医药行业周报：GLP-1授权再次火热，哪些管线值得关注

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry [1]. Core Insights - The GLP-1 authorization is gaining traction, with several pipelines worth monitoring. The oral GLP-1 receptor agonists are becoming a focal point for many pharmaceutical companies due to their advantages over injectable forms [3][10]. - The report highlights the ongoing clinical developments in oral GLP-1 drugs, with several companies, including Eli Lilly and Kailera, advancing their candidates to late-stage trials [4][47]. - The overall investment strategy emphasizes four main lines: undervalued blue-chip stocks, companies with positive short-term changes and low price-to-book ratios, fundamentally solid enterprises, and those with high growth expectations for H2 2024 [5]. Summary by Sections 1. GLP-1 Authorization and Pipeline Focus - The report discusses the recent global licensing agreement between Merck and Hansoh Pharmaceutical for HS-10535, an oral small molecule GLP-1 receptor agonist, which includes an upfront payment of $112 million and potential milestone payments up to$1.9 billion [10][16]. - The report notes that only one oral GLP-1 receptor agonist, Semaglutide, has been approved, but its low oral bioavailability (approximately 0.4-1%) presents challenges [4][45]. - The report identifies several companies actively developing oral GLP-1 drugs, including HRS-7535 by Hansoh, which is in Phase III trials, and others like Huadong Medicine and Xinlitai in earlier phases [36][47]. 2. Market Performance Overview - The report provides a market performance review for the pharmaceutical sector, noting a 1.9% decline in the Shenwan Pharmaceutical Biotech Index, underperforming the CSI 300 Index by 3.3% during the week of December 23-27, 2024 [11][26]. - Year-to-date, the Shenwan Pharmaceutical Biotech Index has decreased by 12.3%, lagging behind the CSI 300 Index by 28.4% [11][26]. - The report highlights the top-performing stocks in the sector, including Dongyangguang, Jingfeng Pharmaceutical, and Shuanglu Pharmaceutical, with respective gains of 20.97%, 12.39%, and 10.76% [53]. 3. Investment Strategy and Recommendations - The report outlines a monthly investment portfolio that includes companies like Kangfang Biotech, Zai Lab, and Humanwell Healthcare, indicating a focus on innovative and growth-oriented firms [37]. - It emphasizes the importance of monitoring the GLP-1 weight loss market, with key players such as Hansoh, Xinlitai, and Gilead Sciences being highlighted for their potential [36][42].