医药生物行业双周报2025 年第12 期总第135期：聚焦创新主线，把握三大方向投资机遇-20250609

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 3.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index which decreased by 0.21% [5][17] - The valuation of the pharmaceutical and biotechnology industry as of June 6, 2025, is 28.24x (TTM overall method, excluding negative values), which is an increase from 27.60x in the previous period and is below the average [5][23] - Key sub-industries with the highest PE ratios include vaccines (53.47x), hospitals (37.48x), and medical devices (33.47x), while pharmaceutical distribution has the lowest valuation at 15.43x [5][23] Industry Review - The report highlights three major investment opportunities: 1. Companies with dual-antibody/multi-antibody technology platforms that have differentiated target design capabilities and clinical advancement efficiency are likely to attract international giants [9] 2. Areas with unmet clinical needs, such as advanced liver cancer and non-small cell lung cancer, are promising for dual-antibody therapy layouts [9] 3. Potential license-out candidates, where domestic innovative pharmaceutical companies are likely to engage in global collaborations [9] Important Industry News - Alcon's dry eye medication "Tryptyr (Acoltremon eye drops)" has been approved by the US FDA, marking it as the first of its kind globally [39] - Hansoh Pharmaceutical's third-generation EGFR-TKI "Amivantamab" has been approved in the UK for first-line treatment of NSCLC, making it the first domestically produced EGFR-TKI approved overseas [42] - BMS and BioNTech have entered into a collaboration for the dual-antibody "BNT327," with an upfront payment of $1.5 billion and milestone payments totaling $7.6 billion [51] Company Dynamics - The report indicates that 38 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 1.128 billion yuan, with 4 companies increasing holdings by 14 million yuan and 34 companies reducing holdings by 1.142 billion yuan [5]