医药行业周报：创新药出海再添重磅产品，持续看好创新药出海

Investment Rating - The report maintains a positive outlook on the innovative drug sector, particularly regarding the international expansion of innovative drugs [2][43]. Core Insights - The report highlights the recent licensing agreement between Hansoh Pharmaceutical and Merck for the oral GLP-1R agonist HS-10535, which includes an upfront payment of $110 million and potential milestone payments of up to $1.9 billion, indicating strong international collaboration in the innovative drug space [2][43]. - The report notes that the pharmaceutical industry index has underperformed, with a decline of 10.62% year-to-date, lagging behind the CSI 300 index by 25.1 percentage points [11][32]. - The current valuation level of the pharmaceutical industry (PE-TTM) is 27.31 times, with a premium of 79.55% relative to the entire A-share market [11][33]. Summary by Sections Investment Strategy and Key Stocks - The report recommends a portfolio including companies such as Sino Medical (688108), Enhua Pharmaceutical (002262), and Shanghai Laishi (002252), among others, with a focus on their growth potential and market performance [12][21][34]. Market Performance - The pharmaceutical index experienced a decline of 2.13% in the past week, ranking 14th among industries, while the year-to-date performance shows a significant underperformance compared to the broader market [11][32]. - The report provides insights into the performance of various sub-sectors, noting that traditional Chinese medicine has shown the best relative performance despite a slight decline [11][20]. Hong Kong Stock Portfolio Analysis - The report includes a portfolio of Hong Kong-listed companies such as Rongchang Biopharmaceutical (9995) and Hengrui Medicine (0013), analyzing their recent performance and market expectations [3][44][27]. Innovation and Research Developments - The report emphasizes the importance of ongoing research and development in the pharmaceutical sector, particularly in the context of new drug approvals and clinical trials, which are crucial for future growth [11][31].