医药生物行业报告（2025.09.08-2025.09.12）：自免迈入后Dupi时代，关注PoC率先验证的TSLP类自免双抗

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report focuses on investment opportunities in the dual-antibody treatments in the autoimmune sector, highlighting the unmet needs in existing therapies and the potential for blockbuster drugs [5][15] - The report emphasizes the long-term trends in innovative drugs, the recovery of the CRO industry, and the potential for growth in various sub-sectors of the pharmaceutical industry [8][22][28] Summary by Relevant Sections Industry Overview - The closing index for the pharmaceutical and biotechnology sector is 9157.77, with a 52-week high of 9323.49 and a low of 6070.89 [2] Recent Market Performance - During the week of September 8 to September 12, 2025, the A-share pharmaceutical and biotechnology sector fell by 0.36%, underperforming the CSI 300 index by 1.75 percentage points and the ChiNext index by 2.47 percentage points [7][19][36] Investment Recommendations 1. Innovative Drugs: The report suggests that domestic innovative drugs are poised for global competition, with significant potential for growth in the oncology and respiratory sectors. Beneficiaries include companies like Innovent Biologics and Junshi Biosciences [8][22] 2. CRO Sector: The report indicates that the CRO industry is expected to see a recovery in profitability due to stable competition and increasing demand from innovative drug development [22][24] 3. Biological Products: Focus on core product volume opportunities and potential valuation re-evaluations based on product data or business development expectations. Key companies include TianTan Bio and Anke Bio [9][28] 4. Medical Devices: The report anticipates a turning point in the medical device sector due to improved procurement processes and funding availability [29] 5. Traditional Chinese Medicine: The report highlights opportunities in innovative research and policies benefiting traditional Chinese medicine companies [32][34] Market Trends - The report notes that the overall valuation of the pharmaceutical sector (TTM) is 31.72, with a relative valuation premium of 136.86% over the CSI 300 index, indicating a slight decrease from the previous week [42]