自免领域中国创新药产出越发丰富，深度参与全球商业化

Investment Rating - Industry rating is maintained at "Outperform the Market" [2] Core Insights - The global autoimmune disease treatment market is projected to exceed $100 billion, with an estimated market size of approximately $107.9 billion in 2024, expected to grow to $137.59 billion by 2033. The prevalence of autoimmune diseases is estimated to affect about 7.6% to 9.4% of the global population, leading to a long-term medication requirement for patients [3] - The leading drug in the autoimmune market for 2024 is Dupilumab, with sales of $14.2 billion, reflecting a year-on-year growth of 23%. The highest clinical demand is noted for atopic dermatitis, chronic obstructive pulmonary disease, asthma, systemic lupus erythematosus, and inflammatory bowel disease, which have high prevalence rates and complex disease courses [3] - Significant growth in overseas licensing for China's autoimmune sector is observed, with a total transaction amount of $9.132 billion from 2017 to 2024, where 2024 alone accounts for $3.108 billion, representing about one-third of the total, showing a notable increase compared to previous years [4] - Major business development transactions include Roche's acquisition of Telavant for $7.1 billion, Pfizer's acquisition of Arena for approximately $6.7 billion, and Takeda's acquisition of Nimbus for $4 billion, highlighting the substantial deal sizes in the autoimmune sector [4] Recommendations - Companies to watch include Yifang Bio, TianKang, CloudTop, Kexing Pharmaceutical, Zai Lab, Hengrui Medicine, Kangzhe Pharmaceutical, Sanofi, Innovent Biologics, Xiansheng Pharmaceutical, Lizhu Group, Zhixiang Jintai, China Antibody, and Chuanxin Biotech [5]