医药行业周报：创新药及其产业链大热，后续如何布局？

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Views - The report highlights that the Chinese innovative drug sector is expected to experience new growth logic due to internal and external policy catalysts, suggesting a focus on undervalued small-cap pharmaceutical stocks [5][6]. Summary by Sections 1. Innovative Drugs and Industry Chain - Sangfor Pharmaceutical: Core products show steady growth, with innovative pipelines gradually yielding results. The PD-1/VEGF dual antibody AK112 has become the first to defeat K drug in head-to-head Phase III trials, enhancing the development heat for PD(L)-1/VEGF dual antibodies [10][11]. - Kojin Pharmaceutical: The CAR-T therapy shows significant potential, with its first product, CT053, approved for multiple myeloma treatment. Another product, CT041, is expected to submit NDA in mid-2025 [12][13]. - Hotgen Biotech: The SGC001 drug for acute myocardial infarction is progressing through clinical trials, with promising preclinical data indicating significant therapeutic effects [20][21]. - Kangfang Biotech: The company is advancing its IO+ADC strategy, with two dual antibodies already approved. It is collaborating with Pfizer to explore combination therapies for various solid tumors [30][34]. - Kolin Biotech: The company is expanding its international clinical trials with Merck, focusing on multiple cancer types [36][40]. 2. Market Performance Review - The pharmaceutical sector index fell by 2.7% from February 24 to February 28, 2025, underperforming the CSI 300 index by 0.5%. However, year-to-date, the sector has risen by 1.1%, outperforming the CSI 300 by 2.3% [43][44]. 3. Investment Strategy and Focus - The report suggests focusing on four main investment lines: 1) Oversold blue-chip stocks and Hong Kong stocks, 2) Companies with positive short-term changes and low price-to-book ratios, 3) Firms with solid fundamentals, and 4) Companies expected to show high growth in H2 2024 [7][8]. - Recommended stocks include Kangfang Biotech, Zai Lab, Kolin Biotech, and others [7]. 4. Industry Outlook - The report anticipates a recovery in the demand for innovative drugs, driven by supportive government policies and increased investment in the biotech sector. This recovery is expected to benefit upstream companies and CRO services [42].