医药行业周报：短期市场风险未完全释放，关注板块主题投资机会（附HR+乳腺癌内分泌治疗药物研究）

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical sector, indicating a favorable outlook despite short-term market risks not being fully released [1][3]. Core Insights - The report emphasizes the importance of endocrine therapy as the cornerstone for HR+ breast cancer treatment, highlighting the convenience of oral SERDs and their potential to overcome resistance. Multiple products are actively advancing in clinical trials globally [13][19]. - The report suggests focusing on thematic investment opportunities within the sector, particularly in innovative drugs and companies with strong merger and acquisition potential [30][34]. Summary by Sections Industry View and Investment Recommendations - Endocrine therapy is foundational 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 expected to replace traditional treatments like Fulvestrant, with the first oral SERD, Elacestrant, approved in January 2023, showing significant efficacy in reducing disease progression and mortality risk [20][23]. - The report recommends focusing on companies with strong performance in the pharmaceutical sector, particularly those involved in innovative drug development and those with significant market pricing power [30][34]. Industry Performance - The pharmaceutical sector experienced a decline of 2.36% this week, outperforming the CSI 300 index by 0.24 percentage points. Sub-sectors such as medical infrastructure and innovative drugs performed relatively well, while life sciences and pharmacy sectors lagged [36]. - As of November 22, the overall price-to-earnings ratio for the pharmaceutical industry was 27.03, with a premium of 36.30% compared to the overall A-share market excluding the financial sector [36]. Company Dynamics - Several companies received regulatory approvals for new drugs and clinical trials, indicating ongoing innovation and development within the sector. For instance, companies like Xingqi Eye Medicine and Luant Pharmaceutical have recently announced new clinical trial approvals [37][39].