【医药生物】创新药审评再次加速，创新药产业链主线持续明确——医药生物行业跨市场周报（20250622）（王明瑞）

Market Overview - The A-share pharmaceutical and biotechnology index fell by 4.35%, underperforming the CSI 300 index by 3.90 percentage points and the ChiNext index by 2.67 percentage points, ranking 29th among 31 sub-industries [3] - The H-share Hang Seng Healthcare Index dropped by 7.72%, lagging behind the Hang Seng Index by 6.24 percentage points [3] Company R&D Progress Tracking - Recent IND applications include ABSK043 from He Yu Pharmaceutical and clinical applications for BGB-B455 from BeiGene and SA102-CAR-T from Sanofi [4] - RAY1225 from Zhongsheng Pharmaceutical and HRS-1893 from Heng Rui Pharmaceutical are in Phase III clinical trials, while HS-10370 from Hansoh Pharmaceutical and SSGJ-612 from Sanofi are in Phase I clinical trials [4] Industry Insights - The acceleration of innovative drug reviews is expected to enhance the value release of quality pipelines and boost market risk appetite for the innovative drug sector [5] - The policy aims to upgrade China's innovative drugs from a "generic-innovative combination" to "global original research," focusing on leading companies with capabilities in rapid development, internationalization, and commercialization [5] Investment Strategy - The investment strategy emphasizes structural selection of opportunities based on payment willingness and ability, considering the complex trends in population structure, policy framework, and economic environment [6] - Three key directions are highlighted: support for in-hospital policies (innovative drugs and devices), expansion of public demand (blood products, home medical devices, weight loss drug industry), and the upward cycle of overseas payments (heparin, respiratory joint inspections) [6]