Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The report emphasizes the continuous catalysts in the small nucleic acid industry for 2026, highlighting the potential investment opportunities within the industry chain [5][19] - The report suggests a positive outlook for innovative drugs and the industry chain, with expectations of increased global participation from domestic innovative drug companies and the introduction of more innovative projects in 2026 [11][30] - The report identifies the medical device sector as a potential area for capital inflow, with signs of improvement in leading companies and a reduction in the pressure from centralized procurement [13][34] Summary by Sections Industry Overview - The closing index for the industry is at 8657.19, with a 52-week high of 9323.49 and a low of 6876.88 [2] Recent Market Performance - The A-share pharmaceutical and biotechnology sector fell by 0.68% from January 12 to January 16, 2026, underperforming the CSI 300 index by 0.11 percentage points [9][28] - The medical research outsourcing sector performed the best among sub-sectors, rising by 3.69%, while the vaccine sector declined by 3.43% [10][28] Innovative Drugs and Industry Chain - The JPM conference highlighted the strengthening of industry development logic, with increased merger and acquisition activity among multinational corporations and breakthroughs in domestic innovative drugs [11][30] - The report recommends focusing on companies with high certainty and relatively low disruption expectations, such as Innovent Biologics and others [11][30] Medical Devices - The report notes that the medical device sector is showing signs of improvement, with leading companies reporting better performance in Q3 [13][34] - The report suggests that the pressure from centralized procurement is decreasing, which may lead to valuation recovery [13][34] Small Nucleic Acid Drugs - The report highlights several key clinical trials and data readouts expected in 2026 from companies like Alnylam, Arrowhead, and Wave Life Sciences, indicating a significant focus on the weight loss and CNS fields [6][8][27] - The report encourages attention to domestic small nucleic acid-related companies and upstream industry chains [27] Investment Recommendations - The report suggests focusing on companies in the CXO and life science services sectors, as demand for overseas R&D and production outsourcing is expected to recover steadily [12][31] - It also highlights the potential for valuation re-evaluation opportunities in the biopharmaceutical sector, particularly for blood products and vaccines [32][33]
2026-01-19：26年小核酸行业催化不断，持续看好产业链投资机会
China Post Securities·2026-01-19 08:24