Hua Yuan Zheng Quan·2025-06-15 12:42Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4][54]. Core Viewpoints - The report highlights that the AD (Alzheimer's Disease) treatment sector is expected to see significant advancements, with a recommendation to focus on companies like Tonghua Jinma and Dongcheng Pharmaceutical [3][9]. - The report emphasizes the importance of innovation, international expansion, and the aging population as key themes driving the industry forward [22][43]. - The pharmaceutical index has shown a positive performance, with a 1.40% increase from June 9 to June 13, outperforming the CSI 300 index by 1.66% [5][22]. Summary by Sections 1. AD Treatment Developments - The report notes that Alzheimer's Disease (AD) is a major global health challenge, with 51.62 million cases worldwide in 2019, including 13.14 million in China [9][10]. - The innovative oral drug, Succinyl-8-hydroxy-aminoguanidine, developed by Tonghua Jinma, has shown promising results in clinical trials and is expected to be a significant player in the AD treatment market [5][21]. 2. Industry Perspectives - The report indicates that the pharmaceutical sector is transitioning from traditional growth drivers to innovative solutions, with a focus on domestic innovation and international market expansion [22][43]. - The aging population is driving demand for chronic disease treatments, and the report suggests that the healthcare payment system is evolving to support this growth [41][43]. 3. Market Performance - The report provides a detailed analysis of stock performance, noting that 218 stocks increased in value while 263 decreased during the reporting period [5][22]. - Specific stocks such as Yiming Pharmaceutical and Sai Sheng Pharmaceutical have shown significant gains, while others like Renmin Tongtai have experienced notable declines [25][26]. 4. Investment Recommendations - The report recommends focusing on innovative pharmaceutical companies and those with strong international expansion capabilities, such as Heng Rui Pharmaceutical and Keren Pharmaceutical [43][44]. - It also highlights the importance of investing in sectors related to aging and outpatient consumption, suggesting companies like Kunming Pharmaceutical and Yuyue Medical [44].