Great Wall Glory Securities·2026-01-26 06:24Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 1.07%, ranking 26th among 31 primary industries, outperforming the CSI 300 index which fell by 1.19% [4][15] - The valuation of the pharmaceutical and biotechnology industry as of January 23, 2026, is a PE (TTM overall method, excluding negative values) of 30.31x, down from 30.56x in the previous period, indicating a downward trend below the average [4][19] - The top three sub-industries by PE are vaccines (47.34x), hospitals (44.94x), and other medical services (40.38x), while the lowest valuation is in pharmaceutical circulation (15.31x) [4][19] - During the reporting period, 34 listed companies in the pharmaceutical and biotechnology sector saw a net reduction of 2.125 billion yuan in shareholder holdings, with 2 companies increasing holdings by 63 million yuan and 32 companies reducing holdings by 2.189 billion yuan [4] Industry Review - The report highlights significant developments in the pharmaceutical retail sector, emphasizing the need for transformation from traditional drug sales to comprehensive health services [24][25] - The Ministry of Commerce and other departments issued opinions to promote high-quality development in the pharmaceutical retail industry, projecting a market size increase from 2.41 trillion yuan in 2020 to 2.95 trillion yuan by 2024, a growth of 22.4% [24][25] - The report also discusses the approval of new drugs and treatments, including the PD-1/VEGF bispecific antibody RC148 by Rongchang Biopharmaceuticals, which has a potential total payment of up to 4.95 billion USD [7][50] Investment Recommendations - The report suggests focusing on innovative pharmaceutical companies with differentiated pipelines that have received validation from high-quality collaborations with multinational pharmaceutical companies, particularly in key areas such as ADC, bispecific antibodies, and siRNA therapies [7]