医药行业周报：出海趋势不变，静待机遇-20250630

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of June 30, 2025 [1] Core Insights - The trend of innovative drugs going overseas remains unchanged, with significant business development (BD) opportunities expected, particularly in the PD-1/VEGF dual antibodies [2] - The market for weight loss drugs is evolving towards more effective and scientifically backed solutions, with new clinical data emerging from major pharmaceutical companies [3] - The dual antibody and antibody-drug conjugate (ADC) sectors are anticipated to produce groundbreaking products, with PD-1/VEGF dual antibodies being a focal point [5] - There is a growing trend in business development within the autoimmune sector, highlighted by recent collaborations and clinical advancements [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry index increased by 1.6% in the week from June 21 to June 27, 2025, underperforming the CSI 300 index by 0.35 percentage points, ranking 23rd among 31 primary industry indices [17] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's one-month increase was 1.98%, lagging behind the CSI 300 index by 0.17 percentage points [20] - The current price-to-earnings (PE) ratio for the pharmaceutical industry is 33.9, slightly above the five-year historical average of 32.37 [41] 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, including the growth of blood products and the impact of policy support on inhalation formulations [46] 4. Recent Industry Policies and News - Recent policies include a notification from the National Health Commission regarding public health services and the conversion of certain prescription drugs to over-the-counter status by the National Medical Products Administration [48] - Notable industry news includes the approval of new drugs and collaborations among major pharmaceutical companies, indicating ongoing innovation and market activity [49][50]