医药生物行业周报：26年小核酸行业催化不断，持续看好产业链投资机会

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights continuous catalysts in the small nucleic acid industry for 2026, with a focus on investment opportunities within the industry chain [5][19] - The report emphasizes the importance of clinical trial data releases and project advancements from major siRNA companies such as Alnylam, Arrowhead, and Wave Life Sciences [19][27] 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 declined by 0.68% from January 12 to January 16, 2026, underperforming the CSI 300 index by 0.11 percentage points and the ChiNext index by 1.68 percentage points [9][28] - Among the sub-sectors, the medical research outsourcing sector performed the best, increasing by 3.69%, while the vaccine sector saw a decline of 3.43% [10][28] Industry Insights and Investment Recommendations 1. Innovative Drugs and Industry Chain: The JPM conference reinforced the development logic of the industry, with increased merger and acquisition activity among multinational corporations (MNCs) and breakthroughs in domestic innovative drug companies. The report suggests focusing on companies with high certainty and relatively low business development (BD) disruption expectations, such as Innovent Biologics and others [11][30][31] 2. Life Science Services: The report sees stable recovery in overseas research and production outsourcing demand, with domestic Big Pharma's R&D spending increasing steadily. It recommends focusing on companies like WuXi AppTec and others [12][31] 3. Medical Devices: The report notes a potential turning point in the medical device sector, with improving performance from leading companies and a gradual reduction in the pressure from centralized procurement. It suggests monitoring companies like Mindray and others [13][34] 4. Traditional Chinese Medicine: The report highlights opportunities in basic drug policies and innovation-driven directions, recommending companies like Zhaoli Pharmaceutical and others [38][40] 5. AI in Pharmaceuticals: The report discusses the maturity of AI applications in pharmaceuticals, diagnostics, and medical services, identifying potential beneficiaries in various AI+medical sectors [42] Market Valuation - As of January 16, 2026, the overall valuation of the pharmaceutical sector is at 30.35, with a relative valuation premium of 124.45% over the CSI 300 index, indicating a slight increase from the previous week [48]