12月11日至13日，由每日经济新闻与海南国际经济发展局联合主办的"2025第十四届上市公司发展年会 暨海南自贸港开放机遇交流大会"系列活动在海口举行。在海南全岛封关进入倒计时之际，超过400家上 市公司与多家机构齐聚，共同探讨高水平开放背景下的政策路径与全球化机遇。 会后，辉瑞中国区副总裁、市场准入部总经理钱云接受了《每日经济新闻》记者专访，就中国创新药政 策环境、商业医疗保险发展以及海南自贸港带来的产业机遇等话题分享了洞察。 "从正式批准之前的先行先试，到加速正式审批，越来越多的创新药可以实现全球同步上市，并且在上 市当年争取进入医保目录，这极大加快了创新药进入中国和真正落地的步伐。过去在相当长一段时期 内，创新药的'最后一公里'问题仍然是限制创新药速度的重要因素，而随着医疗机构提高药事会召开频 次、双通道以及今年首版商保目录的推出，都让创新药提升了从研发端到患者端的速度与效率。" 海南"试验田"价值凸显：乐城已成创新药先行先试重要窗口 正如钱云所说，商保目录的推出是一个让产业为之振奋的信号。在钱云看来，此前的基本医保、大病保 险、商业保险等构筑了一个多维度的患者保障计划。"比如在某个城市，一款罕见病药物 ...

Core Insights - The pharmaceutical MNC supply chain has extremely high entry barriers, requiring years for supplier certification through cross-departmental audits in technology, quality, EHS, and compliance. Once included in the qualified supplier list, a strong lock-in effect is formed, making it difficult for new entrants to disrupt the existing supply structure even if they meet technical standards, thus demonstrating a strong first-mover advantage [4][7]. - MNCs demand far more than conventional quality compliance, emphasizing full-process controllability and risk management capabilities. Compliance with guidelines such as EU GMP and ICHQ is required, along with the establishment of traceability systems and safety stock. Any process changes or relocation of production sites must undergo strict and time-consuming certification [4][7]. - In procurement decisions, MNCs are relatively insensitive to price factors, prioritizing the integrity of the supply chain over cost. For MNCs, API costs represent only a small portion of their terminal formulation sales, leading them to pay a premium for stable, traceable, and zero major quality incident supply capabilities, viewing supply chain resilience as a core competitive advantage rather than a cost item. Thus, entering the MNC supply chain often means effectively avoiding "price internalization" [4][7]. - Investment recommendations include innovative drug and device companies such as Furuya Co., Aonlikang, Shutaishen, Weichuang Bio, and others. From the perspective of CXO and raw materials, companies like WuXi AppTec, Jiuzhou Pharmaceutical, Chengda Pharmaceutical, and others are suggested for attention [4][7]. Market Performance Overview - As of November 21, 2025, the TTM-PE of the pharmaceutical and biotechnology industry is 48.84 times, which is 100% higher than the historical lowest PE valuation of 24.38 times on January 3, 2019. The premium rate relative to the CSI 300 is 252%, exceeding the historical lowest valuation premium of 124% on February 6, 2018, by 128 percentage points, and is 11 percentage points higher than the average valuation premium rate of 241% over the past decade [8][12]. - From November 17 to November 21, 2025, the pharmaceutical and biotechnology sector experienced a decline of 6.88%, ranking 22nd among 27 sub-industries. The chemical raw materials sector saw the largest decline at -8.60% [12][15]. Industry Dynamics - Pfizer's Class 1 new drug, Matacizumab, was approved for marketing on November 21, 2025, for the routine prevention and treatment of bleeding in patients with severe hemophilia A or B [20]. - Boehringer Ingelheim's Class 1 new drug, BI764198, was proposed for inclusion as a breakthrough therapy on November 18, 2025, targeting primary focal segmental glomerulosclerosis [21]. - The PD-1 inhibitor H drug, Surulutumab, developed by Fuhong Hanlin, was officially included as a breakthrough therapy on November 20, 2025, for gastric cancer treatment [22]. - On November 17, 2025, FDA approved the biosimilar of Tysabri, developed by Sandoz, for multiple sclerosis and Crohn's disease [23].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, specifically recommending stocks such as Yifeng Pharmacy and Dazhenglin [1]. Core Insights - The report highlights that the cash flow of pharmacies is stable and valuations are low, indicating potential investment opportunities in leading pharmacy chains [1]. - The A-share pharmaceutical index has shown a year-to-date increase of 13.7%, while the Hang Seng Biotechnology Index has surged by 74.2% [4]. - The report identifies a turning point in the pharmacy industry, with a net decrease of 4,000 pharmacies in Q4 2024, suggesting a shift to a stock competition phase [4][24]. - The report emphasizes the importance of cost reduction and efficiency improvements among leading pharmacy chains, which have resulted in improved profit margins [27]. Summary by Sections Industry Trends - The A-share pharmaceutical index has decreased by 6.9% this week, with significant declines across various sub-sectors, including medical devices and traditional Chinese medicine [4][9]. - Leading pharmacy chains are focusing on store adjustments and have shown marginal performance improvements, with revenue growth of 0.6% and net profit growth of 12.4% in the first three quarters of 2025 [20]. Valuation and Performance - As of November 23, 2025, the SW pharmacy sector's PE-TTM is approximately 21.5 times, indicating a valuation at the 37th percentile for the year [22]. - Major pharmacy chains like Yifeng Pharmacy and Dazhenglin have PEs below 20 times, highlighting their attractive valuation [22]. Research and Development Progress - The report details recent approvals and clinical advancements in innovative drugs, including the approval of Pfizer's long-acting hemophilia treatment [4]. - Specific recommendations for innovative drugs include companies such as Baidu Tianheng and BeiGene, with a focus on PD1/VEGF dual antibodies and GLP1 drugs [9][11][12]. Market Dynamics - The report notes that the number of retail pharmacies has begun to decline, marking a significant shift in the market landscape [24]. - Leading pharmacy chains are expected to enhance their market share through refined management and compliance capabilities [24].

Core Insights - Pfizer showcased its innovative cancer treatments and rare disease therapies at the 8th China International Import Expo, marking its seventh participation and aligning with its "OUTDO CANCER" initiative and "Pfizer China 2030 Strategy" [1] - The company highlighted the innovative therapy for hemophilia, Matasimab, which is the first fixed-dose subcutaneous injection therapy approved in the US and EU [2] - Pfizer is focusing on enhancing its collaboration with local Chinese biopharmaceutical companies to address unmet clinical needs, particularly in gastrointestinal tumors [5] Group 1: Product Showcase - Pfizer displayed 9 oncology products and 4 rare disease treatments, with Matasimab being the primary focus, officially launched in Hainan in February 2023 [2] - Matasimab aims to shift the treatment focus to preventive medication, reducing bleeding events and preventing irreversible damage to joints and organs [2] Group 2: Long-term Strategy in Rare Diseases - Pfizer is exploring long-term strategies in rare diseases, such as ATTR, with the aim of improving diagnosis and treatment through the establishment of Centers of Excellence (CoE) [3] - The company is working to enhance early diagnosis and timely treatment for patients by promoting systematic screening in collaboration with major medical centers [3] Group 3: Clinical Research and Collaboration - There is a growing trend of including China in global clinical research from the outset, allowing Chinese researchers to take on leading roles in international projects [4] - Pfizer has recognized the rise of local innovation capabilities in biopharmaceuticals, transitioning from generic drug research to innovative drug development [4] Group 4: Focus on Gastrointestinal Tumors - Pfizer is expanding its focus to include gastrointestinal tumors, which have been underrepresented in innovative treatments, particularly for pancreatic and gastric cancers [5] - The company plans to engage with local startups and clinical experts to better address unmet clinical needs in the Chinese market [5]

Core Insights - The International Innovation Medical Device Exhibition in Boao, Hainan, has showcased 810 innovative medical devices since its opening in April 2021, with 441 of them not yet available in China and 394 making their debut in the country [1][2] - The Boao Lecheng International Medical Tourism Pilot Zone has successfully attracted over 510 global innovative medical devices and expedited the domestic launch of 21 innovative medical devices, positioning itself as a "hope city" for patients with rare diseases and complex conditions [2][4] Group 1 - The Boao Lecheng Pilot Zone has implemented a "four special" policy framework, including special medical, research, operation, and international medical exchange policies, along with zero-tariff benefits, facilitating its transformation from a policy testing ground to an industrial highland [1][4] - The first prescription for the innovative drug Matazizumab for hemophilia was issued at the Shanghai Jiao Tong University School of Medicine Affiliated Ruijin Hospital in Hainan in February this year [2] - As of now, the Boao Lecheng Pilot Zone has completed the "first use in China" for 522 international innovative medical devices, benefiting over 180,000 patients [2] Group 2 - The "zero-tariff" and "first trial" policies in the Boao Lecheng Pilot Zone are highly attractive to enterprises, supported by a mature "research-registration-industrialization" chain and an ecosystem of "policy innovation + industrial agglomeration" [4] - The zone has gathered over 30 top domestic and international medical institutions, creating a structure that includes public, private, and international entities [4] - The Boao Lecheng Pilot Zone is set to benefit from a more open development environment and broader market space as the Hainan Free Trade Port prepares for its closure operation [4]