【医药生物】我国对美加征关税全面执行，建议关注医疗器械国产替代机会——医药行业跨市场周报（20250420）（王明瑞/黎一江）

Market Overview - The A-share pharmaceutical and biotechnology index fell by 0.36%, underperforming the CSI 300 index by 0.94 percentage points and outperforming the ChiNext index by 0.17 percentage points, ranking 24th among 31 sub-industries [2] - The Hong Kong Hang Seng Healthcare Index rose by 0.57%, underperforming the Hang Seng Index by 0.66 percentage points [2] Company R&D Progress Tracking - Recent clinical application submissions include Baiyi Shenzhou's BGB-C354 and Hengrui Medicine's SHR-4506, while IND applications include Baiyi Shenzhou's BGB-21447 and Haishi Ke's HSK45030 [3] - Ongoing clinical trials include Shiyao Group's IBI3002 and Zhengda Tianqing's HRS-5817 in Phase III, Haishi Ke's TQB3473 in Phase II, and Kangfang Bio's CMS-D001 in Phase I [3] Strategic Insights - In response to the U.S. imposing tariffs on Chinese goods, China has raised tariffs on U.S. imports to 34%, 84%, and 125%, affecting medical devices and diagnostic products, which will increase import costs and accelerate domestic substitution [4] - The domestic medical device sector, particularly in high-barrier and innovative areas such as medical imaging, gene sequencing, clinical mass spectrometry, surgical robots, and electrophysiology, is expected to benefit [4] - The 2025 investment strategy emphasizes structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [4] - Key areas of interest include policy support for innovative drugs and devices, expanding demand for blood products and home medical devices, and the upward cycle of overseas sales for heparin and respiratory diagnostics [4]