医药生物行业周报：医药生物行业双周报2025年第8期总第131期北京、深圳发布创新药支持政策，持续关注创新药板块

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [1] Core Insights - 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 PE (TTM overall method, excluding negative values) for the pharmaceutical and biotechnology industry as of April 11, 2025, is 25.83x, down from 27.06x, indicating a downward trend in valuation [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 had the highest gains, with increases of 3.99% and 2.70% respectively, while medical research outsourcing and in vitro diagnostics faced the largest declines of -20.32% and -9.68% respectively [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 [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 issued a draft for public consultation regarding the import of commercially scaled batches of drugs approved overseas, aiming to facilitate the early use of innovative drugs in clinical settings [29][30] Investment Recommendations - The report suggests continuous attention to pharmaceutical and medical device companies with original innovation capabilities and overseas expansion potential, especially those with performance exceeding expectations during the earnings disclosure period [9]