医药行业周报：港股流动性改善，建议关注低估值小市值医药标的，关注歌礼制药、和铂医药、和誉医药等

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The report highlights the improvement in liquidity in the Hong Kong stock market, suggesting a focus on undervalued small-cap biotech stocks, with several stocks having increased over 50% year-to-date [6][9]. - Key companies to watch include Genscript Biotech, HAPO, and HUYU Pharmaceuticals, among others, due to their promising pipelines and market potential [6][9]. Summary by Sections 1. Focus on Small-Cap Biotech Stocks - The report emphasizes the recovery of liquidity in the Hong Kong market, leading to strong performance in small-cap biotech stocks, with many showing over 50% gains this year [6][9]. - Suggested companies for investment include Genscript Biotech, HAPO, HUYU Pharmaceuticals, and others due to their low price-to-book (PB) ratios [6][9]. 1.1. Genscript Biotech - Genscript's ASC30, a GLP-1 receptor agonist for obesity, has shown promising interim results in a Phase Ib trial, with weight reductions of 4.3% and 6.3% in different cohorts [11][12]. - ASC30 is noted for its unique dosing options, potentially positioning it as a best-in-class treatment [12]. 1.2. HAPO Pharmaceuticals - HAPO has a robust innovation platform with multiple potential products in development, including a licensing agreement that could yield up to $970 million in payments [15][19]. - The company is also collaborating with AI-driven platforms to enhance drug development processes [19][20]. 1.3. HUYU Pharmaceuticals - HUYU's Irpagatinib has entered registration clinical trials for liver cancer, with expectations to turn profitable in 2024, projecting revenues of approximately RMB 504 million [21][27]. - The company is focusing on innovative treatments for cancer, particularly targeting FGF19 overexpression in liver cancer patients [23][25]. 1.4. DEQI Pharmaceuticals - DEQI's new indication for its drug has been included in the national medical insurance directory, enhancing its market access [28]. - The company plans to invest in AI capabilities to accelerate drug development, leveraging its existing resources and partnerships [31]. 2. Market Performance Review - The pharmaceutical and biotechnology sector index rose by 1.88% from February 17 to February 21, 2025, outperforming the CSI 300 index by 0.87% [32]. - Year-to-date, the sector index has increased by 3.93%, again surpassing the CSI 300 index [32].