医药生物行业周报（10月第5周）：MNC持续加注国产创新药-20251103

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a focus on the continued investment in domestic innovative drugs by multinational corporations (MNCs) [2]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.31%, outperforming the Wind All A index (0.41%) and the CSI 300 index (-0.43%). Key sub-sectors leading the gains included vaccines (3.38%), other biological products (3.33%), and chemical preparations (3.31%). Conversely, medical consumables (-1.98%), offline pharmacies (-1.84%), and medical devices (-1.45%) experienced declines [2][7]. - MNCs are increasingly investing in domestic innovative drugs, with significant collaborations and licensing agreements being established. Notable deals include the licensing of MWN105 by Lepu Medical to Sidera Bio, and Pfizer's registration of two global Phase III clinical studies for a dual antibody from 3SBio [2][12][13]. - Flu activity is on the rise, particularly in southern provinces, with reported ILI percentages indicating an increase compared to previous weeks and years [2][12]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.31%, outperforming the Wind All A index and the CSI 300 index. The leading sub-sectors were vaccines, other biological products, and chemical preparations, while medical consumables, offline pharmacies, and medical devices lagged [7][8][9]. Industry News and Key Company Announcements - Significant events include the initiation of the 2025 National Medical Insurance Directory negotiations, which will include a new category for innovative drugs under commercial health insurance [12]. - Lepu Medical's subsidiary licensed its innovative weight-loss drug MWN105 to Sidera Bio, with potential milestone payments reaching up to $1.01 billion [12][13]. - Pfizer registered two Phase III clinical studies for a dual antibody targeting advanced lung cancer and colorectal cancer [12][13]. - Roche entered a global exclusive collaboration with QX031N, a dual antibody developed by Qianxin Bio, with potential milestone payments of up to $995 million [12][13].