医药行业周报：出海正向循环，助推估值提升-20250720

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of July 20, 2025 [1] Core Insights - The establishment of a positive innovation cycle is driving value enhancement in the pharmaceutical sector, particularly through overseas collaborations and the increasing recognition of the value of PD-1/VEGF dual antibodies [2] - The focus on tri-antibodies is rising, with significant potential for competition in first-line treatments, as evidenced by recent collaborations and promising clinical data [3] - The trend towards more effective and scientifically-backed weight loss solutions is evident, with GLP-1 drugs projected to generate over $50 billion in global sales in 2024, significantly boosting capital interest [5] - The trend in autoimmune drug development is shifting towards innovative therapies, with notable advancements in dual-target fusion proteins [6] - The approval of Vuxinib (伏欣奇拜单抗) marks a significant milestone in biological treatments for gout, with a substantial market potential due to the increasing prevalence of hyperuricemia and gout [7] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 2.91 percentage points in the past week, with a weekly increase of 4.00%, ranking second among 31 primary industry indices [19] - Over the past month, the pharmaceutical sector outperformed the CSI 300 index by 5.90 percentage points, with an increase of 11.51%, ranking fourth among primary industry indices [21] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector has shown a 14.50% increase over the past six months, outperforming the CSI 300 index by 4.46 percentage points [36] - The current PE (TTM) for the pharmaceutical sector is 37.25, which is above the five-year historical average of 32.24 [39] 3. Recent Research Achievements - The research team has published several in-depth reports highlighting the positive trends in supply and demand within the pharmaceutical industry, including the growth of blood products and the acceleration of the import substitution process in inhalation preparations [44] 4. Recent Industry Policies and News - Recent measures from the National Medical Insurance Administration aim to support the high-quality development of innovative drugs, enhancing their market access and clinical application [46] - Notable industry news includes the approval of new indications for existing drugs and significant collaborations between major pharmaceutical companies [47][49]