医药生物行业跟踪周报：创新药BD推动及优秀临床数据，建议关注石药集团、千红制药等-20250615

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector, specifically recommending to focus on companies like CSPC Pharmaceutical Group and Qianhong Pharmaceutical [1]. Core Insights - The report highlights significant breakthroughs in innovative drugs, such as the approval of Merck's Pembrolizumab (K drug) for perioperative treatment of locally advanced head and neck squamous cell carcinoma (HNSCC), marking the first new drug approval in this area in six years [2]. - The A-share pharmaceutical index has shown a year-to-date increase of 9.3%, outperforming the CSI 300 index by 11.1% [5]. - The report emphasizes the unmet clinical needs in the R/R AML (relapsed/refractory acute myeloid leukemia) market, with Qianhong Pharmaceutical's CDK9 inhibitor QHRD107 showing promising clinical data [18][23]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 1.2% this week, with a notable performance in the chemical pharmaceutical sector (+4.4%) [12]. - The H-share biotechnology index has risen by 62% year-to-date, outperforming the Hang Seng Technology Index by 44% [5]. Company Developments - CSPC Pharmaceutical Group has entered a strategic cooperation with AstraZeneca worth $5.3 billion, which includes upfront payments and milestone payments based on research and sales achievements [6][13]. - Qianhong Pharmaceutical's QHRD107 has shown a significant increase in overall survival (OS) to 12.8 months in clinical trials, indicating its potential in the market for blood malignancies [5][18]. Investment Strategy - The report suggests a focus on innovative drugs, with a ranking of preferred sectors: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [14]. - Specific stock recommendations include Qianhong Pharmaceutical, CSPC Pharmaceutical Group, and Innovent Biologics, among others, based on growth potential [14][15].