医药行业周报：创新药BD高潮迭起，持续看好中国资产潜力

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% globally [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 emphasizes the ongoing development phase of Chinese innovative drugs and suggests focusing on domestic companies with FIC/BIC pipelines [5][24]. Summary by Sections 1. Innovative Drug BD Surge - The report highlights the transition of Chinese companies from imitation to original innovation, with a notable increase in the number of FIC drugs [5][8]. - The BD activities have diversified, with a significant rise in the number of transactions involving antibody-drug conjugates (ADCs) and small nucleic acid drugs [16][24]. 2. Market Performance Review - For the week of May 26 to May 30, 2025, the pharmaceutical and biotechnology sector index rose by 2.21%, outperforming the CSI 300 index by 3.30%. Year-to-date, the sector index has increased by 6.61%, also surpassing the CSI 300 index by 9.02% [28][30]. - The top-performing stocks during this period included Shuyou Pharmaceutical (60.41%), Huason Pharmaceutical (41.97%), and Changshan Pharmaceutical (35.91%) [5][28]. 3. Monthly Investment Portfolio - Recommended stocks in the small molecule sector include Yifang Bio, Haishike, and Gilead Pharmaceuticals. In the large molecule sector, suggested stocks include Shuyou Pharmaceutical, Kexing Bio, and Xintai [5][24].