医药行业周报：创新药加速出海，全球化趋势增强

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1]. Core Insights - The trend of domestic innovative drugs accelerating their international expansion is becoming more pronounced, with significant mergers and acquisitions occurring, particularly in the dual-antibody sector [3]. - The upcoming results of the medical insurance negotiations are anticipated to support the development of innovative drugs, reflecting a dual adjustment in medical insurance policies [5]. - The rising positivity rate of influenza indicates an upcoming peak season for respiratory diagnostics, with increased demand expected [7]. - The market potential for domestic GLP-1 drugs is significant, with opportunities for overseas expansion as unmet needs in obesity and diabetes treatment remain high [9]. - The tightening supply of raw materials is expected to extend the prosperity cycle within the pharmaceutical sector [11]. - The retail pharmacy sector is undergoing a significant transformation, with a decline in the total number of stores expected to benefit leading companies [13]. Summary by Sections Industry Overview - The pharmaceutical industry is experiencing a shift towards global markets, with a notable increase in license-out transactions, reflecting a growing trend of Chinese innovative drugs being selected for international markets [3]. Medical Insurance Policy - The recent medical insurance negotiations aim to enhance drug accessibility while balancing the financial sustainability of the insurance system, indicating a supportive stance towards innovative drug development [5]. Respiratory Diagnostics - The increase in influenza positivity rates suggests a peak in demand for respiratory diagnostics, with expectations for government procurement to ramp up as the flu season approaches [7]. GLP-1 Drug Market - The domestic GLP-1 market is expanding, with significant sales growth reported, and opportunities for local companies to enter international markets are increasing [9]. Raw Material Supply - The raw material supply for pharmaceuticals is tightening, leading to price increases and a sustained high level of industry prosperity, particularly in the vitamin sector [11]. Retail Pharmacy Dynamics - The retail pharmacy landscape is shifting, with a projected decline in the number of stores, which is expected to enhance the market share and profitability of leading pharmacy chains [13]. Stock Recommendations - The report suggests specific stock picks based on the anticipated positive developments in the pharmaceutical sector, including companies like Shanghai Yizhong and Xintai [15][19].