治疗药物研究）（2024.11.18-2024.11.24）

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical sector, indicating a focus on thematic investment opportunities despite short-term market risks not being fully released [1][3]. Core Insights - Endocrine therapy is the cornerstone for HR+ breast cancer treatment, with oral SERDs expected to overcome resistance issues. Multiple products are actively progressing in clinical trials globally [13][19]. - The report highlights the potential of oral SERDs to replace existing treatments, with only one product currently approved globally, and emphasizes the leading position of domestic company Yifang Biopharma in this area [20][24]. - The pharmaceutical sector experienced a decline of 2.36% this week, outperforming the CSI 300 index by 0.24 percentage points, with sub-sectors like innovative drugs showing relatively better performance [30][36]. Summary by Sections Industry Perspective and Investment Recommendations - Endocrine therapy is essential for HR+/HER2- breast cancer treatment, with approximately 250,000 new HR+ breast cancer cases annually in China. Endocrine therapy is approved for various treatment lines [13][14]. - Oral SERDs are positioned as a first-line recommendation for patients who have failed AI therapy, with the first oral SERD, Elacestrant, approved in January 2023 [19][20]. - The report suggests focusing on companies with strong performance in the pharmaceutical sector, particularly those with innovative drugs and significant merger and acquisition potential [30][34]. Industry Performance - The pharmaceutical sector's performance this week showed a decline, with specific sub-sectors like medical infrastructure and innovative drugs performing better than others [36]. - The overall valuation of the pharmaceutical industry is reported at a P/E ratio of 27.03, with a premium of 36.30% compared to the overall A-share market [36]. Company Dynamics - Yifang Biopharma is highlighted for its rapid progress in developing oral SERDs, with its product D-0502 currently in phase 3 clinical trials [24][27]. - Other companies mentioned include Aorite and Aoxiang Pharmaceutical, which are expected to benefit from ongoing market trends and product expansions [33][34].