医药生物行业周报（2024/02/19-2024/02/25）：热点主题利好不断，市场情绪逐渐回暖

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology sector [4]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall increase of 2.09% last week, ranking 31st among 31 industries, underperforming the CSI 300 index by 1.62 percentage points. Year-to-date, the sector has declined by 11.57%, ranking 26th and underperforming the CSI 300 index by 13.28 percentage points. The current PE valuation for the sector is 25.0 times, at a historical low, with a premium of 126% compared to the CSI 300 index [4][12][17]. - The report highlights the performance of sub-sectors, with chemical pharmaceuticals, medical services, and traditional Chinese medicine showing the highest increases of 3.60%, 2.80%, and 2.08%, respectively. A total of 379 stocks (79.5%) in the sector rose last week, with the top five performers being Jingfeng Pharmaceutical (60.9%), Changshan Pharmaceutical (41.0%), and others [4][22]. - The total market capitalization of the A-share pharmaceutical and biotechnology sector is 6.17 trillion yuan, accounting for 7.18% of the total A-share market capitalization. The sector's trading volume last week was 341.5 billion yuan, representing 7.56% of the total A-share trading volume, with a week-on-week decrease of 5.58% [4][24]. Market Performance - The pharmaceutical and biotechnology sector's overall performance last week was characterized by a 2.09% increase, ranking 31st among 31 industries, and underperforming the CSI 300 index by 1.62 percentage points. Year-to-date, the sector has seen an 11.57% decline, ranking 26th and underperforming the CSI 300 index by 13.28 percentage points [12][17]. - The PE valuation for the sector is currently at 25.0 times, which is historically low, with a relative valuation premium of 126% compared to the CSI 300 index. The sub-sectors' PE valuations are as follows: medical devices (29.8 times), chemical pharmaceuticals (27.5 times), medical services (25.1 times), biological products (24.9 times), traditional Chinese medicine (21.5 times), and pharmaceutical commerce (16.3 times) [17][20]. Industry News - AstraZeneca and Daiichi Sankyo announced the acceptance of their biologics license application (BLA) for TROP2-ADC Datopotamab deruxtecan (Dato-DXd) by the FDA for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who have previously received systemic therapy. The PDUFA date is set for Q4 2024 [5][35]. - The report notes that the global sales of Gilead's TROP2-ADC drug Trodelvy are expected to exceed $1 billion in 2023, with significant sales growth since its launch [36][38]. - The report emphasizes the potential investment opportunities in high-growth sub-sectors such as innovative pharmaceuticals, chain pharmacies, branded traditional Chinese medicine, medical services, second-class vaccines, and blood products [7].