医药行业周报：GLP-1积极进展，板块超跌反弹可期

Investment Rating - The report maintains an investment rating of "outperforming the market" for the pharmaceutical sector, indicating expected returns exceeding the CSI 300 index by more than 10% over the next six months [1][22]. Core Insights - The pharmaceutical sector has shown strong performance, with the Shenwan Pharmaceutical Index rising by 10.31% this week, outperforming the CSI 300 index by 4.48 percentage points [1][7]. - The report highlights significant advancements in GLP-1 drug development, particularly in weight management, with notable sales figures from Eli Lilly's Tirzepatide reaching $5.339 billion in 2023 [1][14]. - The report suggests a short-term rebound in the pharmaceutical sector due to previous declines, recommending stocks that have experienced significant drops for potential recovery [1][20]. Summary by Sections Industry Performance Review - The Shenwan Pharmaceutical Index ranked first among 31 primary industries this week, with a monthly increase of 6.4%, outperforming the CSI 300 index by 1.75 percentage points [7][9]. - Sub-sectors such as other biological products, vaccines, and medical consumables performed well, with weekly changes of 14.53%, 14.3%, and 12.83% respectively [1][10]. Clinical Progress and Announcements - Iovance's TIL therapy received accelerated approval from the FDA for treating advanced melanoma, marking a milestone in cell therapy [14]. - Roche's Crovalimab injection was approved for use in patients with paroxysmal nocturnal hemoglobinuria, providing a new treatment option [14]. - The first GLP-1R/GCGR dual agonist, Masitide, has had its new drug application accepted in China, targeting long-term weight management [14]. Investment Strategy - Short-term: The report suggests that the pharmaceutical sector is poised for a rebound, recommending stocks that have seen significant declines, such as Tiantan Biological and Zhizhi Biological [1][20]. - Long-term: The sector is viewed as being in a bottoming phase, with stable demand and an improving industry ecosystem. The report favors innovative drugs and devices as key growth areas [1][20]. Notable Companies - Top gainers this week include Rongchang Biological, Anke Biological, and Taiji Group, with increases of 28.24%, 24.97%, and 24.94% respectively [11]. - Conversely, companies like Changyao Holdings and Jingfeng Pharmaceutical saw significant declines, with drops of -28.85% and -26.20% respectively [11]. Mergers and Acquisitions - Gilead announced a cash acquisition of Cymabay Therapeutics for $4.3 billion, aiming to enhance its pipeline with a PPARδ agonist [15]. - Catalent entered a $16.5 billion acquisition agreement with Novo Holdings, which includes the purchase of three filling plants to boost production capacity [16]. Market Outlook - The report emphasizes the importance of monitoring the progress of innovative drugs and the overall stability of the pharmaceutical market, suggesting a focus on companies with strong fundamentals and growth potential [1][20].