创新药行业周报：市场持续回暖，关注创新药基本面改善重估机会

Investment Rating - The industry rating has been upgraded to "Buy" [4][7][26] Core Viewpoints - The biotechnology sector has shown significant recovery, with the Hang Seng Biotechnology Index rising by 12.2% during the National Day holiday, outperforming the healthcare sector and the overall index [2][9] - Domestic pharmaceutical companies are entering a phase of realizing their R&D achievements, with several high-value overseas licensing deals being completed [3][26] - The investment logic in the biotech sector is shifting from revenue growth to profitability, as companies begin to show improved financial performance [4][26] Summary by Sections Market Performance - The Hang Seng Index increased by 9.3%, with the healthcare sector rising by 10.7% and the biotechnology sector outperforming with a 12.2% increase [2][9] - The price-to-book (PB) ratio for the Hang Seng Biotechnology Index reached 2.37, indicating a valuation above the negative one standard deviation [2][9] Domestic Pharmaceutical Developments - The leading domestic pharmaceutical company, CSPC Pharmaceutical Group, signed an exclusive licensing agreement with AstraZeneca for a new drug, potentially worth up to $2.02 billion [3][26] - The domestic pharmaceutical sector is increasingly focusing on internationalization, with several companies achieving significant overseas licensing agreements [3][26] Investment Recommendations - The report suggests focusing on high-quality stocks in the innovative drug sector for long-term value investment opportunities [4][26] - Two main investment themes are highlighted: the transformation of traditional pharmaceutical companies into innovative firms and the continuous growth of biotech companies with potential overseas product registrations [7][26] - The report emphasizes the importance of a supportive policy environment and improving financial performance as key drivers for the sector's growth [4][26]