2025年5月第三周创新药周报-20250518

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 18, 2025 [1]. Core Insights - The innovation drug sector in both A-shares and Hong Kong stocks showed mixed performance, with 39 stocks rising and 67 falling during the week of May 12-16, 2025. The top gainers included Deqi Medicine-B (up 18.34%), Silody (up 14.57%), and Jiahe Biology-B (up 14.48%). The biggest losers were Geely Pharmaceutical-B (down 17.10%), CanSino Biologics-B (down 8.72%), and Yunding Xinyao-B (down 7.77%) [3][19]. - A-shares innovation drug sector rose by 1.75%, outperforming the CSI 300 index by 0.63 percentage points, while the biopharmaceutical sector increased by 1.19%. Over the past six months, A-shares innovation drugs have cumulatively risen by 12.20%, outperforming the CSI 300 index by 13.49 percentage points, while biopharmaceuticals have dropped by 8.18% [22]. - The Hong Kong innovation drug sector increased by 2.77%, outperforming the Hang Seng Index by 0.68 percentage points, with the Hang Seng Healthcare Index rising by 0.57%. Over the last six months, the Hong Kong innovation drug sector has cumulatively increased by 25.74%, outperforming the Hang Seng Index by 5.95 percentage points, while the Hang Seng Healthcare Index has risen by 18.27% [24]. - The XBI index in the US rose by 3.49% during the week, but has seen a cumulative decline of 18.53% over the past six months [4][27]. Summary by Sections Domestic Key Innovation Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved during the week [5][42]. - The report highlights that there were no new drug approvals or new indications in the domestic market during the week [42]. Overseas Key Innovation Drug Progress - In May, one NDA was approved in the US, with no BLA approvals. There were no new drug approvals in the US or Europe during the week [6][46]. - Japan saw one new drug approved in May, with another approved during the week [39]. Global Key Innovation Drug Transaction Progress - A total of 11 key transactions were completed globally during the week, with four transactions disclosing amounts. Notable transactions included Rznomics signing an agreement with Eli Lilly for $1.3 billion, Septerna with Novo Nordisk for $2.2 billion, and Boston Pharmaceuticals with GSK for $2 billion [7].