医药生物行业报告（2025.07.07-2025.07.11）：2025年上半年Licenseout创历史新高，看好创新药BD催化延续

Industry Investment Rating - The industry investment rating is "Outperform" [1] Core Viewpoints - The report is optimistic about the second half of 2025, particularly regarding ADC, bispecific antibodies, and CAR-T products, with expectations for continued business development (BD) activity [4][13] - In the first half of 2025, China's innovative drug license-out total amount approached $66 billion, surpassing the total for 2024, indicating strong interest from multinational corporations (MNCs) in Chinese innovative drug assets [4][13] - The report highlights a significant increase in the number and amount of license-out transactions in China, with the proportion of projects rising from 3% in 2019 to 13% in 2024, and the amount from 1% to 28% [4][13] Summary by Sections 1. Weekly Insights - The pharmaceutical and biotechnology sector rose by 1.82%, outperforming the CSI 300 index by 1 percentage point, ranking 16th among 31 sub-industries [5][20] - The report notes that the medical research outsourcing sector had the highest increase, up by 9.29% [5][24] 2. Performance of Sub-sectors - The report details the performance of various sub-sectors, with the medical research outsourcing sector leading the gains, followed by vaccines and pharmaceutical distribution [5][24] - The report indicates that the innovative drug sector continues to perform well, driven by ongoing BD activities and supportive policy developments [26][27] 3. Recommended and Benefiting Stocks - Recommended stocks include innovative drug companies such as Xinda Biopharmaceutical, Kangfang Biopharmaceutical, and others in the medical device sector like Yingke Medical and Maipu Medical [6][20] - Benefiting stocks also include a range of innovative drug companies listed in both H-shares and A-shares, as well as companies in the medical device and CXO sectors [6][20] 4. Market Trends - The report emphasizes the increasing focus of MNCs on metabolic endocrine and autoimmune products, indicating a shift in disease spectrum preferences [4][19] - The report suggests that the innovative drug sector is likely to see continued strong performance due to favorable policies and market conditions [26][28] 5. Future Outlook - The report anticipates that the innovative drug sector will continue to thrive, with a focus on projects that have already been licensed out and are awaiting clinical catalysts [26][28] - The medical device sector is expected to benefit from government policies promoting upgrades and replacements, with a significant increase in procurement anticipated in the second quarter of 2025 [29][30]