医疗保健行业周报 2025 年 08 月 25 日 [Table_Main] 行业研究|医疗保健 证券研究报告 [Table_Title] 中报披露接近尾声，继续看好创新药 ——医药生物行业周报（2025.8.18-2025.8.22） [Table_Summary] 报告要点： 医药板块本周跑输沪深 300 指数 2025 年 8 月 18 日至 8 月 22 日，申万医药生物指数上涨 1.05%，跑 输沪深 300 指数 3.13pct，在 31 个申万一级行业指数中排名第 29。 2025 年初至今，申万医药生物指数上涨 26.33%，跑赢沪深 300 指数 15.07pct，涨跌幅在 31 个申万一级行业指数中排名第 8。截至 2025 年 8 月 22 日，医药板块估值为 31.34 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 151.05%。 本周 ST 香雪、欧林生物和透景生命等表现较好 涨幅排名前十的个股分别为：ST 香雪（+40.39%）、欧林生物 （+38.27%）、透景生命（+29.53%）、福瑞股份（+28.23%）、立方制 药（+23.69%）、浩欧博（+22 ...

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The pharmaceutical sector outperformed the CSI 300 index, with the Shenwan Pharmaceutical and Biological Index rising by 4.00% from July 14 to July 18, 2025, surpassing the CSI 300 by 2.91 percentage points [2][12]. - Year-to-date, the Shenwan Pharmaceutical and Biological Index has increased by 16.59%, outperforming the CSI 300 by 13.45 percentage points, ranking third among 31 Shenwan primary industry indices [2][13]. - As of July 18, 2025, the valuation of the pharmaceutical sector stands at 29.88 times (TTM overall method, excluding negative values), with a premium of 153.54% compared to the CSI 300 [2][17]. Summary by Sections 1. Weekly Market Review - The pharmaceutical sector's performance from July 14 to July 18, 2025, showed a 4.00% increase, ranking second among 31 industry indices [2][12]. - The sector's valuation as of July 18, 2025, is 29.88 times, with a significant premium over the CSI 300 [2][17]. - Top-performing stocks included Borui Pharmaceutical (+42.35%), Lisheng Pharmaceutical (+41.68%), and Nanxin Pharmaceutical (+34.95%) [3][18]. 2. Important Events - On July 15, the National Healthcare Security Administration held a press conference to discuss the optimization of the national drug procurement policy, announcing the selection of 55 drug varieties for the 11th batch of national procurement [4][21]. 3. Industry Perspective - The 11th batch of national procurement will implement a "low-price declaration" system, requiring the lowest-priced selected enterprises to justify their pricing, ensuring it does not fall below cost [5][22]. - The procurement will continue to exclude new drugs and focus on ensuring quality, with enhanced scrutiny on low-priced selected drugs [5][22]. - The overall procurement policy is expected to gradually improve, balancing price reductions with the need to ensure enterprise profits and public healthcare needs [5][22]. - The report expresses optimism about innovative drugs, overseas expansion, and sectors benefiting from procurement reforms, particularly in insulin and orthopedic segments [5][23].

Investment Rating - The report maintains a "Recommended" rating for the healthcare industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7][24]. Core Insights - The pharmaceutical sector has shown a slight outperformance against the CSI 300 index, with the Shenwan Pharmaceutical Bio Index rising by 1.40% from June 9 to June 13, 2025, outperforming the CSI 300 by 1.65 percentage points [2][12]. - Year-to-date, the Shenwan Pharmaceutical Bio Index has increased by 9.33%, surpassing the CSI 300 by 11.13 percentage points, ranking 4th among 31 Shenwan primary industry indices [2][14]. - As of June 13, 2025, the valuation of the pharmaceutical sector stands at 28.29 times (TTM overall method, excluding negative values), with a valuation premium of 153.19% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector has outperformed the CSI 300 index, ranking 5th among 31 primary industry indices during the specified period [2][12]. - The sector's valuation reflects a significant premium over the broader market, indicating strong investor interest [2][17]. 2. Important Events - On June 13, 2025, a State Council meeting emphasized the need for enhanced evaluation of drug and consumable procurement policies, aiming for a more standardized and institutionalized approach to procurement [4][21]. - The meeting also highlighted the importance of improving public hospital compensation mechanisms and supporting pharmaceutical companies in enhancing innovation capabilities [4][21]. 3. Industry Perspective - The report notes that the procurement process in China's pharmaceutical sector has been ongoing for nearly a decade, expanding from solid oral formulations to include various drug categories and medical devices [5][22]. - There is a positive outlook for innovative drugs, overseas expansion, and sectors where procurement impacts have been cleared, suggesting potential growth opportunities [5][22]. - The report encourages attention to specific segments such as insulin and orthopedics, as well as certain generic drug companies, due to the ongoing acceleration of procurement processes [5][22].

Group 1 - The innovative drug sector showed strong performance on May 23, with the Kexin Pharmaceutical Index ETF (588700) experiencing a slight decline of 0.21% but maintaining active trading with a turnover exceeding 12.5 million yuan and a turnover rate of over 4.63% [1] - Among the constituent stocks, Haoyuan Pharmaceutical rose over 4%, with other stocks like BGI Genomics, Rongchang Bio, and Yuyuan Pharmaceutical also seeing gains [1] - The Kexin Pharmaceutical Index ETF closely tracks the Shanghai Stock Exchange Science and Technology Innovation Board Biomedicine Index, which selects 50 large-cap companies in the biomedicine and related sectors, reflecting the overall performance of representative biomedicine companies listed on the Science and Technology Innovation Board [1] Group 2 - On its first day of trading in Hong Kong, Hengrui Medicine's stock opened 29% higher [2] - Starting in May, the market focus is shifting from performance to changes in industry and company fundamentals, with continued optimism for innovative drugs, overseas expansion, and the clearing of centralized procurement [2] - The innovative drug sector in China is entering a stage of achievement realization, with significant R&D progress and resilience against trade war impacts, expected to remain a key investment theme through 2025 [2] - The market is witnessing accelerated centralized procurement, with some segments already seeing the effects clear, indicating potential new growth opportunities, particularly in insulin, orthopedics, and certain generic drug companies [2] - The domestic innovative drug industry is anticipated to reach a turning point by 2025, transitioning from capital-driven to profit-driven operations, presenting dual opportunities for performance and valuation recovery [2] - New technological platforms such as ADC, PD-1 2.0, and TCE are gaining validation through capital and clinical data, signaling the start of a new technological cycle that could propel domestic innovative drugs into a new development phase [2]

Group 1 - The Hong Kong stock market opened high on May 23, with the pharmaceutical sector showing significant gains, particularly the Hong Kong Innovative Drug ETF (159567), which rose by 2.65% and had a turnover exceeding 260 million HKD [1] - Heng Rui Medicine's public offering in Hong Kong was oversubscribed by 454.85 times, with a global sale of approximately 224.5 million shares, raising about 9.7473 billion HKD [1] - Xiangcai Securities predicts that the domestic innovative drug industry will reach a turning point in 2025, shifting from capital-driven to profit-driven growth, indicating potential for dual recovery in performance and valuation [1] Group 2 - Guoyuan Securities notes that starting in May, the market focus will shift from earnings to changes in industry and company fundamentals, maintaining a positive outlook on innovative drugs, overseas expansion, and the clearing of centralized procurement [2] - The innovative drug sector is entering a stage of results realization, with significant R&D progress that is not affected by trade wars, expected to remain a key investment theme in the pharmaceutical sector for 2025 [2] - The pharmaceutical market in China is experiencing accelerated concentration, with mergers and acquisitions likely to increase, suggesting a focus on specific segments such as insulin and orthopedics, as well as certain generic drug companies [2]

ETF Industry News - The three major indices collectively rose, with the Shanghai Composite Index increasing by 0.38%, the Shenzhen Component Index by 0.77%, and the ChiNext Index by 0.77. Multiple innovative drug ETFs saw gains exceeding 2%, including the Innovative Drug Shanghai-Hong Kong ETF (517110.SH) which rose by 3.11% [1][3] - The market is transitioning from performance focus to industry and company fundamentals as it enters a performance vacuum period starting in May. The innovative drug sector is expected to be a key investment theme through 2025, driven by significant R&D progress [1][2] Fund Issuance and Market Trends - The issuance of equity funds is accelerating, with 14 new index products expected to launch this week. Approximately 70% of the new products are equity-related, with an average subscription period of 12.56 days [2] - This week, 16 equity products include stock, mixed, and fund of funds (FOF) products, with a focus on index or enhanced index funds [2] Market Performance Overview - The overall performance of ETFs shows that cross-border ETFs had the best average return at 1.61%, while commodity ETFs had the worst at -0.22% [8] - The top-performing ETFs in the stock category included the Innovative Drug Shanghai-Hong Kong ETF (517110.SH) with a return of 3.11%, followed by the Innovative Drug Hong Kong-Shanghai ETF (517380.SH) at 2.60% and the Huatai-PB Innovative Drug ETF (517120.SH) at 2.55% [10][11] Sector Performance - In the sector performance analysis, beauty care, comprehensive, and media sectors ranked highest with daily increases of 2.5%, 2.12%, and 1.98%, respectively. Conversely, defense, coal, and steel sectors lagged behind with declines [5] - Over the past five trading days, the comprehensive, beauty care, and retail sectors showed strong performance, while defense, computer, and electronics sectors experienced declines [5] ETF Trading Activity - The top three ETFs by trading volume included the A500 ETF (512050.SH) with a trading volume of 3.114 billion, the A500 Index ETF (159351.SH) at 2.393 billion, and the CSI 300 ETF (510300.SH) at 2.199 billion [13][14]

Group 1 - A-shares indices collectively rose on May 20, with the pharmaceutical sector showing strong performance, particularly in biopharmaceutical ETFs which saw a 2.31% increase and a trading volume exceeding 1.57 billion yuan [1] - Notable stocks included Rongchang Bio, which rose over 9%, and Huaxi Bio and Tigermed, both increasing over 5% [1] - The Innovative Drug ETF also experienced a 2.26% rise, with a trading volume exceeding 2.73 million yuan, and significant gains from stocks like Huahai Pharmaceutical and Hansoh Pharmaceutical [1] Group 2 - Three Life Health signed a licensing agreement with Pfizer for a bispecific antibody product, which includes a non-refundable upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [1] - The agreement also includes a double-digit percentage sales revenue share based on product sales in authorized regions, and Pfizer will purchase $100 million worth of common stock from Three Life Health [1] - The ASCO annual meeting in 2025 is set to take place in Chicago, recognized as a major oncology academic conference [2] Group 3 - The market is shifting focus from earnings to fundamental changes in the industry and companies as it enters a performance vacuum period in May [3] - The innovative drug sector is expected to be a key investment theme for 2025, with significant research and development progress and resilience against trade wars [3] - The biopharmaceutical industry is anticipated to face significant differentiation by 2025, with the innovative drug sector entering a rapid growth phase, while the vaccine sector remains under pressure due to weak market demand and increased competition [3]

Group 1 - The Hong Kong pharmaceutical sector is experiencing a strong upward trend, with the China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index rising by 2.76% as of May 20, 2025 [1] - Notable individual stock performances include a 6.73% increase in CSPC Pharmaceutical Group and a 6.67% rise in Innovent Biologics [1] - The Hong Kong Medical ETF has seen a cumulative increase of 3.51% over the past week, reflecting positive market sentiment [1] Group 2 - Three-Sixty Biopharma's stock surged over 30% after announcing an exclusive global licensing agreement with Pfizer for its PD-1/VEGF bispecific antibody SSGJ-707, with an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion [1] - The licensing agreement includes a double-digit percentage royalty on net sales in licensed regions, and Pfizer may also subscribe to $100 million in new shares of Three-Sixty Biopharma [1] - Analysts expect a shift in market focus from earnings to fundamental changes in the industry and companies starting in May, with a continued positive outlook on innovative drugs and companies expanding into emerging markets [2] Group 3 - The China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index consists of 50 highly liquid and large-cap healthcare companies, with the top ten stocks accounting for 60.54% of the index [2]

Investment Rating - The report maintains a positive outlook on the innovative drug sector within the healthcare industry [1]. Core Insights - The pharmaceutical sector outperformed the CSI 300 index slightly, with the Shenwan Pharmaceutical and Biological Index rising by 1.27% from May 12 to May 16, 2025, and by 2.48% year-to-date, ranking 11th among 31 Shenwan primary industry indices [1][12]. - The current valuation of the pharmaceutical sector stands at 26.80 times (TTM overall method, excluding negative values), with a premium of 141.06% compared to the CSI 300 index [15]. - The innovative drug segment is experiencing a pullback due to U.S. President Trump's announcement regarding drug price reductions, but the report suggests that the actual implementation of such policies will be challenging and will not significantly impact Chinese innovative drug companies' international expansion [3][20]. Summary by Sections 1. Market Review - The pharmaceutical sector's performance from May 12 to May 16, 2025, showed a 1.27% increase, outperforming the CSI 300 index by 0.15 percentage points [10]. - Year-to-date, the sector has increased by 2.48%, surpassing the CSI 300 index by 3.64 percentage points [12]. 2. Key Events - On May 12, 2025, President Trump announced plans to sign an executive order aimed at reducing prescription drug prices in the U.S., potentially lowering prices by 30% to 80% [19]. 3. Industry Perspective - The innovative drug sector is expected to continue as a key investment theme for 2025, with a focus on international expansion and emerging markets, particularly in companies like Kexing Pharmaceutical [4][21]. - The report highlights that the ongoing collection and procurement policies in various pharmaceutical fields are accelerating, with potential growth in segments like insulin and orthopedics [4][21].

Investment Rating - The report maintains a positive outlook on the innovative drug sector within the healthcare industry [1] Core Insights - The pharmaceutical sector outperformed the CSI 300 index slightly, with the Shenwan Pharmaceutical and Biological Index rising by 1.27% from May 12 to May 16, 2025, and by 2.48% year-to-date, ranking 11th among 31 Shenwan primary industry indices [1][12] - The current valuation of the pharmaceutical sector stands at 26.80 times (TTM overall method, excluding negative values), with a premium of 141.06% compared to the CSI 300 index [15] - The innovative drug segment is expected to continue as a key investment theme for 2025, driven by advancements in research and development, and the potential for international market expansion [4][21] Summary by Sections 1. Market Performance - The pharmaceutical sector showed a slight outperformance against the CSI 300 index, with a 1.27% increase during the specified week [10] - Year-to-date, the sector has increased by 2.48%, outperforming the CSI 300 by 3.64 percentage points [12] 2. Key Events - On May 12, 2025, U.S. President Trump announced plans to sign an executive order aimed at reducing prescription drug prices in the U.S., potentially decreasing prices by 30% to 80% [19] 3. Industry Perspective - The innovative drug sector is experiencing a pullback due to Trump's announcement regarding drug price reductions in the U.S. However, the report suggests that the actual implementation of such policies will be challenging and unlikely to significantly impact Chinese innovative drug companies' international expansion [20] - The report emphasizes that the future growth of Chinese innovative drug companies will rely heavily on entering international markets, particularly the U.S. [3][21] 4. Investment Recommendations - The report continues to favor innovative drugs, international expansion, and sectors where centralized procurement impacts are clearing, such as insulin and orthopedics [4][21] - Companies with a focus on emerging markets are highlighted as having significant growth potential [4]