医药行业周报：多款PD-（L）1/VEGF双抗出海，引领双抗新药发展热潮

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, specifically highlighting the potential of PD-(L)1/VEGF bispecific antibodies in the market [1]. Core Insights - Multiple PD-(L)1/VEGF bispecific antibodies are emerging in the global market, leading a new wave of drug development in this category. As of November 2024, four domestic PD-(L)1/VEGF bispecific antibodies have been launched internationally, marking a significant trend in the industry [1][16]. - The report emphasizes that innovation remains a crucial investment theme in the pharmaceutical sector, with a focus on overseas expansion, single product innovation, and policy catalysts [5][47]. Summary by Sections Section 1: PD-(L)1/VEGF Bispecific Antibodies - BioNTech announced an acquisition of Promis Bio for $800 million upfront and $150 million in milestone payments to accelerate the global clinical development of its PD-L1/VEGF bispecific antibody BNT327/PM8002 [16]. - Merck acquired global rights to the PD-1/VEGF bispecific antibody LM-299 from Lixin Pharmaceutical for an upfront payment of $588 million and potential milestone payments of $2.7 billion [16]. - The report notes that the first domestic PD-1/VEGF bispecific antibody was launched internationally in December 2022, and since then, there has been a surge in similar products entering the market [16]. Section 2: Industry Outlook and Investment Recommendations - The report suggests focusing on "key players" in the industry, particularly those involved in overseas expansion and innovative single products. Notable companies include WuXi AppTec, Lepu Biopharma, and Instil Bio [5][47]. - It highlights the potential of CNS series products and innovative medical devices as areas of growth, with companies like Enhua Pharmaceutical and Lijun Group being key players [48]. - The report also mentions that the medical equipment sector is expected to see a revival due to ongoing updates and approvals across various provinces [49]. Section 3: Market Performance - The biopharmaceutical sector experienced a decline of 3.92% during the week of November 11-15, 2024, underperforming compared to the CSI 300 index [4][52]. - Among the sub-sectors, traditional Chinese medicine saw the largest drop, falling by 7.32% [52]. - The overall valuation of the pharmaceutical sector increased, with a premium rate of 131.38% relative to the CSI 300, indicating a rise of 2.06 percentage points from the previous week [59].