生物医药Ⅱ行业周报：重组白蛋白商业化之路道阻且长，持续看好人源产品投资机会

Investment Rating - The report maintains a "Positive" outlook for the biopharmaceutical sector, expecting returns to exceed the CSI 300 index by more than 5% over the next six months [40]. Core Insights - The commercialization path for recombinant human serum albumin (rHSA) is challenging, but there are ongoing investment opportunities in human-derived products [2][9]. - The Chinese human albumin market is in a stable growth phase, with a market size projected to grow from 25.8 billion yuan in 2020 to 57 billion yuan by 2030, reflecting a compound annual growth rate (CAGR) of 6.0% from 2025 to 2030 [21][24]. - Domestic supply of human albumin is primarily reliant on imports, indicating significant potential for domestic alternatives [24]. Summary by Sections 1. Recombinant Human Serum Albumin Commercialization Challenges - No rHSA injection products have been launched in China as of September 2024, with four products currently in clinical trials [7][13]. - The commercialization process faces hurdles due to technical and process challenges, clinical indication expansion needs, and regulatory approval difficulties [19][20]. 2. Industry Outlook and Investment Recommendations - The report emphasizes innovation as a key investment theme in the pharmaceutical sector, highlighting opportunities in overseas expansion, single product innovation, and equipment upgrades [28][29][30]. - Specific companies recommended for investment include WuXi AppTec, Lepu Medical, and Mindray Medical, among others [39]. 3. Market Performance Overview - The biopharmaceutical sector saw a significant increase of 28.29% in the last week, outperforming the CSI 300 index by 2.77 percentage points [31]. - The overall valuation of the pharmaceutical sector has risen, with a premium rate of 124.11% relative to the CSI 300 index as of September 30, 2024 [33].