医药行业周报：创新药迎来配置时点

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry as of March 30, 2026 [3]. Core Insights - The innovative drug sector is experiencing a significant configuration opportunity, with major domestic pharmaceutical companies reporting rapid growth in innovative drugs. The development model has shifted from solely relying on financing to a comprehensive approach that includes product commercialization, overseas R&D licensing, and financing [4]. - The Chinese innovative drug market has seen a surge in business development (BD) events, with 49 BD events recorded in 2026, totaling over $33 billion in upfront payments and nearly $570 billion in total deal value. The first quarter of 2026 alone surpassed the total transaction volume of 2024 [4]. - The innovative drug index outperformed the CSI 300 index by 4.44 percentage points during the week of March 21-27, 2026, with a growth rate of 3.03% [4]. Summary by Sections 1. Innovative Drug Highlights - Major domestic pharmaceutical companies like Heng Rui Medicine and China Biopharmaceuticals have reported rapid growth in innovative drugs, with biotech firms like BeiGene and Innovent Biologics turning significant losses into profits [4]. - The trend of Chinese innovative drugs going global is strong, with a notable increase in BD events and a focus on clinical data quality and long-term market value [4]. 2. Tumor Immunotherapy 2.0 Era - China continues to lead in the development of PD-1/VEGF bispecific antibodies, with significant partnerships and clinical advancements. The market potential for PD-1 bispecifics is expected to surpass that of PD-1 monotherapy [5]. - The collaboration between domestic companies and multinational corporations (MNCs) is intensifying, with a focus on clinical data and market rights sharing [5]. 3. New Technologies and Molecules - The ADC (Antibody-Drug Conjugate) sector is witnessing innovation, with new technologies being integrated to overcome limitations of existing ADCs. The introduction of various therapeutic modalities is expected to expand the applicability of ADCs [6]. 4. Small RNA Collaborations - The small RNA sector is seeing increased mergers and collaborations, with significant deals being made to develop innovative therapies for metabolic disorders. The market for small RNA drugs is rapidly industrializing, with notable sales growth for products like Leqvio [7]. 5. Price Control and Raw Materials - The report highlights the price elasticity of certain raw materials, particularly vitamins, which have seen significant price increases due to geopolitical factors and supply chain dynamics. Vitamin E and A prices have risen by 81.98% and 76% respectively since the beginning of the year [9]. 6. CDMO and CXO Trends - The report emphasizes the importance of CDMO (Contract Development and Manufacturing Organization) in driving orders for large products, with recommendations for companies like Yino Science and Pruis [12]. 7. Recommended Companies and Stock Picks - The report suggests focusing on companies leading in innovative drugs, ADC technology, small RNA therapies, and those with pricing power in raw materials. Specific recommendations include Rongchang Biopharmaceuticals, Sunway Biopharma, and others [12][13].