Investment Rating - The industry rating is "Overweight" (maintained) [6] Core Insights - The 2025 Government Work Report first mentioned the establishment of an "Innovative Drug Directory," supporting the development of innovative drugs. It also highlighted the need to optimize drug procurement policies and improve the mechanisms for traditional Chinese medicine innovation [6][8] - The report emphasizes that the innovative drug directory will include drugs with significant clinical value that are not yet covered by medical insurance, allowing for multi-tiered payment options [8] - The Chinese innovative drug industry is experiencing rapid growth, with the global innovative drug market reaching 1.08 trillion in 2024. The Chinese innovative drug market is projected to exceed 1.13 trillion yuan in 2024 [8][9] Summary by Sections Recent Industry Performance - The industry has shown relative returns of 2.76% over one month, -3.37% over three months, and -10.49% over twelve months compared to the CSI 300 index [3] Key Investment Points - The report indicates that the implementation of the innovative drug directory, strengthened policy support, and expanding market demand will lead to a wave of innovation in the global pharmaceutical market, particularly driven by China [8] - The report suggests focusing on leading innovative drug companies that have made breakthroughs in ADC and CAR-T therapies, as well as those with overseas clinical validation capabilities [8][9]
医药生物行业：2025政府工作报告首次提及制定“创新药目录”，支持创新药发展
江海证券·2025-03-12 06:24