创新药行业周报：GLP-1靶点产品陆续上市，关注市场扩容投资机会

Investment Rating - The report maintains an "Overweight" rating for the innovative drug industry, indicating a positive outlook for investment opportunities in this sector [5][16]. Core Insights - The innovative drug sector is experiencing a recovery phase, with a notable increase in mid-term performance forecasts and a resurgence in the research and development service segment [5][16]. - The report highlights the successful Phase III clinical trial of the dual agonist Masitide (GLP-1R/GCGR) by Innovent Biologics, which achieved all primary and key secondary endpoints, showcasing significant benefits in glycemic control and weight loss [3][7]. - The report emphasizes the importance of internationalization in the domestic innovative drug industry, with a focus on clinical demand, technological platforms, and product capabilities as key investment criteria [5][16]. Summary by Sections 1. Clinical Progress and Product Approvals - Innovent Biologics' Masitide has shown superior efficacy compared to Dulaglutide in glycemic control and weight loss, with plans to submit a new drug application to the NMPA [3][7]. - BAT2206 (Ustekinumab) by Baiyoutai has received acceptance for marketing authorization applications from the FDA and EMA, indicating strong international commercial potential [8]. - Eli Lilly's Tirzepatide has received approval for a new indication in China, further expanding its market presence [9]. 2. Market Performance - The A-share biotechnology sector experienced a 1.4% increase, while the Nasdaq biotechnology index saw a slight decline of 0.7% [4][10]. - As of July 22, the Hang Seng biotechnology sector's price-to-book ratio was 1.62X, indicating a valuation below the historical average [4][10]. 3. Investment Recommendations - The report suggests focusing on value opportunities in the innovative drug sector, particularly in companies transitioning to innovation and those with strong growth potential in overseas registrations [5][16]. - The report identifies two main investment themes: established pharmaceutical companies with resilient performance and biotech firms with validated research platforms [5][16].