药品行业周报：创新药支付端支持政策有望加快落地，持续看好板块投资机会

Investment Rating - The industry investment rating is maintained at "Overweight" [2][6] Core Insights - The innovative drug payment support policies are expected to accelerate implementation, with 2025 likely being a pivotal year for policy rollout, including the introduction of the first version of the Class B medical insurance catalog within the year [5][24] - The domestic pharmaceutical and biotechnology sector saw a 1.88% increase last week, ranking 9th among all primary industry sectors, with 8 out of 13 tertiary sectors showing growth, particularly in medical research outsourcing and hospitals [4][9] - The overall valuation level for the pharmaceutical and biotechnology sector as of February 20 is a PE-TTM of 26.78X and a PB of 2.54X, indicating a valuation above the negative one standard deviation [4][9] Summary by Sections Industry Performance - The pharmaceutical and biotechnology sector's relative return over the past month is 3.8%, with absolute returns of 8.4% [3][9] - The chemical preparations, biological drugs, and raw materials sectors increased by 2.71%, 1.75%, and 0.76% respectively [4][9] Investment Recommendations - The report suggests focusing on two main investment themes: 1. Innovation-driven opportunities by selecting stocks with significant technological platforms and product advantages [5][26] 2. Recovery-driven opportunities by identifying bottom assets with substantial safety margins that are expected to gradually improve as demand recovers [5][26] - The long-term outlook indicates a transition to a high-quality development phase for the pharmaceutical and biotechnology industry, presenting historical opportunities for transformation and upgrading [6][26]