创新药行业周报：国产双抗海外交易密集落地，关注潜在投资机会

Investment Rating - The industry rating is maintained as "Buy" [5][6][32] Core Insights - The global biotechnology sector has experienced a decline, with the NASDAQ Biotechnology Index down by 10.2%, and the Hang Seng and A-share biotechnology sectors down by 5.8% and 4.4% respectively. As of November 15, the Hang Seng Biotechnology PB ratio stands at 1.82X, below the negative one standard deviation [2][10] - Domestic dual-antibody transactions have intensified, with significant deals such as Merck's $588 million upfront payment and up to $2.7 billion in milestone payments for the global rights to LM-299, and BioNTech's $800 million upfront payment for PM8002/BNT327 [3][4] - The domestic innovative drug industry is entering a new internationalization cycle, with major multinational pharmaceutical companies actively engaging with high-quality domestic products, indicating a trend towards global market expansion for clinically advantageous products [3][4] Summary by Sections Industry Performance - The biotechnology sector has shown a median decline of 2.4% among 85 sample innovative drug companies, with 15 companies experiencing gains. Notable gainers include Kangning Jereh Pharmaceutical-B, Renfu Pharmaceutical, and Dongyangguang Changjiang Pharmaceutical, while major decliners include Kexing Pharmaceutical-B, Yifang Biotechnology-U, and Junsheng Tai Pharmaceutical-B [2][10] Investment Recommendations - The report suggests focusing on high-quality stocks in the innovative drug sector for long-term value investment opportunities. Two main investment themes are highlighted: 1. Pharma companies transitioning to innovation, which are expected to see performance and valuation improvements as their innovation pipelines mature [4][32] 2. Biotech companies with ongoing growth and potential for overseas product registrations [4][32] - The report emphasizes that the innovative drug sector is poised for a new phase of stable growth, supported by improving fundamentals and liquidity [4][32]