2025 年 1-10 月，医保统筹基金收入增长平稳，支出同比放缓，其中城乡居民医保收 入和支出均小幅下降。 投资要点： [Table_Report] 相关报告 医保收入增长平稳，支出同比放缓 [Table_Industry] 医药 医保基金运行月报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 赵峻峰(分析师) | 0755-23976629 | zhaojunfeng@gtht.com | S0880519080017 | 本报告导读： 股票研究 /[Table_Date] 2025.12.16 医药《医保支持创新，持续推荐创新药械产业 链》2025.12.14 医药《优化集采，支持医药产业创新发展》 2025.12.14 医药《政策拉动国内市场有效复苏，医疗设备招 采保持快速增长》2025.12.10 医药《医保战略购买引导医药产业创新发展》 2025.12.07 医药《药价透明公开，促进 ...

2025ASCO 揭幕，持续关注创新药 [Table_Industry] 医药 ——国泰海通医药 2025 年 6 月月报 [Table_Invest] 评级： 增持 [Table_subIndustry] 细分行业评级 医药制造业 增持 医药服务业 增持 本报告导读： 2025ASCO 揭幕，中国创新药资产继续在国际舞台上发光发热，持续关注景气度向上 的创新药。 投资要点： 行 业 月 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 股票研究 /[Table_Date] 2025.06.02 [table_Authors] 余文心(分析师) 郑琴(分析师) 谈嘉程(分析师) 021-38676666 021-38676666 021-38676666 登记编号 S0880525040111 S0880525040108 S0880523070004 2025-06-03 [Table_Summary] 持续关注景气度向上的创新药：国泰海通医药 2025 年 6 月月度 A 股组合：恒瑞医药、华东医药、科伦药业、贝达药业、信立泰、百 利天恒、泽璟制药、益方生物、艾力斯、药明康德。 ...

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical industry, specifically for pharmaceutical manufacturing and pharmaceutical services [1][2]. Core Insights - Continuous attention is recommended for innovative drugs with rising prosperity, as evidenced by the record number of 73 oral reports on Chinese innovative drug assets at the 2025 ASCO annual meeting [2][36]. - The Chinese innovative drug sector is experiencing a significant demand from multinational corporations (MNCs), which is reflected in the increasing number of overseas business development (BD) transactions [36]. - The pharmaceutical sector outperformed the market in May 2025, with the SW Pharmaceutical and Biological sector rising by 6.4%, ranking first among Shenwan's primary industries [15][37]. Summary by Sections Investment Highlights - The report highlights a portfolio of A-Shares including Jiangsu Heng Rui Medicine, Huadong Medicine, Sichuan Kelun Pharmaceutical, and others, indicating a focus on companies with strong growth potential [2][5]. - The report notes that the pharmaceutical sector's premium level relative to all A-Shares is currently at a normal level, with a relative premium rate of 87.88% as of the end of May 2025 [28][37]. Performance Analysis - In May 2025, the pharmaceutical sector's performance was ranked first, with individual stock gains led by Staidson Beijing BioPharmaceuticals (+145.4%) and Sunshine Guojian Pharmaceutical (+99.4%) [15][37]. - The report also details the performance of the Hong Kong and U.S. pharmaceutical sectors, noting that the Hong Kong stock pharmaceutical sector outperformed the market while the U.S. sector underperformed [38]. Market Trends - The report emphasizes the upward trend in the innovative drug market, with traditional pharmaceutical companies emerging from centralized procurement challenges and entering a phase of profitability [36]. - The report indicates that the biopharmaceutical sector's sub-sectors, such as chemical raw materials and biological products, have shown strong performance, with increases of 10.5% and 7.3% respectively [20][37].

[Table_subIndustry] 细分行业评级 医药制造业 增持 医药服务业 增持 本报告导读： 持续推荐创新药等投资主线 [Table_Industry] 医药 ——国泰海通医药 2025 年 5 月第一周周报 [Table_Invest] 评级： 增持 制药龙头恒瑞医药港股发行已通过港交所聆讯，有望持续催化创新药行情，持续推 进创新药等投资主线。 投资要点： 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 股票研究 /Table_Date] 2025.05.11 请务必阅读正文之后的免责条款部分 2 of 8 [table_Authors] 余文心分析师 郑琴分析师 谈嘉程分析师 02138676666 02138676666 02138676666 登记编号 S0880525040111 S0880525040108 S0880523070004 2025-05-12 [Table_Summary] 持续推荐创新药等投资主线。持续推荐景气度向上的创新药，维持 恒瑞医药、华东医药、翰森制药、贝达药业、信立泰、科伦药业、 百利天恒、荣昌生物、科伦博泰生 ...

Investment Rating - The report rates the pharmaceutical industry as "Outperform" [1] - Sub-industry ratings include "Add" for pharmaceutical manufacturing and pharmaceutical services [1] Core Insights - The report is optimistic about innovative drugs, CXO, and strong consumer performance in Q1 2025 [5][27] - In April 2025, the pharmaceutical sector performed similarly to the market, with the SHCOMP index down 1.7% and SW Pharma Bio down 2.1%, ranking 11th among Shenwan primary industries [9][28] - The premium of the pharmaceutical sector over all A-Shares is currently at a normal level of 81.01% [18][28] Summary by Sections 1. Focus on Innovative Drugs and CXO - Key A-share stocks recommended include Jiangsu Heng Rui Medicine, Betta Pharmaceuticals, Shenzhen Salubris Pharmaceuticals, Sichuan Kelun Pharmaceutical, Remegen, Huadong Medicine, WuXi AppTec, APT Medical, and AIER EYE HOSPITAL GROUP [5][27] - H-share top picks include Wuxi Biologics Cayman, PATEO, Innovent Biologics, and Zai Lab, with beneficiaries being CSPC Pharmaceutical Group, Gushengtang, and Angelalign [27] 2. April 2025 Pharmaceutical Sector Performance - The pharmaceutical sector's performance was on par with the market, with notable sub-sectors being chemical preparations (+2.8%), pharmaceutical commerce (+1.5%), and chemical raw materials (+0.7%) [12][28] - Top gainers included Apichope Pharmaceutical (+56.2%), Qianjiang Yongan Pharmaceutical (+55.9%), and Kexing Biopharm Co., Ltd. (+55.2%), while top losers were Hainan Poly Pharm (-71.9%), Landfar Bio-Medicine Co., Ltd (-40.0%), and Jiangsu Wuzhong Industrial (-39.5%) [17][28] 3. Performance Disparities in 2024 and Q1 2025 - In 2024, the pharmaceutical sector's overall revenue fell by 1.5% YoY, and net profit decreased by 12.5% YoY, with medical consumables, chemical preparations, and blood products showing positive growth [22][28] - In Q1 2025, the sector's revenue fell by 6.1% YoY, and net profit fell by 9.7% YoY, with medical R&D outsourcing, consumables, and hospitals performing well [22][28] 4. Profitability Metrics - The gross profit margin (GPM) for the pharmaceutical sector fell by 0.5pp YoY in 2024, while the net profit margin (NPM) fell by 0.8pp YoY [24][28] - In Q1 2025, GPM decreased by 1.6pp YoY, and NPM decreased by 0.4pp YoY, with medical R&D outsourcing showing improvements in both GPM and NPM [24][28]

请务必阅读正文之后的免责条款部分 政策提振有望带动消费医疗复苏 [Table_Industry] 医药 ——《提振消费专项行动方案》政策点评 | [table_Authors] 丁丹(分析师) | 赵峻峰(分析师) | 张拓(分析师) | | | | --- | --- | --- | --- | --- | | 0755-23976735 | 0755-23976629 | 0755-23976170 | [Table_subIndustry] 细分行业评级 | | | dingdan@gtjas.com | zhaojunfeng@gtjas.com | zhangtuo024925@gtjas.com | 医药制造业 | 增持 | | 登记编号 S0880514030001 | S0880519080017 | S0880523090003 | 医药服务业 | 增持 | 本报告导读： 近日中办、国办印发《提振消费专项行动方案》，大力提振消费有望带动消费医疗复 苏，维持行业增持评级。 投资要点： [Table_Report] 相关报告 医药《【国君医药】创新药周报 20250310- 20250314》2 ...