Hengrui Pharma(SH:600276) Great Wall Glory Securities·2025-05-13 01:17Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Views - The GLP-1 weight loss drugs are experiencing explosive growth globally and in China, with significant sales figures expected for the year [7] - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index [5][15] - The industry PE (TTM) as of May 9, 2025, is 26.77x, showing an upward trend but still below the average [20] Summary by Sections Industry Review - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index which increased by 1.56% [5][15] - The medical equipment and pharmaceutical distribution sectors showed the highest gains, with increases of 3.92% and 2.38% respectively [5][15] Industry Trends - As of May 9, 2025, the industry PE (TTM) is 26.77x, up from 26.34x in the previous period, indicating a valuation increase but still below the average [20] - The top three sub-industries by PE are vaccines (52.12x), hospitals (37.94x), and medical devices (32.59x), while pharmaceutical distribution has the lowest PE at 15.03x [20] Important Industry News - The NMPA has released the "Quality Management Specifications for Online Sales of Medical Devices," effective from October 1, 2025, to enhance supervision and management of online sales [25] - The CDE has issued a draft guideline for writing risk management plans during the development of innovative drugs [29] - The approval of the first long-acting analgesic new drug "Meloxicam Injection" in China marks a significant milestone in the industry [31] Investment Recommendations - The current trend in GLP-1 weight loss drugs indicates a golden development period, with global sales expected to exceed $20 billion this year [7] - Domestic companies are expected to benefit from upstream raw material and CDMO segments due to global capacity expansion [7] - Companies with solid clinical data, sufficient production capacity, and integrated supply chain capabilities are recommended for investment focus [7]