Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights that Maiwei Biotech has achieved two licensing agreements, which will enhance cash flow and may indicate a turning point in its operations [5][14] - The pharmaceutical and biotechnology sector has seen a 1.6% increase this week, underperforming the CSI 300 index by 0.35 percentage points, ranking 23rd among 31 sub-industries [7][20] - The report emphasizes the accelerating trend in licensing out Chinese innovative drugs, with the total licensing amount exceeding 51.9 billion USD in 2024, marking a 27.4% year-on-year increase [18][19] Summary by Sections Weekly Insights - Maiwei Biotech's recent licensing agreements include a 25 million USD upfront payment and potential milestone payments totaling up to 571 million USD with CALICO Life Sciences for IL-11 targeted therapy, and a 3.8 billion CNY upfront payment with Qilu Pharmaceutical for 8MW0511 [5][14][15] - The report notes that the cash flow issues for Maiwei Biotech are expected to be significantly alleviated due to these agreements, with further business development opportunities anticipated [6] Subsector Performance - The pharmaceutical and biotechnology sector increased by 1.6% this week, with all sub-sectors showing growth. The hospital sector had the highest increase at 3.92% [7][24] - The report identifies key investment opportunities in various subsectors, including innovative drugs, medical devices, and medical consumables, with specific companies recommended for investment [8][28][29][30] Recommended and Benefiting Stocks - Recommended stocks include Innovent Biologics, Hengrui Medicine, and medical device companies such as YK Medical and Mindray Medical [8][31] - Benefiting stocks in the innovative drug sector include companies like Zai Lab, BeiGene, and others in both A-shares and H-shares [8][34][35] Market Trends - The report indicates that the innovative drug sector is expected to continue its upward trajectory, driven by strong clinical data and increased business development activities [28] - The medical device sector is projected to benefit from government policies promoting equipment upgrades, with a significant increase in procurement expected in the second quarter of 2025 [29][30]

没过半年，"DeepSeek时刻"就从AI行业转移到了创新药。最近券商策略会上，AI会场门可罗雀，听会 者寥寥，创新药分会场人山人海，不少人被挤到门外。有细心的药企董秘观察到，会场出现了TMT基金 经理。 平安基金经理周思聪长期重仓创新药，她拉出自己净值发现， 从月度来看和AI是同向的。但从周度来看 和AI是反向的，他好我就一定不好。 早先没行情的日子，周思聪调研创新药企业，很难碰到医药基金经理，碰到的都是更懂风险资产的TMT 基金经理。在她看来， 很长一段时间创新药都是在和AI争夺边际资金[1]。 从最近资金偏好来看，AI有种被贬甘露寺的孤怜，倒是创新药赢得了宠爱。 今年以来，南向资金加仓创新药551.4亿，比加仓新消费3倍还多。高盛报告里医药保健板块占港股成交 额，由一年前的5%不到提升至15%。ETF前十名，清一色港股通创新药ETF。记忆里，创新药好久没有 那么长脸的时候。 创新药的疯狂令老外都有些许危机感。2024年，全球大型药企专利采购中有31%的分子来自中国， ADC，GLP-1频现大额License out订单。哈佛的报告焦虑中国生物技术有望超越美国， 德国制药巨头 BioNTech创始人Ugu ...

以下文章来源于阿基米德Biotech ，作者阿基米德君 阿基米德Biotech . 生物医药第三方独立观察，客观中立，深入浅出，松弛愉悦，写作纯为兴趣，不接广告 超长续航模式。 来源 | 阿基米德Biotech （ID：ArchimedesBiotech） 资本寒冬，一家上市Bi o t e c h也没有挂掉。 1 8A生物科技七年之痒，7 0家公司（含摘B）仍然整整齐齐，一家没少，即使市值最小 的北海康成账上现金仅剩1亿元，但管理层认为2025年有足够的营运资金，即使诺辉健 康复牌暂时没有进展，但离生死大限还有5个月。 中国创新药处于少年时代，（在上市公司层面）有着足够的容错率和包容度，如同《百 年孤独》中初创的"马孔多"，这里全是年轻人，没有死亡，自然没有墓地。 然而，站在中国创新药1 0年节点之上，两大蜕变还是发生了。 今 非 昔 比 ， 《 创 新 药 供 给 侧 改 革 》 （ 2021 年 7 月 ） 指 出 的 内 卷 和 泡 沫 ， 如 今 都 不 再 严 重。 一是行业主要矛盾的蜕变，从同质化竞争的内部矛盾，转为中国生物科技快速崛起与美 国维持生物科技创新领域领导地位之间的外部矛盾。 二是创 ...