医药生物行业报告（2025.09.01-2025.09.05）：siRNA疗法再现重磅交易，关注临床数据披露情况

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the significant potential of small nucleic acid drugs, particularly siRNA therapies, which have shown advantages such as short development cycles, long-lasting effects, high success rates, and low likelihood of resistance. These therapies are expected to become a new generation of popular research directions, especially for severe genetic diseases [3][15][16] - The report emphasizes the ongoing trend of domestic innovative drugs entering global markets, supported by successful collaborations and acquisitions by multinational corporations, indicating strong competitiveness in China's pharmaceutical industry [6][21][22] Summary by Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9191.21, with a 52-week high of 9316.77 and a low of 6070.89 [1] Recent Market Performance - During the week of September 1 to September 5, 2025, the A-share pharmaceutical and biotechnology sector rose by 1.4%, outperforming the CSI 300 index by 2.21 percentage points, but underperformed the ChiNext index by 0.95 percentage points. The sector ranked 4th among 31 first-level sub-industries [5][19][35] Investment Recommendations 1. Innovative Drugs: The report suggests focusing on companies with strong innovative capabilities that can compete globally, such as Innovent Biologics, CanSino Biologics, and others [6][21][22] 2. CXO Services: The report indicates a recovery in the CXO sector, with expected improvements in profitability, recommending companies like WuXi AppTec and Tigermed [8][23] 3. Chemical Preparations: It highlights companies with clear R&D strategies and high capital efficiency, such as Hengrui Medicine and Kelun Pharmaceutical [8][9] 4. Biological Products: The focus is on opportunities for core product volume growth and potential valuation adjustments due to product data or business development expectations [8][26] 5. Medical Devices: The report anticipates a turning point in the medical device sector, recommending companies like Mindray and Aohua Endoscopy [8][28] 6. Medical Services: It suggests looking at companies in the ophthalmology and dental sectors that are expected to benefit from market recovery [8][30] 7. Traditional Chinese Medicine: The report recommends companies that can benefit from procurement policies and those with innovative R&D [8][31][32] Sector Valuation - As of September 5, 2025, the overall valuation of the pharmaceutical sector (TTM) is 31.84, with a valuation premium of 140.61% over the CSI 300 index, reflecting a 6.94 percentage point increase [39]