Cosunter(SZ:300436) Xin Lang Cai Jing·2025-10-19 08:31Core Insights - The overall performance of the Shenwan Pharmaceutical Index decreased by 2.48% week-on-week, outperforming the ChiNext Index but underperforming the CSI 300 Index during the week of October 13-17 [1] - The report discusses the future potential of two drugs, GST-HG131 and GST-HG141, developed by Guangshentang [1] Recent Market Review - The market experienced wide fluctuations, with banks and coal sectors leading gains, while the pharmaceutical sector mirrored the overall market trend [2] - A notable rebound was observed in innovative drug stocks that had previously seen significant adjustments, driven by individual stock logic such as performance and ESMO data [2][3] Reasoning Behind Market Movements - Geopolitical concerns have led to a period of wide market fluctuations and a shift in investment styles [3] - The underlying industry logic remains unchanged, and as trading issues are digested, innovative drug stocks are expected to regain traction [3] - There is a perception of irrationality and pessimism in the market, but as the trading structure improves, new catalysts may emerge for innovative drugs [3] Future Outlook - In the short to medium term, the focus will be on identifying pharmaceutical stocks with strong Q3 performance and preparing for a potential rebound in Q4 [4] - The report emphasizes a continued optimistic outlook for innovative drugs through 2025, with key themes including overseas large pharmaceuticals, small and medium-sized tech revolutions, and the revaluation of generic drugs [4] Strategic Allocation Insights - For innovative drugs, recommended stocks include major players like Innovent Biologics, 3SBio, and BeiGene, as well as smaller biotech firms focusing on cancer treatments and gene therapies [4][5] - New technologies such as brain-computer interfaces and AI in healthcare are highlighted as areas of interest, with companies like Xunyi Medical and JD Health being noted [6] - Internationalization of medical devices is also a focus, with companies like Senhong International and Furuida being mentioned [7] - Other strategic areas include the integration of large groups with smaller companies and the ongoing reforms in state-owned enterprises [8]