Investment Rating - The report maintains a strong confidence in the pharmaceutical sector, particularly in innovative drugs, predicting a reversal trend in 2025 [4] Core Viewpoints - The innovative drug sector is experiencing strong performance driven by multiple factors, including the completion of quarterly portfolio adjustments, increased policy support from the National Healthcare Security Administration (NHSA) and the National Health Commission, and significant collaborations in the industry [1][11] - The NHSA and the National Health Commission have jointly released measures to support the high-quality development of innovative drugs, which will accelerate the commercialization of domestic innovative products and create a positive cycle of profitability and strong R&D investment [20][21] - The report highlights the potential of dual/multi-target antibodies in cancer treatment and innovative drugs addressing unmet clinical needs in chronic diseases as key investment opportunities [1][4] Summary by Sections Innovative Drugs - The innovative drug sector remains the main investment line, with a focus on dual/multi-target antibodies for various cancers and chronic diseases [1][11] - AstraZeneca is in talks for a collaboration worth up to $15 billion for the AK112 drug, which has catalyzed strong performance in related stocks [1] Pharmaceutical Sector - The NHSA's new measures will direct more healthcare resources towards innovative drugs, enhancing their commercialization and profitability [20][21] - The report notes that since 2018, 149 innovative drugs have been included in the healthcare insurance directory, significantly increasing the proportion of new drugs covered [22] Biologics - Changchun High-tech's new drug, Vuxin Qibai monoclonal antibody, has been approved for treating acute gout arthritis, marking a significant advancement in biologics [29][34] - The drug shows rapid onset of action and a substantial reduction in recurrence risk, highlighting its clinical significance [33][34] Traditional Chinese Medicine - Lingrui Pharmaceutical's new indication for its nasal spray is expected to boost sales, with ongoing efforts to expand hospital coverage and OTC sales [38][41] Medical Devices - The report emphasizes policy support for high-end medical devices, predicting accelerated commercialization in various segments such as medical robots and AI [3][4] Medical Services - Recent policies to enhance maternity benefits are expected to stimulate demand in related services [3][4]

中美谈判超预期与医药板块投资观点更新 20250512 摘要 • 美国管控药价政策，如《通胀削减法案》，通过加速仿制药竞争、控制回 扣等措施，旨在降低处方药价格，这对在美国市场份额较小的中国创新药 企形成利好，为其提供质优价廉的替代机会。 • 中国创新药企面临全球市场机遇，尤其是在跨国药企创新效率下降的背景 下，中国企业在生物类似药、新分子引入等方面活跃，有望通过 BD 合作 扩大市场份额，并受益于美国降本增效的需求。 • 中美贸易谈判缓和带来多方面利好，包括创新药授权比例增加、原料及器 械出口增长，以及生物制品领域的发展，促进 CDMO 与 CRO 赛道，并改 善宏观环境，带来消费板块机会。 • 地缘政治变化促使跨国公司寻求性价比更高的外部资源，包括中国的新分 子、生物类似药以及 CXO 龙头服务，尽管美国希望建立本土供应链，但短 期内难以实现，对中国 BD 授权形式出海影响不大。 • 当前创新周期中，推荐创新龙头（如信达、恒瑞）、创新弹性（如百济神 州）和上游 CXO 平台。中国创新龙头与具有特殊强项弹性的个股，以及上 游 CXO 平台，都将在未来迎来显著发展机遇。 Q&A 中美谈判超预期对医药板块的影响 ...