医药生物行业HER3 ADC：有望首次成药，关注末线治疗潜力

Investment Rating - The report maintains an "Outperform" rating for the industry [8] Core Insights - HER3 ADC is expected to become a significant treatment option following HER2 ADC, with potential breakthroughs in safety optimization, combination therapies, and expanded indications [4][33] - The report emphasizes the importance of HER3 expression in tumor progression and resistance, highlighting the rapid clinical development of HER3-targeted therapies [4][29] - The pharmaceutical sector is currently undervalued, with a clear trend of policy support for innovation, making it a favorable investment opportunity [5][15] Summary by Sections 1. Investment Strategy and Performance - The pharmaceutical sector can gradually increase allocation, with potential for excess returns in 2025 due to key policies like DRG/DIP promotion and national support for high-dividend companies [15][20] - The recommended focus includes innovative drugs and CXO as the primary long-term investment themes, with a notable performance of the suggested stocks [5][20] 2. HER3 ADC Focus - HER3 ADCs are showing promising clinical data, particularly in breast and lung cancers, with the fastest progress seen in the HER3-DXd by Daiichi Sankyo, which is under NDA in the US [4][33] - The report identifies several HER3 ADCs in various clinical stages, emphasizing the potential of domestic candidates like SHR-A2009 and BL-B01D1 [4][46] 3. Market Review and Trends - The report notes a 2.8% decline in the CITIC Pharmaceutical Index for the week of February 24-28, 2025, underperforming the CSI 300 Index by 0.6 percentage points [3] - Despite recent adjustments, the long-term trend for the pharmaceutical sector remains positive, with a focus on innovation and recovery [5][15]