中药审评审批数据点评：1-5月6款新药获批上市，创新药与古代经典名方平分秋色

Investment Rating - The industry is rated as "Overweight" [4] Core Insights - In May 2024, there were 7 Class 1 new drug applications and 6 improved new drug applications submitted for approval, with 6 Class 1 new drugs approved for market entry [2] - The enthusiasm for research and development in traditional Chinese medicine (TCM) remains high, with 19 products reported for production by May 31, 2024, compared to 23 products in the entire year of 2023 [3] - The proportion of Class 1 innovative drugs and Class 3 new drugs (ancient classic prescriptions) is evenly split at 50% each among the approved products in 2024 [3] Summary by Sections Industry Overview - The TCM industry is experiencing a surge in new drug applications and approvals, with a notable increase in the number of innovative drugs being developed [3] Policy and Market Trends - The TCM sector is driven by clinical needs and policy support, leading to a combination of traditional knowledge and modern research methodologies [4] - The industry is expected to see structural differentiation, with companies aligning with policy trends likely to perform well [4] Investment Opportunities - Two main investment themes are identified: 1. TCM innovation, focusing on companies with strong R&D capabilities and products that meet clinical needs [4] 2. New consumption opportunities under the "TCM+" perspective, including retail pharmacy terminals and brand TCM products [4][5]