Soochow Securities·2025-06-02 11:47Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The stroke treatment market in China is projected to exceed 100 billion yuan, with QHRD106 from Qianhong Pharmaceutical expected to become a major product with potential sales of 4-5 billion yuan [1][19]. - The A-share pharmaceutical index has shown a year-to-date increase of 6.6%, outperforming the CSI 300 index by 9.0% [4][9]. - The report highlights the importance of secondary prevention in acute ischemic stroke (AIS) treatment, emphasizing the need for effective therapies [18][19]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 2.6% this week, with significant gains in various sub-sectors, including chemical drugs (+4.4%) and raw materials (+3.2%) [4][9]. - The H-share biotechnology index has shown a year-to-date increase of 41.4%, outperforming the Hang Seng Technology Index [4][9]. Market Potential - The number of stroke patients in China is approximately 13 million, with an annual increase of about 4.5%-4.8%, indicating a growing market for stroke medications [19][27]. - The report estimates that the sales peak for QHRD106 could reach 4-5 billion yuan by 2027, positioning it as a potential blockbuster drug [1][19]. R&D Progress and Company Dynamics - QHRD106 is currently in clinical phase II, with data expected to be released in the second half of 2025, potentially outperforming existing similar drugs [1][19]. - The report lists several companies to watch, including Qianhong Pharmaceutical, Hengrui Medicine, and BeiGene, focusing on growth potential in the innovative drug sector [10][11]. Investment Strategy - Recommended sub-sector rankings for investment are: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [10]. - Specific stock selection strategies include focusing on growth in innovative drugs and identifying undervalued stocks in traditional Chinese medicine [10].