医药生物周报（24年第21周）：ASCO摘要重点数据整理，2024年集采8号文解读

Industry Investment Rating - The pharmaceutical and biotechnology sector is rated as "Outperform the Market" [1] Core Views - The pharmaceutical sector underperformed the broader market this week, with the biopharmaceutical sector leading the decline [1] - The ASCO abstracts highlight the clinical progress of domestic innovative drugs, with several key drugs from companies like Kangfang Biotech, Kelun-Botech, and Mabwell Biotech set to present clinical data [1][8] - The 2024 centralized procurement policy (Document No 8) aims to improve quality and expand coverage, with the impact of price reductions on listed companies largely cleared, and many companies expected to see a reversal in their generic drug businesses [2] - The report is optimistic about innovative drugs and medical device companies with core competitiveness in product R&D [2] Market Performance - The overall A-share market fell by 2.20%, with the pharmaceutical and biotechnology sector declining by 3.74%, underperforming the broader market [1] - Sub-sectors such as chemical pharmaceuticals, biologics, medical services, medical devices, pharmaceutical commerce, and traditional Chinese medicine all experienced declines [1] - The PE ratio (TTM) of the pharmaceutical and biotechnology sector is 32.04x, at the 47.36th percentile of its historical valuation over the past five years [1] ASCO Highlights - Key domestic innovative drugs, including AK112 from Kangfang Biotech, SKB264 from Kelun-Botech, and 9MW2821 from Mabwell Biotech, will present clinical data at the 2024 ASCO Annual Meeting [8] - AK112 showed significant improvement in PFS (7.06 vs 4.80 months) in a Phase 3 trial for EGFRm NSCLC, with a favorable safety profile [10][11] - SKB264 demonstrated strong efficacy in a Phase 2 trial for NSCLC, with an ORR of 48.6% and a DCR of 94.6% [13][14] - 9MW2821 showed promising results across multiple indications, with an ORR of 35.3% and a DCR of 78.4% in a Phase 1/2a trial [15] Centralized Procurement (Document No 8) - The 2024 centralized procurement policy focuses on improving quality and expanding coverage, with a shift towards national-level procurement alliances [17][18] - The policy aims to cover more high-value medical consumables and large-scale clinical drugs, with a target of over 500 drugs being included in national and provincial centralized procurement by the end of 2024 [21] - The impact of centralized procurement on the performance of listed companies is expected to be largely cleared, with many companies poised for a rebound in their generic drug businesses [22] Investment Strategy - The report recommends focusing on innovative drugs and medical devices with core competitiveness, as well as companies with internationalization potential [28] - Key areas of interest include companies with differentiated innovation capabilities, such as Hutchison China MediTech, Kangfang Biotech, and Kelun-Botech [30] - In the medical device sector, companies like Mindray Medical, New Industries, and Aohua Endoscopy are highlighted for their recovery potential post-centralized procurement [31] - The report also emphasizes the importance of companies in the life sciences upstream sector, particularly those with competitive products and international expansion potential [33] Key Company Highlights - Mindray Medical is expected to benefit from increased hospital construction and demand for medical devices, with strong growth prospects [37] - New Industries, a leader in chemiluminescence immunoassay, is well-positioned for continued growth driven by its installed base and international expansion [37] - Mabwell Biotech's 9MW2821, a Nectin-4 ADC, is progressing well in clinical trials and has potential for international licensing [37] - Aohua Endoscopy, a leader in domestic soft endoscopy, is expected to see strong revenue growth driven by its flagship product AQ-300 [37]