【医药】小核酸药物风起云涌，下一代创新药浪潮呼之欲出——医药生物行业跨市场周报（20251124）（王明瑞）

Market Overview - The A-share pharmaceutical and biotechnology index fell by 4.32%, underperforming the CSI 300 index by 0.54 percentage points, and outperforming the ChiNext index by 1.92 percentage points, ranking 30th among 31 sub-industries [4] - The H-share Hang Seng Healthcare Index dropped by 7.5%, underperforming the Hang Seng Index by 2.41 percentage points [4] R&D Progress - Recent IND applications were initiated for HRS-1358 and HRS-3738 by Heng Rui Medicine; clinical applications for SHR-9539 and JS207 were also newly initiated [5] - TQB2934 by Zhengda Tianqing is currently in Phase I clinical trials; Gan Li Pharmaceutical's Bofan Glutide is in Phase III clinical trials [5] Industry Insights - The small nucleic acid drug sector is experiencing significant advancements, indicating a potential wave of next-generation innovative drugs [6] - Since 2025, breakthroughs in delivery technology are expected to expand indications from the liver to cardiovascular and CNS areas, coupled with the commercialization of major products and substantial mergers by multinational pharmaceutical giants [6] - The industry is entering a golden development period driven by "technological breakthroughs + commercial realization" [6] - Domestic pharmaceutical companies are accelerating R&D progress, with many entering clinical research phases since 2025; focus is recommended on leading innovative drug companies with advanced technology platforms and differentiated pipelines, as well as innovative industry chain companies likely to benefit from overall industry upturn [6] Investment Strategy - The investment strategy for the pharmaceutical sector in 2026 emphasizes the importance of clinical value, addressing clinical needs of patients [7] - Both domestic medical insurance policies and global expansion strategies are increasingly assigning higher premiums to clinical value [7]