信达证券认为，中国创新药企业正在走向世界舞台，在很多细分领域具备全球竞争力，尽管短期受政策 影响可能略有回调，但是中长期来看产业趋势没有发生改变，创新药板块仍是未来2-3年的重要主线。 此外，中国CXO企业在全球创新药产业链中扮演重要角色，生物安全法案的版本历经多次演绎，对于 龙头公司的经营几乎没有产生任何影响，CXO行业目前正处于景气度复苏阶段，业绩持续增长有望重 塑市场信心。 智通财经APP获悉，医药股连日来持续低迷，午后跌幅继续扩大。截至发稿，维亚生物(01873)跌 7.53%，报2.58港元；歌礼制药-B(01672)跌7.09%，报9.17港元；康诺亚-B(02162)跌5.74%，报64港元。 华鑫证券表示，进入2025年Q3之后，出海趋势延续，但上市公司的重磅BD较少，NewCo形式的BD也 未能达到市场预期。短期中美贸易冲突升级，市场可能会担心未来脱钩的风险，但全球创新研发向更高 效率的中国转移是不可阻挡的趋势。该行认为，美国政府与MNC的药价谈判，降价的结果会进一步强 化对高效率低成本的中国新药成果的需求。海外方面，美国参议院通过了新版《生物安全法案》，新法 案并未并未点名相关企业，对中国 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2]. Core Views - Short-term policy disruptions do not alter long-term industry trends, and there is a recommendation to focus on the Q3 earnings report [2][3]. - The recent performance of the pharmaceutical sector has been relatively weak, with a weekly return of -1.20% and a monthly return of -3.62% compared to the CSI 300 index [3][11]. - Key factors affecting the market include recent agreements in the U.S. regarding drug pricing, significant mergers and acquisitions by multinational corporations, and legislative actions impacting Chinese biotech companies [3][11]. Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's weekly return was -1.20%, ranking 25th among 31 sub-industry indices [3][11]. - The Chinese pharmaceutical index has shown a monthly return of -3.62%, ranking 23rd among the same indices [11][21]. Policy Dynamics - On October 9, the National Medical Products Administration announced measures to expedite post-marketing research for traditional Chinese medicine injections [3][11]. - On October 11, the National Healthcare Security Administration issued a notice to strengthen monitoring of drug pricing issues in retail pharmacies [3][11]. Industry Outlook - Despite short-term policy impacts, the long-term trend for innovative drug companies remains positive, with a focus on the next 2-3 years as a critical period for growth [3][11]. - The CXO sector is recovering, and there is an expectation of sustained growth in performance, which may restore market confidence [3][11]. Q3 Earnings Expectations - Anticipated strong Q3 performance in various segments, including medical devices, traditional Chinese medicine, and raw material pharmaceutical companies [3][4]. - Specific companies to watch include United Imaging Healthcare, Kaili Medical, and others in the high-end medical device sector [4][12]. Sub-industry Performance - Among sub-industries, traditional Chinese medicine showed the highest weekly return of 1.51%, while medical services had a weekly return of -3.37% [11][28]. - The medical device sector is expected to stabilize or reverse in Q3, with several companies recommended for attention [4][12]. Valuation Metrics - The current price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology sector is 30.88, which is above the historical average of 29.23 [15][18]. - The sector's valuation is at a historically low level, indicating potential investment opportunities [15][18].