医药生物行业周报：多款创新药获批上市，行业景气延续-20250530

Investment Rating - The industry maintains a "Neutral" rating [7][62]. Core Views - The pharmaceutical and biotechnology industry continues to experience a favorable environment with multiple innovative drugs receiving approval for market entry, indicating sustained industry vitality [6][7]. - The recent approval of several innovative drugs, including those from 恒瑞医药 and 复星医药, highlights ongoing advancements in drug development and potential investment opportunities [6][29][30]. - The upcoming American Society of Clinical Oncology (ASCO) conference is expected to provide further updates on significant research findings, which may influence investment strategies in innovative drugs and related sectors [7][61]. Industry News - 恒瑞医药 has received conditional approval for three Class 1 innovative drugs, including 苹果酸法米替尼胶囊 and 注射用瑞康曲妥珠单抗 [4][29]. - 复星医药's subsidiary has also gained approval for drugs such as 枸橼酸伏维西利胶囊 and 芦沃美替尼片 [4][30]. - 石药集团 is in discussions for potential licensing and collaboration on several products, which could lead to significant financial opportunities [4][31]. - 泽璟制药's 盐酸吉卡昔替尼片 has been approved for market entry, expanding its product offerings [4][32]. Market Review - In the week from May 23 to May 29, 2025, the Shanghai Composite Index fell by 0.50%, while the Shenzhen Component Index decreased by 0.90%. In contrast, the pharmaceutical and biotechnology sector rose by 2.26%, with most sub-sectors showing positive performance [5][45]. - The current price-to-earnings ratio (TTM) for the pharmaceutical and biotechnology industry is 27.74 times, with a valuation premium of 150% relative to the CSI 300 index [5][51]. Weekly Strategy - The ongoing trend in innovative drug approvals is expected to continue, with significant attention on the impact of U.S. tariff policy changes on the CXO sector [6][59]. - Investors are advised to focus on innovative drugs and related supply chains, as well as sectors benefiting from domestic demand recovery, such as medical services and pharmaceutical commerce [7][61].