HTI医药2025年5月第三周周报：三生辉瑞巨大交易落地，持续推荐创新药

Investment Rating - The report maintains a positive outlook on innovative drugs and related sectors, recommending continuous attention to innovative drugs and biotech companies [6][25][26]. Core Insights - The significant $6 billion deal between 3SBio and Pfizer is expected to further stimulate the innovative drug market, indicating strong demand for Chinese innovative drug assets despite geopolitical tensions [26]. - In the third week of May 2025, the A-share pharmaceutical sector outperformed the market, with a 1.8% increase compared to a 0.6% decline in the Shanghai Composite Index [9][27]. - The report highlights the strong performance of specific sub-sectors within the pharmaceutical industry, such as chemical raw materials (+8.8%), chemical preparations (+5.1%), and biological products (+4.0%) [15][27]. Summary by Sections Continuous Focus on Innovative Drugs - The report emphasizes the high growth potential of innovative drugs and suggests monitoring companies that are likely to see a revaluation, including Jiangsu Heng Rui Medicine, Huadong Medicine, and others [6][25]. - It also highlights biotech firms with growing pipelines and performance, such as Innovent Biologics and Sunshine Guojian Pharmaceutical [25]. Performance of A-Shares - The A-share pharmaceutical sector ranked first among Shenwan primary industries during the specified week, with notable individual stock performances, including Sunshine Guojian Pharmaceutical (+100.0%) and Nanjing Hicin Pharmaceutical (+51.6%) [9][17][27]. - The relative premium of the pharmaceutical sector compared to all A-shares is currently at a normal level, with a premium rate of 84.21% [17][24]. Performance of Hong Kong and U.S. Stocks - The report notes that the Hong Kong and U.S. pharmaceutical sectors outperformed their respective markets, with the Hang Seng Healthcare index rising by 5.5% and the S&P 500 Healthcare Select Sector declining by 2.1% [21][28]. - Top gainers in the Hong Kong market included 3SBio (+57%) and Clover Biopharmaceuticals (+36%) [21][28].