华创医药周观点：多款口服环肽药物具重磅潜力，产业链有望充分受益 2025/11/22

Core Viewpoint - Multiple oral cyclic peptide drugs have significant potential, and the industry chain is expected to benefit fully from this development [11][18]. Market Review - The CITIC pharmaceutical index decreased by 6.76%, underperforming the CSI 300 index by 2.99 percentage points, ranking 25th among 30 primary industries [7]. - The top ten stocks by increase this week include Hainan Haiyao, *ST Changyao, and *ST Suwu, while the top ten stocks by decrease include Jindike and Haichen Pharmaceutical [7][8]. Overall Viewpoint and Investment Themes - Innovative Drugs: The domestic innovative drug industry is transitioning from quantity logic to quality logic, emphasizing products that can ultimately generate profits. By 2025, more attention should be paid to differentiated domestic products and international pipelines [9]. - Medical Devices: The bidding volume for imaging equipment has significantly rebounded this year, and home medical device markets are benefiting from subsidy policies. The orthopedic sector is expected to see good growth post-collection [9]. - Innovation Chain (CXO + Life Science Services): Overseas investment and financing are expected to continue recovering, while domestic financing is likely to stabilize. The innovation chain wave is anticipated to begin a bottom reversal [9]. - Pharmaceutical Industry: The specialty raw material drug sector is expected to see cost improvements, leading to a new growth cycle. Attention should be paid to new volumes from patent expirations and the gradual realization of formulation expansions [10]. Focus on Oral Cyclic Peptide Drugs - Oral PCSK9 Inhibitors: These drugs are expected to reshape the lipid-lowering treatment landscape. Current injectable PCSK9 inhibitors have poor patient adherence, and oral formulations could capture market share due to their convenience [11][19]. - Clinical Data: Recent clinical data for several oral cyclic peptide candidates in autoimmune and metabolic diseases have shown positive results, indicating a promising future for these therapies [13][19]. Focus on Oral IL-23 Antagonists - JNJ-2113: This oral peptide antagonist has shown positive Phase III data and has been submitted for FDA approval. It demonstrates significant efficacy in treating psoriasis, with high response rates compared to existing therapies [28][34]. - Market Potential: The annual peak sales for JNJ-2113 across all indications (psoriasis, psoriatic arthritis, ulcerative colitis, Crohn's disease) are expected to exceed $5 billion [41]. Industry Chain Benefits - Companies involved in the research and production of cyclic peptides are expected to benefit significantly. Notable domestic CXO companies include WuXi AppTec, Kanglong Chemical, and Kelaiying, with projected growth in net profits and market capitalization [42].