Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights the significant market potential for tricuspid regurgitation treatments due to a large patient base and increasing surgical volumes. The prevalence of valvular heart disease in China is reported at 3.8%, with a notable increase in surgical procedures from 257 in 2017 to 17,232 in 2024 [4][7][8]. - The report emphasizes the high technical barriers in developing tricuspid valve products, with few approved products globally. As of January 2025, only the Edwards EVOQUE system has received CE and FDA approval, while domestic companies like Jianshi Technology and Qiming Medical are making progress [4][13][21]. - Jianshi Technology's LuX-Valve Plus shows promising one-year follow-up data, indicating a composite event rate of 12.50% and an all-cause mortality rate of only 4.17%. If approved, it could become the first domestic and second global TTVR product [4][20][24]. Market Performance - The report notes that the pharmaceutical and biotechnology sector index rose by 1.27% from May 12 to May 16, 2025, outperforming the CSI 300 index by 0.16%. Year-to-date, the sector index has increased by 2.48%, again outperforming the CSI 300 by 3.64% [25][36]. - The top-performing stocks during this period included Tuoxin Pharmaceutical (+45.03%), Jiao Da Ang Li (+35.59%), and Yong'an Pharmaceutical (+32.05%) [39][42]. Monthly Investment Strategy - The report suggests focusing on companies leveraging AI in healthcare, particularly those with substantial patient data and insurance data, as they are expected to have significant application potential. Additionally, attention is recommended for innovative drugs and companies showing fundamental improvements [4][36]. - The monthly investment portfolio includes companies such as Kangfang Biotech, Zai Ding Pharmaceutical, and Tianjin Pharmaceutical [4].
医药行业周报：三尖瓣反流市场空间大，建议关注健世科技等