BeiGene(SH:688235) Great Wall Securities·2025-05-06 06:54Investment Rating - The report maintains an investment rating of "Outperform the Market" for the pharmaceutical sector [2][5]. Core Views - The pharmaceutical sector has seen a 0.49% increase this week, outperforming the CSI 300 index by 0.93 percentage points, ranking 9th among 31 first-level industries [8][28]. - The report highlights the positive impact of favorable policies on the pharmaceutical sector, suggesting a gradual recovery in industry sentiment. It recommends focusing on high-quality targets in the formulation sector and emphasizes the potential of innovative therapies and domestic drug replacements [5][28]. Summary by Sections Industry Performance - The pharmaceutical sector's performance this week was a 0.49% increase, with sub-sectors such as pharmaceutical commerce rising by 3.12% and medical services by 1.69%. In contrast, biological products and traditional Chinese medicine II saw declines of 0.87% and 1.01%, respectively [8][28]. Key News - Baiyi Shenzhou's BCL-2 inhibitor "Sonrotoclax" has been submitted for market approval, targeting specific types of lymphoma and leukemia [28][29]. - Merck KGaA announced a $3.9 billion acquisition of SpringWorks, enhancing its portfolio in the oncology space [28][30]. Key Announcements - Baili Tianheng received approval for two Phase II clinical trials for its innovative drug BL-B01D1, aimed at treating recurrent or metastatic cervical cancer and advanced endometrial cancer [32][33].