Century Securities·2025-06-30 01:05Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical and biotechnology industry, but it indicates a positive long-term outlook on the direction of innovative drug exports [2][3]. Core Insights - The innovative drug export trend continues to gain momentum, with significant transactions such as the $60.5 billion deal between 3SBio and Pfizer for SSG-707, reflecting a robust short-term sentiment in the market. The report highlights ongoing collaborations between various biotech companies and global pharmaceutical firms, indicating a diverse pipeline of both early-stage projects and mature products [3][5]. - Recent clinical data from Eli Lilly on Bimagrumab shows promising results for weight loss, with a 10.8% reduction in weight over 72 weeks, all from fat loss, while muscle mass increased by 2.5%. This positions Bimagrumab favorably compared to other treatments [3][13]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector experienced a significant decline of 4.35% from June 16 to June 20, underperforming against the CSI 300 index, which fell by 0.45%. All sub-sectors within the industry saw declines, with other biological products down by 6.7% and medical research outsourcing down by 5.83% [3][8]. - In the following week (June 23 to June 27), the sector rebounded with a 1.6% increase, although it still lagged behind the CSI 300's 1.95% gain. Notable performers included Shenzhou Cell-U, which surged by 30.5% [8][11]. Industry News and Key Company Announcements - Significant events include the approval of the first GCG/GLP-1 dual receptor agonist for weight control by the National Medical Products Administration, developed by Innovent Biologics and Eli Lilly [13]. - Collaborations such as the one between Hengrui Medicine and Otsuka Pharmaceutical for the development of a BCMAxCD3 bispecific T-cell connector highlight the ongoing trend of strategic partnerships in the industry [13][15]. - The report also notes the submission of a new drug application for a CAR-T cell product by Kintor Pharmaceutical, aimed at treating Claudin18.2 positive advanced gastric/esophageal junction adenocarcinoma [13][15].