Hua Yuan Zheng Quan·2025-07-13 14:18Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Viewpoints - The pharmaceutical sector is experiencing a transformation with traditional Big Pharma companies increasingly focusing on innovation and BD (business development) transactions, which are expected to become a regular source of income and profit [9][12] - The report highlights that the innovative drug segment is gaining momentum, with companies like 恒瑞医药 (Hengrui Medicine) and 翰森制药 (Hansoh Pharmaceutical) achieving significant growth in their innovative drug revenues [12][21] - The report anticipates that the pharmaceutical industry will benefit from multiple positive factors, including the aging population, steady growth in medical insurance revenue, and advancements in AI technology [45] Summary by Sections Industry Performance - From July 7 to July 11, the pharmaceutical index rose by 1.82%, outperforming the沪深 300 index by 1.00% [5] - The report notes that 350 stocks in the sector increased in value, while 131 stocks decreased [5][25] Business Development (BD) Insights - BD transactions are becoming a crucial strategy for traditional Big Pharma, with a focus on increasing international revenue and opening new growth avenues [9][12] - The report indicates that BD income is expected to contribute significantly to the profit growth of companies like 恒瑞医药 and 翰森制药, with numerous successful licensing agreements [18][21] Investment Recommendations - The report suggests focusing on innovative drugs and related sectors, particularly companies with strong BD capabilities and those positioned for international expansion [45][46] - Specific companies recommended for investment include 恒瑞医药, 科伦药业, and various CXO and supply chain firms [45][46] Market Trends - The report emphasizes the ongoing shift towards innovative drug development, with traditional pharmaceutical companies successfully transitioning to this model [12][21] - The aging population is expected to drive demand for chronic disease treatments, further supporting the growth of the pharmaceutical sector [45] Valuation Insights - As of July 11, 2025, the overall PE valuation for the pharmaceutical sector is 35.79X, indicating that the sector is still at a relatively low historical valuation [33][45]