创新药行业周报：关注pan-KRAS抑制剂胰腺癌潜在突破投资机会-20250914

Investment Rating - The industry investment rating is "Buy" (maintained) [2] Core Viewpoints - The domestic innovative drug industry is entering a turning point in 2025, shifting from capital-driven to profit-driven operations, with ongoing support from fundamentals and policies expected to continue the dual recovery trend in performance and valuation [6][38] - The demand side shows significant certainty advantages, while the supply side is improving in terms of industry and market competition, leading to an overall optimization of the supply-demand structure [6][41] Summary by Sections Market Analysis and Outlook - The innovative drug sector is experiencing a recovery, with key policies supporting market expansion, including the introduction of the first Class B medical insurance directory and ongoing support for innovative drug pricing mechanisms [6][39][40] - Recent performance data shows a median weekly decline of 2.62% among 85 sample innovative drug companies, with notable performers including Yaoke Ankang-B and Shengnuo Pharmaceutical-B [7][18] Clinical Progress and Investment Opportunities - The KRAS G12D clinical progress indicates significant unmet clinical needs in pancreatic cancer, with promising data from Revolution Medicines showing improved efficacy compared to traditional chemotherapy [7][30][36] - The report highlights two main investment lines: 1. Pharma companies transitioning to innovation, with strong performance resilience and a focus on companies like Sanofi Pharmaceutical and Aosaikang [8][41] 2. Biotech companies with potential for overseas product registration, emphasizing the growth of R&D platforms and commercialization [8][41] Performance Metrics - The annual performance from January 1, 2025, to September 13, 2025, shows significant gains, with the Hang Seng Biotech index up 103.30%, A-share biotech up 53.54%, and NASDAQ biotech up 10.57% [10][20]