Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry, focusing on innovative drugs and their supply chain investment opportunities [1]. Core Insights - The report highlights the potential of TYK2 allosteric inhibitors in treating autoimmune diseases, particularly psoriasis, with several products under exploration [14][24]. - The report emphasizes the unmet needs in psoriasis treatment, indicating a significant market opportunity for oral TYK2 allosteric inhibitors due to their potential for better efficacy and safety profiles compared to existing treatments [25][27]. Summary by Sections Industry Viewpoints and Investment Recommendations - TYK2 inhibitors show broad application prospects in autoimmune diseases and neuroinflammation, with a focus on psoriasis treatment [14]. - The report suggests that the current treatment landscape for moderate to severe psoriasis is dominated by biologics and oral targeted therapies, which have limitations in adherence and safety [25]. - The report recommends several companies for investment, including: - Junshi Bioscience: Buy - Hualing Pharmaceutical-B: Buy - Aorite: Buy - Tonghe Pharmaceutical: Buy - Sunshine Novo: Buy - Hongbo Pharmaceutical: Buy - Fuyuan Pharmaceutical: Buy - Sangfor Pharmaceutical: Buy - Jinxin Pharmaceutical: Buy - Nocera: Buy - Keren Pharmaceutical: Buy - Baile Tianheng: Buy [1]. Industry Performance - The pharmaceutical sector rose by 1.62%, outperforming the CSI 300 index by 0.17 percentage points during the week [1]. - Sub-sectors such as pharmaceutical outsourcing, life sciences, and medical consumables performed relatively well, while innovative drugs and raw materials lagged [1]. Company Dynamics - The report discusses the ongoing clinical trials and market potential of various TYK2 inhibitors, including BMS's Deucravacitinib, which is the first approved oral TYK2 allosteric inhibitor for moderate to severe plaque psoriasis [19][20]. - D-2570, developed by Yifang Biotechnology, has shown promising results in Phase 2 trials for psoriasis, achieving a PASI 75 response rate of 85.0%-90.0% [30][31]. - The report notes that the demand for raw materials in the pharmaceutical industry is expected to improve as major product patents expire, leading to increased demand for active pharmaceutical ingredients [4]. Industry Dynamics - The report highlights the ongoing changes in the pharmaceutical industry, including the impact of U.S. Federal Reserve interest rate policies and China's economic stimulus plans, which are expected to enhance the attractiveness of A-share assets [4]. - The report also mentions the gradual recovery of investment and financing in the biotech sector, with a 63% year-on-year increase in global biotech financing in the first half of 2024 [4]. Market Valuation Tracking - The report provides insights into the valuation trends of various pharmaceutical sectors, indicating a potential revaluation of companies with strong product pipelines and market positioning [1][4].
医药行业周报：持续关注创新药及其产业链投资机会（附TYK2变构抑制剂研究）
Tai Ping Yang·2024-12-09 08:40