证券研究报告、晨会聚焦：医药祝嘉琦：InvivoCAR行业更新，持续把握医药结构性行情-20260225

Core Insights - The report emphasizes the importance of capturing structural opportunities in the pharmaceutical sector, particularly focusing on in vivo CAR technology and its potential advancements in autoimmune indications [3][4] - The report highlights the recent performance of the pharmaceutical sector, noting a 2.44% return since the beginning of 2026, outperforming the CSI 300 index by 1.79 percentage points [5] Market Performance - The CSI 300 index increased by 0.36% this week, while the pharmaceutical and biological sector declined by 0.81%, ranking 21st among 31 primary sub-industries [3][5] - Specific segments within the pharmaceutical sector showed varied performance, with medical services up by 0.22%, while chemical pharmaceuticals, biological products, medical devices, traditional Chinese medicine, and pharmaceutical commerce saw declines ranging from 0.54% to 2.68% [3][5] In vivo CAR Developments - Multiple clinical studies for in vivo CAR are expected to reach major endpoints within the year, particularly those targeting autoimmune indications, which could signify significant advancements in the field [4] - The report notes that Abbvie's acquisition of Capstan for $2.1 billion is pivotal, as its core pipeline is anticipated to reach key clinical milestones soon, focusing on safety and immune response indicators [4] Investment Recommendations - The report suggests focusing on stocks with marginal changes in fundamentals and lighter institutional holdings, particularly in sectors like small nucleic acids, in vivo CAR, ADC, second-generation IO, and protac [3] - It also recommends monitoring companies that are not primarily in the medical/healthcare AI+ sector but are actively adopting related technologies, as they may offer short-term valuation flexibility [3]