医药生物行业周报：关注海外地缘扰动，坚定看好国内创新产业链发展-20250915

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [34]. Core Insights - The pharmaceutical and biotechnology sector experienced a slight decline of 0.36% from September 8 to September 12, 2025, ranking 29th among 31 industries in the Shenwan index, underperforming the CSI 300 index by 1.74 percentage points. The current PE valuation for the sector is 31.72 times, which is at a historically low level, with a premium of 137% compared to the CSI 300 index [3][11][18]. - The report highlights the potential impact of a proposed executive order by the Trump administration aimed at restricting U.S. pharmaceutical companies from acquiring drug development pipelines from China. This move is seen as a national security priority and could significantly alter the global supply chain dynamics of the U.S. pharmaceutical industry [4][27][28]. - Despite the overall market performance being subdued, sub-sectors such as medical devices, pharmaceutical commerce, and medical services showed relative strength, with respective increases of 2.23%, 1.44%, and 0.51% [3][11]. Market Performance - The pharmaceutical and biotechnology sector has seen a year-to-date increase of 26.80%, ranking 8th among 31 industries, and outperforming the CSI 300 index by 11.88 percentage points. All sub-sectors have recorded gains, with medical services leading at 46.88% [13][19]. - The report notes that 262 stocks (55.27%) in the sector rose, while 201 stocks (42.41%) fell during the last week. The top five gainers included Zhend Medical (41.26%), Haooubo (27.96%), and Jimin Health (25.88%) [25][26]. Industry News - The report discusses the implications of the proposed executive order, which aims to cut off the pipeline of experimental drugs developed in China, affecting treatments for cancer, obesity, heart disease, and Crohn's disease. Major U.S. pharmaceutical companies have relied on low-cost experimental drugs from China to enhance their product lines [4][28][29]. - The report emphasizes that even if the order is enacted, it is likely to face significant legal challenges, which could delay or nullify its implementation. The potential loss from patent cliffs could exceed $236.4 billion, and U.S. companies may miss out on valuable assets if they cannot collaborate with Chinese firms [4][30]. Investment Recommendations - The report suggests focusing on high-performing stocks within the innovative drug chain, as well as quality stocks in medical devices, traditional Chinese medicine, pharmacies, and medical services. Recommended stocks include Teabo Bio, Rongchang Bio, and Betta Pharmaceuticals [5][31][32].