国泰海通｜医药：持续推荐创新药，加大对Pharma的推荐

Group 1 - The article emphasizes the continuous recommendation of innovative drugs and an increased focus on the Pharma sector, highlighting the high demand for innovative drugs and the potential for revaluation of the Pharma sector [1][2] - Recent business development (BD) activities indicate a strong demand from multinational pharmaceutical companies for high-quality innovative drug assets from China, suggesting a robust logic for innovative drugs going global [2] - The performance of the A-share pharmaceutical sector in the first week of June 2025 was on par with the overall market, with specific sub-sectors like chemical raw materials and chemical preparations showing relatively better performance [3] Group 2 - In the first week of June 2025, the Hong Kong pharmaceutical sector outperformed the market, while the US pharmaceutical sector performed similarly to the market [3] - The current relative premium rate of the pharmaceutical sector compared to the entire A-share market is at a normal level of 86.84% as of June 6, 2025 [3]