华创医药周观点：痛风用药蓝海大市场，关注在研新药进展2025/06/07

Market Review - The overall market performance shows that the CITIC Pharmaceutical Index increased by 1.22%, outperforming the CSI 300 Index by 0.34 percentage points, ranking 16th among 30 CITIC first-level industries [5] - The top ten stocks by increase include Yiming Pharmaceutical, Wanbangde, and Aonlikang, while the top ten stocks by decrease include Longjin Tui, Huason Pharmaceutical, and Mypu Medical [4][5] Sector Insights and Investment Strategy - The pharmaceutical sector is currently undervalued, with public funds (excluding pharmaceutical funds) having low allocations to this sector. The outlook for the pharmaceutical industry remains optimistic for 2025, driven by macroeconomic factors and the growth of major products [9][10] - In the innovative drug sector, there is a shift from quantity to quality, emphasizing differentiated products and international pipelines. Companies that can deliver profitable products are expected to perform well [9] - The medical device sector is witnessing a recovery in bidding volumes, particularly in imaging equipment, and there is a push for home medical devices due to subsidy policies. The orthopedic market is also expected to grow post-collection [9][34] - The CXO and life sciences services sector is expected to see a rebound in investment, with a positive trend in overseas financing and a recovery in domestic investment. The demand for innovative drugs and related services is anticipated to increase [40][41] Industry and Company Events - The gout treatment market is highlighted as a significant opportunity, with a focus on new drug developments. The prevalence of hyperuricemia in China is approximately 13.3%, with a significant patient population for potential treatments [14][15] - The pipeline for URAT1 inhibitors is robust, with several companies, including Hengrui and Yipin Hong, making progress in clinical trials. The first domestic URAT1 inhibitor is expected to be submitted for NDA in early 2025 [23][24][32] - The market for gout medications is projected to reach approximately 1.821 billion yuan in 2024, with significant competition among existing and new products [17][18] - The medical device market is expected to grow significantly, particularly in high-value consumables and IVD (in vitro diagnostics), driven by policy support and increasing domestic demand [34][35]