Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4] Core Insights - The innovative drug sector has seen a significant increase in institutional interest, with the total heavy positions in Biotech innovative drugs reaching 80.371 billion yuan, a quarter-on-quarter growth of 39% [7][18] - The proportion of heavy positions in Biotech innovative drugs relative to the overall market has increased to 2.39%, up by 0.49 percentage points, indicating sustained enthusiasm from institutions towards the innovative drug sector [19][25] - The heavy positions in Biotech innovative drugs account for 24.93% of the total heavy positions in the pharmaceutical industry, reflecting a rise of 5.49 percentage points [19][25] Summary by Sections Weekly Review of New Drug Market - From July 28 to August 1, 2025, the top five companies in the new drug sector by stock price increase were: Zhongsheng Pharmaceutical (29.53%), WuXi AppTec (17.72%), CSPC Pharmaceutical Group (14.60%), Maiwei Biotech (12.08%), and Haizhi Pharmaceutical (11.76%) [14][15] - The top five companies by stock price decrease were: Kintor Pharmaceutical (-19.09%), Hualing Pharmaceutical (-16.19%), Junsheng Pharmaceutical (-13.24%), Kintor Pharma (-12.70%), and Yunding New Drug (-11.29%) [14][15] Key Analysis of New Drug Industry - The report analyzed the latest heavy positions of all funds in the innovative drug sector as of June 30, 2025, focusing on A-share and Hong Kong Biotech companies [18] - The heavy positions in Biotech innovative drugs accounted for 7.05% of the total market capitalization, an increase of 0.93 percentage points [23][28] New Drug Approval and Acceptance - This week, 13 new drug or new indication applications were approved, including drugs such as Risperidone orally disintegrating film and Nivolumab injection [33][34] - Additionally, 6 new drug or new indication applications were accepted, including drugs like Eptinezumab injection and Edaravone tablets [35][36] Clinical Application Approval and Acceptance - A total of 50 new drug clinical applications were approved this week, while 44 new drug clinical applications were accepted [37]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [4] Core Insights - The innovative drug sector has seen a significant increase in institutional preference, with the total heavy positions in Biotech innovative drugs reaching 57.62 billion, a quarter-on-quarter increase of 62% [9][19] - The heavy positions in Biotech innovative drugs accounted for 1.90% of the total market heavy positions, up by 0.79 percentage points, and 19.43% of the heavy positions in the pharmaceutical industry, up by 6.36 percentage points [9][21] - The report highlights that the preference for innovative drugs is driven by continuous revenue and profit realization from domestic sales and overseas licensing, along with anticipated catalysts from upcoming academic conferences in Q2 [19][21] Weekly New Drug Market Review - From April 28 to May 2, 2025, the top five companies in the new drug sector by stock price increase were: Aidi Pharmaceutical (19.49%), Kelun-Botai Biological (17.02%), Lepu Biopharma (16.09%), Connora (13.61%), and Canaan Pharma (13.60%) [15][17] - The top five companies by stock price decrease were: Kangfang Biopharma (-11.22%), Yiming Oncology (-10.03%), Dongyao Pharmaceutical (-6.90%), Maibo Pharmaceutical (-6.52%), and Ascentage Pharma (-5.63%) [15][17] New Drug Application Approvals and Acceptances - No new drug or new indication applications were approved this week; however, six new drug or new indication applications were accepted, including Biocodex's Sitalopram Capsules and BeiGene's Sotoclar Tablets [33][34] New Drug Clinical Application Approvals and Acceptances - This week, 33 new drug clinical applications were approved, and 36 new drug clinical applications were accepted [37][39]

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [4] Core Insights - The innovative drug sector has seen a significant increase in institutional preference, with the total heavy positions in Biotech innovative drugs reaching 57.62 billion, a quarter-on-quarter increase of 62% [9][19] - The heavy positions in Biotech innovative drugs accounted for 1.90% of the total market heavy positions, up by 0.79 percentage points, and 19.43% of the heavy positions in the pharmaceutical industry, up by 6.36 percentage points [9][21] - The report highlights that the preference for innovative drugs is driven by continuous revenue and profit realization from domestic sales and overseas licensing, along with anticipated catalysts from upcoming academic conferences in Q2 [19][21] Weekly New Drug Market Review - From April 28 to May 2, 2025, the top five companies in the new drug sector by stock price increase were: Aidi Pharmaceutical (19.49%), Kelun-Botai Biopharmaceutical (17.02%), Lepu Biopharmaceutical (16.09%), Connora (13.61%), and Canaan Pharma (13.60%) [15] - The top five companies by stock price decrease were: Kangfang Biopharmaceutical (-11.22%), Yiming Oncology (-10.03%), Dongyao Pharmaceutical (-6.90%), Maibo Pharmaceutical (-6.52%), and Ascentage Pharma (-5.63%) [15] Weekly New Drug Industry Analysis - The report analyzed the latest heavy positions of all funds in the innovative drug sector as of March 31, 2025, focusing on A-share and Hong Kong Biotech companies [19] - The heavy positions in Biotech innovative drugs represented 6.11% of the total market circulation value, an increase of 0.90 percentage points [24][31] Weekly New Drug Approval & Acceptance Status - No new drug or new indication applications were approved this week; however, six new drug or new indication applications were accepted, including Biocodex's Sitalopram Capsules and BeiGene's Sotoclar Tablets [33][34] Weekly New Drug Clinical Application Approval & Acceptance Status - This week, 33 new drug clinical applications were approved, and 36 new drug clinical applications were accepted [37]