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-20250519

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, with a notable rise in procedures from 257 in 2017 to 17,232 in 2024 [4][8]. - The report emphasizes the high technical barriers in developing tricuspid valve products, with few approved products globally, suggesting a focus on companies like Jianshi Technology, which has promising clinical data for its LuX-Valve Plus product [4][21]. - The report notes the overall positive performance of the pharmaceutical sector, with the Shenwan Pharmaceutical and Biotechnology Index rising by 1.27% in the week of May 12-16, 2025, outperforming the CSI 300 Index by 0.16% [25][39]. Summary by Sections 1. Tricuspid Regurgitation Market Potential - The prevalence of valvular heart disease in China is significant, with a weighted prevalence rate of 3.8% [7]. - Among patients aged 60 and above with moderate to severe valvular heart disease, mitral and tricuspid regurgitation account for 57.2% and 42.8%, respectively [11]. - The rapid increase in commercial surgical procedures indicates a growing market, with a jump from 257 surgeries in 2017 to 17,232 in 2024 [8][9]. 2. Market Performance and Trends - The pharmaceutical sector's index has increased by 2.48% year-to-date, outperforming the CSI 300 Index by 3.64% [25]. - The top-performing stocks in the pharmaceutical sector during the week included Tuoxin Pharmaceutical (+45.03%) and Jiao Da Ang Li (+35.59%) [39]. - The report suggests a focus on companies leveraging AI in healthcare, particularly those with substantial patient data and innovative drug development [4][21]. 3. Clinical Data and Product Development - Jianshi Technology's LuX-Valve Plus shows promising one-year follow-up data, with a composite event rate of 12.50% and an all-cause mortality rate of only 4.17% [20][24]. - The product has completed its domestic registration clinical one-year follow-up and is actively submitting data for approval, potentially becoming the first domestic and second global TTVR product [20][21]. - The report encourages monitoring the upcoming clinical data presentation at the European Cardiovascular Congress on May 22, 2025 [20].