Investment Rating - The report indicates a neutral investment rating for the pharmaceutical industry, suggesting that the industry is expected to perform in line with the overall market [23]. Core Insights - The pharmaceutical sector experienced a decline of 6.9% this week, underperforming compared to the Shanghai Composite Index, which fell by 3.9% [3][5]. - The overall valuation of the pharmaceutical sector stands at 28.9 times earnings, ranking it 10th among 31 primary sectors [5][3]. - Key events include the acceptance of a new drug application for 百利天恒's drug iza-bren, which showed promising results in clinical trials for nasopharyngeal cancer [9]. - 泽璟制药's ZG006 received orphan drug designation from the FDA, indicating its potential in treating neuroendocrine cancer [10]. - 盟科药业 decided to terminate its stock issuance plan due to disagreements among major shareholders [11]. Market Performance - The pharmaceutical index's performance ranked 26th out of 31 sectors, with various sub-sectors showing significant declines, including raw materials (-8.6%) and chemical preparations (-6.8%) [3][5]. - The report highlights a focus on innovative drug sectors and medical devices, with specific companies recommended for investment [2]. Recent Key Events - 百利天恒's drug iza-bren demonstrated a complete response rate of 54.6% compared to 27.0% for standard chemotherapy, indicating its effectiveness [9]. - ZG006 showed an overall response rate of 38.5% in late-stage neuroendocrine cancer patients, with no severe adverse reactions reported [10]. - 盟科药业's stock issuance plan was halted due to internal conflicts, which may impact its operational stability [11].
医药行业周报（2025/11/17-2025/11/21）：本周申万医药生物指数下跌6.9%，关注个股创新研发亮点-20251123
Shenwan Hongyuan Securities·2025-11-23 11:23