医药行业周报：天境生物IgAN新药2期数据公布，关注创新药入保情况

Investment Rating - The report assigns a "Buy" rating to several companies in the pharmaceutical sector, including 云顶新耀-B, 来凯医药-B, 怡和嘉业, 药明康德, 诺禾致源, and 华纳药厂, while 微芯生物 is rated as "Hold" [1]. Core Insights - The pharmaceutical sector experienced an overall decline of 2.90%, underperforming the CSI 300 index by 1.22 percentage points, ranking 29th among 31 sectors [2][10]. - The report highlights a recovery signal in various sub-sectors, particularly in the formulation segment, which is expected to improve due to the previous impacts of anti-corruption and centralized procurement [6]. - The report emphasizes the potential growth in new drug types such as peptides, ADCs, and oligonucleotides, suggesting a robust growth space for leading CXO companies [6]. Summary by Sections Pharmaceutical Sector Performance - The pharmaceutical sector's performance was marked by a 2.90% decline, with sub-sectors like pharmaceutical commerce increasing by 1.37%, while others like medical devices and biological products saw declines of 4.04% and 4.44% respectively [2][10]. Key Stock Performances - In the chemical pharmaceutical sub-sector, stocks like 复旦复华 and 河化股份 led gains with increases of 31.81% and 28.22% respectively, while stocks like 科源制药 and 新诺威 faced significant declines of 21.74% and 17.13% [14][16]. - In the traditional Chinese medicine II sub-sector, stocks like 香雪制药 and 中恒集团 saw gains of 30.54% and 21.28%, while stocks like 羚锐制药 and 广誉远 experienced declines of 10.87% and 7.89% [17][19]. - The biological products sub-sector saw 荣昌生物 and 未名医药 increase by 21.35% and 8.88%, while stocks like 科兴制药 and 智飞生物 faced declines of 12.72% and 12.46% [20][22]. - In the pharmaceutical commerce sector, stocks like 第一医药 and 合富中国 increased by 15.96% and 15.07%, while stocks like 上海医药 and 达嘉维康 declined by 6.64% and 5.20% [23][25]. - The medical devices sector saw significant gains from 浩欧博 and 仁度生物, with increases of 43.99% and 12.96%, while stocks like 福瑞股份 and 赛诺医疗 faced declines of 26.70% and 13.71% [26][28]. - In the medical services sector, stocks like 创新医疗 and 皓宸医疗 increased by 21.44% and 15.48%, while stocks like 金域医学 and 百诚医药 faced declines of 15.84% and 12.97% [29][32]. Industry News - The report discusses the recent financial performance of 礼来, which reported a revenue of $31.1 billion for Mounjaro, reflecting a doubling in sales compared to the previous year [33][34]. - GSK announced a collaboration with 恩沐生物 to acquire a tri-specific antibody for autoimmune diseases, highlighting the ongoing innovation in the pharmaceutical sector [33][35]. - Biogen reported positive results from the IGNAZ study on Felzartamab for IgA nephropathy, indicating significant potential for this treatment [36][37].