Huaxin Securities·2025-12-22 06:02Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The trend of Chinese innovative drugs going overseas is opening up long-term value for companies, with significant collaborations occurring since September 2025. The innovative drug index has decreased by 11.34% from September 1 to December 19, underperforming the CSI 300 index by 12.93 percentage points. However, the index has increased by 38.65% since the beginning of the year, outperforming the CSI 300 index by 20.76 percentage points [2] - The report emphasizes the importance of oral immunomodulatory drugs, highlighting the positive results from Takeda's TYK2 inhibitor, zasocitinib, in treating moderate to severe plaque psoriasis. This drug is expected to provide significant benefits to patients and is part of a broader trend of domestic companies developing oral immunomodulatory drugs [3] - The report notes the progress of domestic small nucleic acid drugs, with YKYY032 receiving clinical approval from both the FDA and NMPA. The report anticipates an increase in clinical approvals for small nucleic acid drugs by 2026, as more companies enter this field [5] - The report tracks the flu season, indicating a peak in flu cases and a corresponding increase in the use of new flu medications, which are expected to see significant sales growth due to improved treatment protocols and online sales [7] - The report highlights a recovery in the financing of domestic innovative drugs, with a total financing amount of $5.51 billion in the first three quarters of 2025, a 67.6% increase year-on-year. The report also notes a significant increase in orders for CXO companies, indicating a positive trend in the industry [8] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.14 percentage points in the last week, ranking 22nd among 31 sectors [20] - Over the past month, the pharmaceutical industry underperformed the CSI 300 index by 2.06 percentage points, ranking 19th [24] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index has decreased by 2.50% over the past month, underperforming the CSI 300 index by 2.06 percentage points [40] - The current PE (TTM) for the pharmaceutical industry index is 37.07, above the five-year historical average of 31.16 [44] 3. Recent Research Achievements - The report includes various deep-dive studies on the pharmaceutical industry, focusing on topics such as the growth of oral drugs and the stability of blood products [48] 4. Recent Industry Policies and News - Recent policies from the National Healthcare Security Administration aim to improve the quality and efficiency of medical insurance fund settlements, which could positively impact the pharmaceutical sector [50] - Significant news includes the approval of new drugs by various companies, indicating ongoing innovation and development within the industry [51][52]