板块流动性持续恢复，创新药行情有望受益于政策推动（附美国痛风治疗研究）

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical sector [1] Core Insights - The liquidity in the pharmaceutical sector continues to recover, and the innovative drug market is expected to benefit from policy support [1] - There is an unmet demand in the treatment of gout in the U.S., with a focus on new URAT1 inhibitors and XO inhibitors in clinical development [4][5] Sub-industry Ratings - Recommended companies and their ratings include: - Junshi Biosciences: Buy - Hualan Biological Engineering-B: Buy - Aorite: Buy - Tonghe Pharmaceutical: Buy - Sunshine Nuohua: Buy - Hongbo Pharmaceutical: Buy - Fuyuan Pharmaceutical: Buy - Sanofi: Buy - Gongtong Pharmaceutical: Increase Holding - Yifan Pharmaceutical: Buy - Nocera: Buy - Aoxiang Pharmaceutical: Buy - Kelun Pharmaceutical: Buy - Guobang Pharmaceutical: Buy - Laikai Pharmaceutical-B: Buy - Baili Tianheng: Buy - Yifang Biotechnology: Buy [3] Industry Performance - The pharmaceutical sector rose by 1.88%, outperforming the CSI 300 index by 0.88 percentage points [6] - Within the sub-sectors, pharmaceutical outsourcing, innovative drugs, and hospitals performed relatively well, while pharmacies, traditional Chinese medicine, and blood products lagged [6][31] Investment Recommendations - Focus on innovative drugs with a medium to long-term view on "differentiation + overseas expectations" [6][31] - The report suggests paying attention to companies with strong merger and acquisition expectations and those involved in AI healthcare [6][31] - For raw materials, the report highlights a significant increase in demand due to the expiration of patents for major products, with a projected sales impact of $175 billion from 2023 to 2026 [7][32] Clinical Development Insights - In the U.S., there are ongoing clinical trials for new URAT1 inhibitors such as ABP-671 and AR882, and for XO inhibitors like tigulixostat [25][29] - The report emphasizes the urgent need for safe new gout medications due to the limitations of existing treatments [22][23]