医药行业周报：减肥赛道持续景气，关注信达生物、博瑞医药、歌礼制药等

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [2] Core Insights - The report highlights the ongoing growth in the weight loss sector, emphasizing companies such as Innovent Biologics, Boryung Pharmaceutical, and Ascletis Pharma [5][10] - A new guideline for obesity treatment was released by the National Health Commission, which includes various treatment methods and lists five approved weight loss drugs [7][10] - The report notes that the pharmaceutical sector has shown resilience, with the Shenwan Pharmaceutical Index outperforming the CSI 300 Index in recent weeks [16][34] Summary by Sections 1. Weight Loss Sector - The weight loss market remains robust, with a focus on companies like Innovent Biologics, Boryung Pharmaceutical, and Ascletis Pharma [5][10] - The National Health Commission's 2024 Obesity Diagnosis and Treatment Guidelines detail various treatment methods and list five approved weight loss medications [7][10] 2. Market Performance Review - For the week of March 24-28, 2025, the Shenwan Pharmaceutical Index increased by 0.98%, outperforming the CSI 300 Index by 0.97% [16] - Year-to-date, the Shenwan Pharmaceutical Index has risen by 3.53%, also outperforming the CSI 300 Index [16] 3. Key Company Updates - Innovent Biologics has submitted an NDA for its drug, with expected approvals for weight loss and type 2 diabetes indications in 2025 [11] - Boryung Pharmaceutical's BGM0504 has shown promising results in clinical trials, with significant weight loss percentages reported [12] - Ascletis Pharma's ASC47 has demonstrated unique properties in targeting fat tissue, with favorable clinical trial results [14] - Federated Pharmaceuticals has entered a licensing agreement with Novo Nordisk for its drug UBT251, which includes substantial potential milestone payments [15]