医药行业周报：礼来口服减肥药疗效低于预期，关注中国创新减肥药研发和出海进展-20250811

Investment Rating - The report maintains a "Strong Outperform" rating for the pharmaceutical sector, indicating a positive outlook compared to the broader market indices [2][4]. Core Insights - The pharmaceutical sector continues to adjust and has underperformed the CSI 300 index, with a weekly decline of 0.84% compared to the index's increase of 1.23% [2]. - The report highlights the recent performance of various sectors, noting that the pharmaceutical sector ranks last among 31 sectors [2]. - The report emphasizes the potential of the brain-computer interface (BCI) industry, supported by recent government policies aimed at fostering innovation and development [2]. - The efficacy of Eli Lilly's oral weight loss drug, Orforglipron, was below market expectations, which opens opportunities for Chinese innovative weight loss drugs in the global market [2]. Summary by Sections Market Performance - The SW Pharmaceutical Index decreased by 0.84% this week, ranking 31 out of 31 sectors, while the CSI 300 index rose by 1.23% [2]. - The report notes that sectors such as defense, non-ferrous metals, and machinery outperformed the pharmaceutical sector [2]. Brain-Computer Interface (BCI) Development - A joint policy from seven government departments aims to promote the BCI industry, targeting breakthroughs in key technologies by 2027 and establishing a competitive industry ecosystem by 2030 [2]. - Companies actively involved in BCI technology development, such as Ruimaite and Chengyitong, are highlighted as potential investment opportunities [2]. Weight Loss Drug Market - Eli Lilly's Orforglipron showed a weight loss of 12.4% after 72 weeks, which is significantly lower than the 17.4% weight loss from a competitor's product [2]. - The report suggests that this underperformance may provide a competitive edge for Chinese companies developing similar drugs, with several already in late-stage clinical trials [2]. Investment Strategy - The report recommends focusing on core sectors with potential for business development (BD) and international expansion, particularly in ADC and PD-1 dual antibodies [2]. - It suggests monitoring high-growth companies in the CXO sector and medical devices, as well as those involved in BCI and AI in healthcare [2].