医药生物行业周报：TCE双抗-自免领域的变革先锋

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1]. Core Insights - The report highlights the significant performance of the pharmaceutical sector during the week of November 4-8, with the Shenwan Pharmaceutical Index increasing by 6.43%, outperforming the CSI 300 Index but underperforming the ChiNext Index. The focus of the report is on the application of TCE bispecific antibodies in the autoimmune field [2][9]. - The report anticipates a series of policies that will likely elevate the market, with a focus on thematic investments such as mergers and acquisitions, respiratory devices, and second-line innovative drugs. It outlines three investment strategies for the upcoming year: opportunities in innovative drugs with overseas sales potential, sectors with expected improvements due to policy stimuli, and selective opportunities in innovative fields like ADC and autoimmune therapies [10][21]. Summary by Sections 1. Industry Performance Review - The pharmaceutical sector showed a strong upward trend, driven by liquidity and market sentiment, particularly in response to the U.S. elections. The report notes a rotation into healthcare stocks, particularly in areas like ophthalmology and traditional Chinese medicine [10][21]. 2. TCE Bispecific Antibodies - The report discusses the rapid advancement of TCE bispecific antibodies in the autoimmune disease sector, with significant transactions involving domestic biotech firms. Notable collaborations include a $700 million deal between Merck and Tongrun Biotech for a CD3/CD19 bispecific antibody [12][13]. - TCE bispecific antibodies are characterized by their ability to redirect T cells to target tumor cells, showing promise in treating various cancers and autoimmune diseases. The report mentions that there are currently 20 active clinical studies globally focusing on CD3 bispecific antibodies for autoimmune diseases [14][20]. 3. Investment Strategies - The report outlines specific investment strategies within the pharmaceutical sector, categorizing them into opportunities based on market themes, expected improvements, and innovative differentiation. Key companies mentioned include Kelun Pharmaceutical, Furuida, and Aier Eye Hospital, among others [3][21]. - The report emphasizes the importance of focusing on companies with strong overseas sales potential and those positioned to benefit from upcoming policy changes [10][21]. 4. Market Trends and Data - The report provides comparative data on the performance of various indices, noting that the Shenwan Pharmaceutical Index has decreased by 6.07% year-to-date, while the CSI 300 Index has increased by 19.61% [21][22]. - It also highlights the performance of individual stocks within the innovative drug sector, with notable gains for companies like Kintor Pharmaceutical and Yisheng Biopharma [23][24]. 5. Key Events and Developments - Significant events include the submission of a new drug application to the FDA by Dizal Pharmaceutical for a novel lung cancer treatment, marking a milestone for Chinese-origin targeted therapies [24][25]. - The report also notes advancements in the clinical trials of various bispecific antibodies targeting autoimmune diseases, indicating a growing interest and investment in this area [20][21].