医药生物行业周报：中国药企ESMO大会表现亮眼，关注具有数据催化的前沿公司-20251020

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [37]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall decline of 2.48% from October 13 to October 17, 2025, ranking 16th among 31 industries and underperforming the CSI 300 index by 0.26 percentage points. The current PE valuation for the sector is 30.71 times, which is at a historically low level, with a valuation premium of 131% compared to the CSI 300 index [3][13][24]. - The 2025 European Society for Medical Oncology (ESMO) conference showcased numerous cutting-edge clinical research results, with significant contributions from Chinese companies. The conference highlighted key studies in various cancer types, including breast cancer and lung cancer, which may reshape clinical treatment paradigms [4][33]. Summary by Sections Market Performance - The pharmaceutical and biotechnology sector's overall decline of 2.48% places it 16th among 31 industries, underperforming the CSI 300 index by 0.26 percentage points. The only sub-sector that increased was Traditional Chinese Medicine II, which rose by 0.38%. Other sub-sectors, including pharmaceutical commerce, chemical pharmaceuticals, and medical devices, saw declines of 0.89%, 1.78%, and 3.19%, respectively [3][13][24]. Industry News - The ESMO 2025 conference, held from October 17 to 21 in Berlin, presented numerous groundbreaking clinical research findings, attracting global experts. Key studies included the T-DXd "Gemini" studies and updates on the FLAURA2 study for EGFR-mutant advanced NSCLC, among others. A total of 2,929 abstracts were presented, with 448 from Chinese companies, marking a significant platform for showcasing China's innovative pharmaceutical capabilities [4][33]. Investment Recommendations - The report suggests focusing on leading companies in the innovative drug sector that have demonstrated strong data, as well as platform companies with cutting-edge technologies. It also recommends exploring investment opportunities in CXO, medical devices, and healthcare services sectors [5][35]. - Recommended stock picks include Kelun Pharmaceutical, Zhongsheng Pharmaceutical, Betta Pharmaceuticals, Kaili Medical, Pumen Technology, and Huaxia Eye Hospital. Stocks to watch include Rongchang Biopharmaceutical, Teva Biopharmaceutical, Ganred Pharmaceutical, Yifeng Pharmacy, Baipusais, and Lingrui Pharmaceutical [7][35].