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Investment Rating - The report maintains a rating of "Outperform the Market" for the pharmaceutical and biotechnology sector [4]. Core Insights - The report highlights the significant unmet demand in the lipid-lowering drug sector, driven by a large patient population suffering from atherosclerotic cardiovascular disease (ASCVD), which is the leading cause of death in China, accounting for over 40% of mortality [2][19]. - The report emphasizes the need for innovative lipid-lowering therapies, particularly focusing on new targets such as PCSK9, Lp(a), APOC3, ANGPTL3, and CETP, as traditional treatments like statins have limitations [2][19]. - The report suggests that the domestic companies involved in the development of innovative lipid-lowering drugs, such as Heng Rui Medicine, Shiyao Group, and Kangfang Biotech, should be closely monitored for investment opportunities [2][19]. Summary by Sections 1. Market Review and Investment Strategy - The report notes that the CITIC Pharmaceutical Index rose by 1.5% in the week of December 2-6, 2024, outperforming the CSI 300 Index by 0.1 percentage points [1]. - It suggests that the pharmaceutical sector can gradually increase allocations, with expectations of excess returns following the semi-annual reports [11]. 2. Lipid-Lowering Drug Industry Focus - The report identifies a large patient population with ASCVD and highlights the low treatment rates in China, with only 30.1% of high-risk patients achieving long-term LDL-C targets [2][19]. - It discusses the innovative research and development of lipid-lowering drugs targeting PCSK9, Lp(a), APOC3, ANGPTL3, and CETP, indicating a robust pipeline of new therapies [2][19]. 3. Weekly Market Recap and Hotspot Tracking - The report provides a recap of the A-share pharmaceutical sector's performance, noting a rebound after a period of decline, influenced by government procurement policies favoring domestic brands [2][3]. - It anticipates significant capital inflows into pharmaceutical ETFs and actively managed funds, suggesting potential for excess returns in the near future [2][11]. 4. Recommended Investment Combinations - The report lists specific companies to watch, including WuXi AppTec, United Imaging Healthcare, and Kangfang Biotech, as part of its investment strategy [2][11].