医药生物行业双周报2026年第3期总第152期：替尔泊肽问鼎新药王，关注平台化创新与产业链升级

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 3.17%, ranking 22nd among 31 primary industries, underperforming the CSI 300 index which fell by 1.25% [6][17] - The valuation of the pharmaceutical and biotechnology industry as of February 6, 2026, is a PE (TTM overall method, excluding negative values) of 29.57x, down from 30.31x in the previous period, indicating a downward trend below the average [6][22] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (46.30x), hospitals (43.34x), and medical consumables (37.71x), while pharmaceutical distribution has the lowest valuation at 14.88x [22] Industry Trends - The focus in the global pharmaceutical market continues to be on GLP-1 targets, with Eli Lilly's tirzepatide establishing a leading position in the metabolic disease field due to its clinical value and commercialization performance [9] - The collaboration model between multinational pharmaceutical companies and Chinese biopharmaceutical firms is evolving towards "platform capabilities + multi-project combinations," highlighting the long-term strategic value of underlying innovative capabilities such as sustained delivery technology and peptide R&D platforms [9] - The investment logic in the industry is shifting from single blockbuster products to platform-based, matrixed approaches that extend into critical supply chain segments [9] Investment Recommendations - Focus on innovative pharmaceutical companies with "core technology platforms + diversified pipelines," as their ability to derive multiple values from platforms and realize cross-border cooperation milestones will be a key advantage [9] - Pay attention to industry chain segments benefiting from drug long-acting and oral trends, including complex formulation processes, high-end delivery technologies, and related peptide CDMO fields [9] - In the context of strong global R&D and production demand, peptide CXO companies that are active in cross-border collaborations, have balanced customer structures, and possess solid compliance systems will continue to share in the industry's high prosperity dividends [9]