医药行业周报：市场定价权资金出现变化，医药板块估值有望提升（附双抗研究专题）

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [2] Core Viewpoints - The pharmaceutical sector is expected to see an increase in valuation due to changes in market pricing power and funding [2][22] - The report highlights the differentiation in the pipeline of bispecific antibodies (bsAb) in China compared to overseas, with T cell engagers (TCE) being the mainstream route abroad [11][12] Summary by Sections Industry Opinion and Investment Recommendations - TCE is the mainstream route for bispecific antibodies overseas, while multiple differentiated bispecific antibodies are in development domestically [11] - Investment suggestions focus on companies with strong commercial certainty and those benefiting from the recent launch of the Sci-Tech Innovation Board's innovative drug index [22][23] Industry Performance - The pharmaceutical sector experienced a decline of 6.00%, underperforming the CSI 300 index by 2.75 percentage points [25] - Sub-sectors such as vaccines and innovative drugs performed relatively well, while drugstores and blood products saw significant declines [25] Company Dynamics - Notable company announcements include: - Huakang Medical's bid for a major hospital project [26] - Newnord's FDA fast-track designation for a new drug [26] - Baiyuntai's licensing agreement for a drug in Europe [26] - Companies like Junshi Biosciences and Hengrui Medicine received regulatory approvals for new drugs [28] Industry Trends - The report notes a significant increase in the demand for raw materials due to the expiration of patents for major products, with a projected sales impact of $175 billion from 2023 to 2026 [23] - The raw material drug production in H1 2024 was 178.9 thousand tons, showing a year-on-year growth of 2.2% [23]