% revenue growth for the same period [19]. - Other notable companies include Kangtai Biological, which reported a significant profit increase of 749.02% year-on-year, and Huazhu Sanjiu, which showed a 14.82% revenue growth in Q1 2024 [19]. Investment Recommendations - The report lists several companies with "Buy" ratings, including Hansoh Pharmaceutical, BeiGene, and Innovent Biologics, citing their innovative capabilities and growth potential as key reasons for the recommendations [20].