Investment Rating - The report maintains an investment rating of "Outperform" [6] Core Insights - The report highlights that several newly included innovative drugs in the medical insurance directory are rapidly entering hospitals, with some drugs exceeding 100 hospital entries [2][20] - The new drug market saw significant fluctuations, with top gainers including Tengsheng Bo Pharmaceutical (22.17%) and He Bo Pharmaceutical (20.38%), while top losers included Yiming Anke (-23.51%) and Kexi Pharmaceutical (-20.80%) [1][15] Summary by Sections Weekly New Drug Market Review - From March 10 to March 14, 2025, the new drug sector experienced notable gains, with the top five companies showing significant increases in stock prices [1][15] Key Analysis of the New Drug Industry - The National Healthcare Security Administration updated the hospital entry data for innovative drugs included in the medical insurance directory as of the end of January 2025, indicating a rapid entry of several new domestic innovative drugs [2][20] New Drug Approvals and Applications - This week, 13 new drugs or new indications were approved for market entry, 77 new drugs received IND approvals, 40 new IND applications were accepted, and 5 new NDA applications were accepted [3][22] Domestic New Drug Industry Focus - Key highlights include the approval of a new indication for a targeted ADC drug by Kelun Bo Pharmaceutical, the acceptance of a joint application for a targeted ADC by Zai Lab and Seagen, and the approval of a new drug by Innovent Biologics for treating thyroid eye disease [4][22] Overseas New Drug Industry Focus - Significant developments include the announcement of clinical data for an oral peptide inhibitor for ulcerative colitis by Johnson & Johnson and Protagonist, and a collaboration between Roche and Zealand Pharma for a long-acting insulin analog [12]