“吃药”行情持续！舒泰神一度累涨190%，创新药值得关注？

Core Viewpoint - The innovative drug sector in Hong Kong and A-shares has experienced significant growth, with companies like Shuyitai (300204.SZ) seeing stock price increases of over 188% from May 20 to June 3, before a subsequent correction on June 4 [1][2]. Group 1: Market Performance - The innovative drug sector has shown strong performance this year, with the Hong Kong biopharmaceutical B-class stock index rising over 80% and the innovative drug concept index increasing by over 40%. A-share innovative drug concepts have also risen by more than 20% [2]. - Recent favorable news, including multiple innovative drug approvals in May and a record $1.25 billion upfront payment for a licensing agreement between Sanofi (01530.HK) and Pfizer (PFE.US), has further stimulated the sector [2]. Group 2: Company-Specific Developments - Shuyitai has received a significant boost from its subsidiary Beijitai, which received a notice from the National Medical Products Administration regarding the conditional approval for the injection STSP-0601, aimed at treating bleeding in adult patients with hemophilia A or B [3]. - Preliminary results from the Ib/II clinical trial of STSA-1002 for acute respiratory distress syndrome (ARDS) indicate good safety and tolerability [3]. - Despite having several products on the market, Shuyitai's revenue has been declining, primarily due to decreasing sales of its main products, leading to continuous net losses [3]. Group 3: Investment Outlook - Analysts remain optimistic about the innovative drug sector, with firms like Zhongtai Securities highlighting the increasing global competitiveness of domestic innovative drugs and the potential for significant market revaluation [5]. - The upcoming national medical insurance negotiations are seen as a critical event, with successful drug approvals expected to accelerate market penetration [5]. - The Hong Kong innovative drug sector is noted for its higher elasticity in valuation compared to A-shares, benefiting from greater research and development expenditure and overseas revenue [6].