中国医药：关注已授权药物的研发推进

Investment Rating - The report assigns a "Buy" rating to several companies in the pharmaceutical sector, indicating a potential upside of over 15% in their stock prices over the next 12 months [2][33]. Core Insights - The MSCI China Healthcare Index has increased by 58.6% from early 2025, outperforming the MSCI China Index by 24.2%. However, there has been a recent pullback of 10% in the healthcare sector, presenting a buying opportunity [1]. - The report highlights a recovery in the demand for domestic innovative drug research and development, driven by a resurgence in capital market financing and an increase in overseas clinical trials for authorized innovative drugs [1]. - The CXO industry is expected to see performance recovery in the second half of 2025, aided by the recent interest rate cuts in the U.S. [1]. - The report emphasizes the importance of monitoring the clinical progress of authorized innovative drug pipelines overseas, as this could serve as a catalyst for stock price increases [4]. Summary by Sections Industry Overview - The report discusses the recent clinical data released at the ESMO conference, focusing on several key drugs and their performance in clinical trials, such as SKB264 and ivonescimab, which show promising results in treating specific types of cancer [4]. - It notes that while business development (BD) activities for innovative drugs are ongoing, stock prices have not reflected this positively, primarily due to valuation concerns [4]. Company Ratings and Valuations - The report provides a detailed valuation table for several companies, including: - Sangamo Therapeutics (1530 HK): Market cap of $8.76 billion, target price of $37.58, with a 34% upside potential [2]. - Gusongtang (2273 HK): Market cap of $932.7 million, target price of $48.28, with a 62% upside potential [2]. - Giant Biologics (2367 HK): Market cap of $5.74 billion, target price of $58.35, with a 40% upside potential [2]. - WuXi AppTec (2268 HK): Market cap of $10.87 billion, target price of $74.00, with a 5% upside potential [2]. - China National Pharmaceutical Group (1177 HK): Market cap of $16.80 billion, target price of $9.40, with a 35% upside potential [2]. - Innovent Biologics (1801 HK): Market cap of $18.94 billion, target price of $110.62, with a 29% upside potential [2].