智通财经网·2025-11-25 01:42Core Viewpoint - The small nucleic acid industry is entering a phase of breakthroughs by domestic companies and is poised for global competition, with 2026 being a pivotal year for investment opportunities in this sector [1] Group 1: Investment Opportunities - The historical trends in innovative drug markets (e.g., PD-1 from 2018-2021, ADC technology in 2023, weight loss drugs in the second half of 2023, and new immunotherapy from 2024) indicate that industry trends are fundamental drivers of market movements [1] - The sequence of market developments typically follows: overseas breakthroughs in research, domestic reflections, breakthroughs by domestic companies, and then global competition [1] - The increasing number of investable domestic companies in the small nucleic acid sector highlights the need to focus on investment opportunities [1] Group 2: Competitive Advantages - The key to small nucleic acid drug development lies in an efficient and safe delivery platform and viable drug targets [2] - Chinese companies possess advantages in research and development efficiency and engineering innovation for the improvement of delivery platforms [2] - For known target project development, Chinese companies also have competitive advantages [2] Group 3: Investment Rhythm - Alnylam and Arrowhead are leading global companies in the small nucleic acid field, with Alnylam being a pioneer that has seen its stock price rise with successful drug launches [3] - Alnylam's invention of the GalNAc delivery system has significantly advanced the small nucleic acid field, validating the core competitive points of "platform + target + speed" [3] - Arrowhead has innovated its delivery system with the TRiM platform, targeting specific tissues and exploring new indications such as weight loss and CNS targets [3]