Huaxin Securities·2025-08-17 09:34Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Views - The global GLP-1 market is expanding steadily, presenting strategic opportunities for Chinese companies [3] - Chinese pharmaceutical companies are increasingly recognized in global innovative drug transactions, contributing nearly 50% of total transaction value and over 30% of transaction volume [2] - The CXO industry is expected to gradually recover, with a notable increase in orders anticipated in Q3 [7] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [8] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.7% in the past week, with a weekly increase of 3.08% [22] - Over the past month, the pharmaceutical industry index increased by 11.07%, surpassing the CSI 300 index by 6.51% [25] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical industry index is 39.94, above the 5-year historical average of 31.83 [44] 3. Recent Research Achievements - The report highlights various research achievements, including the deepening understanding of the GLP-1 drug market and its implications for innovative drug development [46] 4. Recent Industry Policies and News - The National Medical Insurance Administration has initiated the preliminary review of the 2025 medical insurance drug directory, with 121 drug names passing the initial review [8][49] - Significant clinical trial approvals and new drug applications have been reported, indicating active development in the pharmaceutical sector [49][50] 5. Stock Recommendations - The report recommends stocks in the weight loss field, CAR-T technology, and CXO companies, highlighting specific companies such as Zhongsheng Pharmaceutical and Anke Biotechnology [9]