Dongguan Securities·2025-09-19 07:40Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry, indicating that the industry is expected to perform within ±10% of the market index over the next six months [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a gain of 1.36% from September 5 to September 18, 2025, lagging behind the index by approximately 1.66 percentage points [5][13]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and medical equipment sectors leading with increases of 8.17% and 5.83%, respectively, while the chemical preparations sector saw a decline of 0.96% [5][14]. - Approximately 48% of stocks in the industry achieved positive returns, with notable performers including Zhendemedical, which had a weekly increase of 62.30% [15][18]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, gaining 1.36% from September 5 to September 18, 2025, which is 1.66 percentage points lower than the index [5][13]. - Most sub-sectors recorded positive returns, with medical research outsourcing and medical equipment sectors leading [5][14]. - About 48% of stocks in the industry recorded positive returns, with Zhendemedical showing the highest weekly increase [15][18]. - The overall industry valuation remained stable, with a PE ratio of approximately 56.10 times as of September 18, 2025, which is 4.26 times relative to the Shanghai and Shenzhen 300 index [19][29]. 2. Industry News - The report highlights the upcoming release of the 11th batch of national drug procurement rules, with discussions held on various aspects of the procurement process [6][27]. - The National Health Commission issued a notification regarding the 2025 version of medical quality control indicators, emphasizing the importance of a scientific and standardized quality control system [23][26]. 3. Company Announcements - Changchun High-tech announced a collaboration with Denmark's ALK-Abelló A/S for the development and commercialization of specific immunotherapy products in China [28]. 4. Weekly Industry Outlook - The report suggests maintaining a focus on investment opportunities in innovative drugs and sectors with expected business development catalysts, particularly in medical devices and pharmaceutical commerce [29][30].