医药行业周报：创新药BD高潮迭起，持续看好中国资产潜力-20250603

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The Chinese innovative drug industry is experiencing robust growth, supported by policies, funding, talent return, and engineering advantages. The number of original innovative drug pipelines has surged from 124 in 2015 to 704 in 2024, ranking first globally. The proportion of self-developed first-in-class (FIC) innovative drugs entering clinical trials has increased from 9 in 2015 to 120 in 2024, exceeding 30% of the global total [5][8][11]. - Business Development (BD) activities among Chinese pharmaceutical companies have significantly increased, with total transaction amounts reaching $51.9 billion in 2024, a 26% year-on-year growth. The average upfront payment also rose by 17% to $4.1 billion [5][13][16]. - The report suggests focusing on domestic companies with FIC/BIC pipelines, as the recognition and transaction prices of Chinese innovative drug assets continue to rise [5][24]. Summary by Sections 1. Innovative Drug BD Surge - The report highlights the ongoing surge in BD activities within the innovative drug sector, emphasizing the transition from imitation to original innovation among Chinese companies. The number of original innovative drug pipelines has grown significantly, indicating a shift towards more innovative drug development [5][8][11]. 2. Market Performance Review - During the week of May 26 to May 30, 2025, the Shenwan Pharmaceutical and Biotechnology Index rose by 2.21%, outperforming the CSI 300 Index by 3.30%. Year-to-date, the index has increased by 6.61%, also surpassing the CSI 300 Index by 9.02% [28][29]. 3. Investment Strategy and Recommendations - The report recommends a bullish outlook on Chinese innovative drugs, suggesting specific companies to watch in both small molecule and large molecule sectors, as well as in the Antibody-Drug Conjugate (ADC) field [5][24][25].