Industry Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights that the demand for hepatitis B cure remains a blue ocean, with CpAMs and small nucleic acid drugs expected to lead the way in achieving functional cures. The large base of hepatitis B infections in China and the limitations of existing therapies create a pressing need for effective treatments [4][15] - The implementation of the "Childcare Subsidy System" is expected to enhance the willingness of families to have children, positively impacting related sectors such as pediatric medicine, medical equipment, and maternal health services [6][21][23] - The pharmaceutical sector saw an overall increase of 2.95% this week, outperforming the CSI 300 index by 4.70 percentage points, with the chemical preparation sector showing the highest growth at 5.48% [25][26] Summary by Sections 1. Hepatitis B Treatment Opportunities - The report emphasizes the significant unmet need for hepatitis B cures in China, with approximately 56 million chronic carriers and a high percentage at risk of severe liver disease [15] - Current approved treatments are limited, with nucleos(t)ide analogs (NAs) and pegylated interferon-α showing inadequate rates of functional cure [15][16] - New drug classes, including CpAMs and small nucleic acids, are in advanced clinical stages, with companies like GSK and AHB-137 leading the way [17][18] 2. Childcare Subsidy System - The newly announced childcare subsidy will provide annual financial support of 3,600 yuan per child under three years old, starting from January 1, 2025 [21][22] - This initiative is expected to boost sectors related to child healthcare and maternal services, enhancing market opportunities for companies in these fields [23][24] 3. Weekly Performance of Pharmaceutical Sector - The pharmaceutical sector's performance this week was marked by a 2.95% increase, with the chemical preparation sector leading at 5.48% [25][26] - The report notes a significant divergence in performance among sub-sectors, with medical devices experiencing a decline of 1.43% [26][32] 4. Beneficiary Stocks - The report identifies several beneficiary stocks across various segments, including innovative drugs (e.g., Innovent Biologics, BeiGene), traditional Chinese medicine (e.g., Jiuzhitang), and medical devices (e.g., Mindray Medical) [8][9][33][40] 5. Market Outlook - The report suggests a positive outlook for innovative drugs driven by overseas expansion and supportive policy developments, with a focus on companies with strong clinical data and market potential [31] - The medical device sector is expected to benefit from upcoming procurement policies and a recovery in demand, particularly for high-end equipment [32][33]

图说：贺普药业一类创新药贺普拉肽联合PEG干扰素治疗慢性乙肝的二期临床试验结果在2025年第60届欧洲肝病学会年会进行了口头报告并公布（图片来 源：企业供图） 贺普药业进一步对记者表示，公司即将启动贺普拉肽治疗慢性乙肝的三临床试验。"公司将全力推进贺普拉肽联合干扰素治疗乙肝的三期临床研究和注册上 市，早日造福我国和全球广大乙肝患者。"公司相关负责人表示。 据介绍，乙肝是由乙型肝炎病毒（HBV）感染所引起、以肝脏受累为主的传染性疾病。它是发病率最高的病毒性肝炎，若未得到有效的抗病毒治疗，慢性 乙肝患者的疾病进程可能会逐渐发展为肝硬化、肝衰竭、肝癌。据世界卫生组织统计，2022年，全球有约2.96亿人有慢性乙肝感染；其中，我国目前乙肝感 染者约有8900万，慢性乙肝患者约为2000万，每年新发病例约100万。 本报讯 （记者金婉霞）5月10日，记者从上海贺普药业股份有限公司（下称：贺普药业）获悉，由公司自主研发的一类创新药贺普拉肽联合PEG干扰素治疗 慢性乙肝的二期临床试验结果已在2025年第60届欧洲肝病学会年会进行了口头报告并公布。试验结果显示，贺普拉肽联合PEG干扰素可显著提高乙肝病毒 （HBV DNA）的 ...