行业周报：必贝特在小核酸领域的差异化布局-20251207

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [2] Core Insights - The industry is experiencing a downward trend, with a 0.74% decline in the pharmaceutical and biotechnology sector, underperforming the CSI 300 index by 2.02 percentage points [7][21] - The report highlights the rapid clinical progress in the PD-1/VEGF dual antibody track, with four products entering registration clinical trials [4] - The report emphasizes the differentiated layout of the company Bibet in multiple therapeutic areas, focusing on innovative drug development for major diseases such as cancer, autoimmune diseases, and metabolic diseases [5][14] Summary by Sections Industry Performance - The pharmaceutical and biotechnology sector has seen a 0.74% decline in the first week of December 2025, ranking 21st among 31 sub-industries [21] - The medical circulation sector showed the largest increase, rising by 6.48%, while the raw material drug sector experienced the largest decline, falling by 2.54% [25] Company Focus - Bibet is a biopharmaceutical company focused on innovative drug development, with a pipeline that includes one approved innovative drug (BEBT-908) and several others in various clinical trial phases [5][14] - The company is developing a new GalNAc dual oligonucleotide conjugate platform (GDOC) for liver delivery and a peptide-oligonucleotide conjugate platform (POC) for extrahepatic delivery, aiming to address complex metabolic diseases [6][18] Recommended Stocks - The report suggests a continued positive outlook on innovative drugs and their supply chain, with specific stock recommendations including Sangfor Pharmaceutical, Innovent Biologics, and others [8]