创新药行业事件点评：FGF21靶点MASH价值提升，建议关注国内管线潜在投资机会

Investment Rating - The industry investment rating is maintained as "Buy" [1] Core Views - The FGF21 target in the MASH field has achieved significant breakthroughs, enhancing its value and suggesting potential investment opportunities in domestic pipelines [4][5] - The domestic innovative drug industry is expected to enter a turning point in 2025, shifting from capital-driven to profit-driven trends, with opportunities for both performance and valuation recovery [6][19] Summary by Sections Industry Performance - Over the past 12 months, the A-share biotechnology sector has shown a relative performance of -1.3% compared to the CSI 300, with an absolute return of 10.9% [2][3] Clinical Progress and Breakthroughs - Akero's drug Efruxifermin has shown a 39% improvement in liver fibrosis in MASH patients after 96 weeks of treatment, compared to 15% in the placebo group [4][11] - The drug efimosfermin alfa demonstrated a 68% improvement in liver fibrosis in moderate to advanced MASH patients after 24 weeks, significantly outperforming the control group [12][15] Investment Recommendations - The report recommends focusing on two main investment lines: 1. Pharma companies transitioning to innovation, such as Huadong Medicine and Aosaikang, which are expected to see performance and valuation increases [19] 2. Biotech companies with potential for overseas product registrations [19] Supportive Policies - The introduction of the first Class B medical insurance directory is expected to expand the market for innovative drugs, alongside ongoing support policies for the entire industry chain [18][19]