医药生物行业周报：三生制药大额授权落地，继续看好创新药-20250525

Investment Rating - The report maintains a "Buy" rating for the healthcare sector, indicating that the sector is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The pharmaceutical sector significantly outperformed the CSI 300 index during the week of May 19 to May 23, 2025, with the Shenwan Pharmaceutical Bio Index rising by 1.78%, surpassing the CSI 300 by 1.96 percentage points, ranking first among 31 Shenwan primary industry indices [2][12]. - As of May 23, 2025, the valuation of the pharmaceutical sector stood at 27.44 times (TTM overall method, excluding negative values), with a premium of 146.40% compared to the CSI 300 [2][17]. - The report highlights a major collaboration between 3SBio and Pfizer regarding the PD-1/VEGF bispecific antibody SSGJ-707, with a record upfront payment of $1.25 billion, which is expected to boost market enthusiasm for innovative drugs [21]. - The listing of Heng Rui Medicine on the Hong Kong Stock Exchange on May 23, 2025, achieved a closing market value of HKD 364.2 billion, further stimulating investment interest in the innovative drug sector [22]. Summary by Sections 1. Market Performance - The pharmaceutical sector's index rose by 4.30$6.05 billion [21]. - Heng Rui Medicine's IPO on May 23, 2025, attracted significant investment, indicating strong market confidence in innovative pharmaceuticals [22]. 3. Industry Outlook - The report expresses optimism for the innovative drug sector, noting that it has gained recognition from major international pharmaceutical companies, demonstrating its competitive research and development capabilities [23]. - The focus is shifting towards fundamental changes in the industry and companies as the market enters a performance vacuum period, with continued interest in innovative drugs, overseas expansion, and the clearing of centralized procurement [24].