医药生物周报：瑞博生物港交所上市，关注小核酸行业-20260120

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [4] Core Insights - The pharmaceutical sector underperformed the overall market this week, with a 0.68% decline in the biotechnology sector compared to a 0.03% increase in the overall A-share market [1] - The report highlights the successful listing of Rebio Biotech on the Hong Kong Stock Exchange, focusing on the small RNA industry and its potential [2] - Rebio Biotech has established a proprietary delivery platform, RiboGalSTAR, and has entered into commercialization partnerships valued at over $2 billion [2] - The core asset RBD4059, targeting FXI, is currently in clinical phase 2a studies in Sweden, showing promise in treating thrombotic diseases [2][21] Summary by Sections Market Performance - The overall A-share market increased by 0.03%, while the Shanghai Composite Index decreased by 0.57%. The biotechnology sector saw a decline of 0.68% [1][26] - Within the biotechnology sector, chemical pharmaceuticals fell by 2.40%, while medical services rose by 3.29% [1][26] Company Overview - Rebio Biotech focuses on small RNA drug development, with seven products in clinical research, four of which are in phase 2 trials [2][9] - The company has a strong management team with extensive experience in drug development and production [16][18] Financial Projections - The report provides earnings forecasts for key companies, with Rebio Biotech's core asset RBD4059 showing significant potential in the thrombotic disease market [3][21] - The report recommends investment opportunities in the CXO sector and highlights the clinical progress of innovative drugs overseas [2][36] Valuation Metrics - The TTM P/E ratio for the pharmaceutical and biotechnology sector is 38.70x, compared to 22.18x for the overall A-share market [31] - Specific sub-sectors show varying P/E ratios, with chemical pharmaceuticals at 47.60x and medical services at 36.15x [31]