医药行业周报：ADA2025蓄势待发，关注减肥药赛道-20250617

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperform" compared to the market [1]. Core Insights - The innovative drug market is expanding, with a notable performance in the pharmaceutical sector, which outperformed the CSI 300 index by 1.40% during the week of June 9-15, 2025 [2][5]. - The driving force behind the current bull market in innovative drugs is the significant improvement in China's pharmaceutical innovation capabilities, with a focus on international collaboration and market expansion [2][10]. - The report emphasizes the importance of focusing on core competitive areas and industry catalysts, particularly in ADC and PD-1 bispecific antibodies, as well as the upcoming ADA 2025 conference showcasing innovative weight-loss drugs [15][18]. Summary by Sections Market Overview - The pharmaceutical sector has shown resilience, with a 1.40% increase, ranking 5th among 31 sectors, while the CSI 300 index decreased by 0.25% [2][5]. - The innovative drug market is experiencing a broad expansion, with significant interest in weight-loss drugs and other innovative therapies [2][10]. Investment Opportunities - The report identifies key areas for investment, including ADC and PD-1 bispecific antibodies, which have potential for international business development (BD) [15][10]. - Companies such as Mawei Biotech, Lepu Biotech, and others are highlighted for their potential in the ADC space, while companies like Zai Lab and Junshi Biosciences are noted for their PD-1 bispecific antibodies [15][10]. - The upcoming ADA 2025 conference is expected to be a significant event for showcasing innovative weight-loss drugs, with companies like Innovent Biologics and Zhenge Biopharma being of particular interest [18][20]. Industry Trends - The report discusses the shift in profit models for Chinese pharmaceutical companies, moving from low-margin raw material exports to high-margin new drug development collaborations with multinational corporations (MNCs) [14][10]. - The report anticipates that the innovative drug market will continue to grow, driven by advancements in research and development capabilities and increasing global recognition of Chinese pharmaceutical innovations [10][16]. Upcoming Events - The 85th ADA Scientific Conference is scheduled for June 20-23, 2025, and is expected to highlight significant advancements in GLP-1 receptor agonists and other innovative therapies [18][20]. - Key data releases from companies like Eli Lilly and others regarding their innovative weight-loss drugs are anticipated during this conference [20][25].