医药生物行业双周报：北京、深圳发布创新药支持政策，持续关注创新药板块-20250415

Investment Rating - Investment Rating: Positive [1] Core Viewpoints - The pharmaceutical and biotechnology industry index experienced a decline of 4.47%, ranking 14th among 31 primary industries, underperforming the CSI 300 index, which fell by 4.21% [6][17] - The industry valuation as of April 11, 2025, is a PE (TTM overall method, excluding negative values) of 25.83x, down from 27.06x, indicating a downward trend and below the mean and negative one standard deviation [6][22] - The report highlights that 26 listed companies in the pharmaceutical and biotechnology sector had a net reduction of 295 million yuan in shareholder holdings during the reporting period [6] Industry Review - The report notes that blood products and offline pharmacies showed the highest gains, with increases of 3.99% and 2.70%, respectively, while medical research outsourcing and in vitro diagnostics faced significant declines of -20.32% and -9.68% [6][17] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are diagnostic services (85.87x), hospitals (38.62x), and medical consumables (32.82x), with the lowest valuation in pharmaceutical circulation at 15.21x [6][22] Important Industry News - Beijing and Shenzhen have introduced supportive policies for innovative drugs, focusing on accelerating innovation in the pharmaceutical and healthcare industry, optimizing approval processes, and enhancing financial support [9] - The NMPA has solicited opinions on a draft announcement regarding the import of commercially scaled batches of drugs approved overseas before they are granted approval in China [8][29] - The report emphasizes that innovation and international expansion remain core investment themes in the pharmaceutical and biotechnology sector, particularly for companies with original innovation capabilities and those exceeding performance expectations [9] Company Dynamics - The report tracks 500 pharmaceutical and biotechnology companies, with 130 disclosing their 2024 performance. Among them, 11 companies reported a net profit growth rate of 100% or more, and 21 companies had growth rates between 30% and 100% [7] - Notable approvals include AbbVie’s "Upadacitinib" for treating giant cell arteritis, marking it as the first JAK inhibitor approved for this condition [8][39] - The report also highlights the approval of the first domestic gene therapy for hemophilia B, "Bopida Keg," by Xinnian Pharmaceutical, which is a significant milestone in the industry [8][40]