医药周报20251221：InVivoCAR-T国内外进展大梳理-20251221

Investment Rating - The report maintains a "Recommended" rating for the industry [7] Core Insights - The report highlights the potential of in vivo CAR-T therapies to address accessibility issues in CAR-T treatments, which are currently expensive and limited in availability [12][15] - It emphasizes the strategic positioning of multinational corporations (MNCs) in the in vivo CAR-T space, with significant business development (BD) transactions exceeding $5 billion [17] - The report identifies three key investment directions for 2026: BD 2.0, small nucleic acids, and supply chain innovations [3] Summary by Sections In Vivo CAR-T Developments - In vivo CAR-T therapies are expected to lower treatment costs and improve patient accessibility, potentially transforming cancer treatment [12][15] - Major pharmaceutical companies are actively acquiring in vivo CAR-T technologies, indicating a strong market interest [17] - Clinical data from various studies show promising efficacy for in vivo CAR-T therapies, with high response rates in difficult-to-treat patient populations [19] Market Review and Analysis - The pharmaceutical and biotechnology index experienced a slight decline of 0.14% during the week of December 15-19, 2025, outperforming both the ChiNext and CSI 300 indices [25] - The report notes that the pharmaceutical sector's trading volume was 389.82 billion yuan, accounting for 4.49% of the total market, which is below the historical average of 7.12% [45] - The report suggests that despite recent underperformance, many stocks are entering a value range, indicating potential for recovery [2] Investment Recommendations - The report recommends focusing on companies that are leading in the in vivo CAR-T space, such as King’s Ray, Shiyao Group, Anke Bio, and others [24][23] - It suggests that investors should pay attention to the ongoing developments in CXO, AI innovative drugs, and small nucleic acids as key areas for potential gains [3]