医药生物行业跟踪周报：TCE成为创新药新趋势，关注信达生物、泽璟制药、智翔金泰等

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The pharmaceutical index has increased by 2.93% this week, while it has decreased by 7.82% year-to-date, with an excess return of 0.33% and -23.62% compared to the CSI 300 respectively [1]. - The report highlights the significant performance of small-cap stocks in the pharmaceutical sector, with notable gains from companies like Lingkang Pharmaceutical (+36%), Xinganjiang (+29%), and Yifang Biotechnology (+27%) [1][2]. - The report emphasizes the growing interest in T cell engagers (TCE) as a new trend in innovative drugs, suggesting that TCE has the potential to become the next investment focus in immunotherapy [2][3]. Summary by Sections 1. Support for Domestic Innovative Drugs - The report discusses the multi-dimensional support from national health insurance for domestic innovative drugs, recommending companies such as Dizhe Pharmaceutical and Heng Rui Medicine [10]. 2. TCE Drug Potential - TCE drugs are highlighted as having significant market potential, with a focus on their clinical value in the immunotherapy market [10]. - The report notes the successful approval of multiple TCE drugs in recent years, indicating a growing pipeline and potential for future breakthroughs in both hematological malignancies and solid tumors [2][10]. 3. R&D Progress and Company Dynamics - The report provides updates on various companies' R&D progress, including approvals and clinical trials for innovative and modified drugs [10]. 4. Industry Insights and Regulatory Dynamics - The report tracks the performance of the pharmaceutical sector, noting that the current price-to-earnings ratio for the pharmaceutical index is 33.07, which is 4.99 lower than the historical average [10]. 5. Market Review - The report details the performance of various sub-sectors within the pharmaceutical industry, with medical services showing a notable increase of 6.78% this week [10]. 6. Recommended Companies - The report lists several companies across various sectors, including innovative drugs (e.g., Xinda Biopharmaceutical, Heng Rui Medicine), traditional Chinese medicine, CXO and research services, high-end formulations, and medical services [19][21].