Market Overview - Last week, the A-share pharmaceutical and biotechnology index fell by 0.14%, underperforming the CSI 300 index by 0.14 percentage points, while outperforming the ChiNext index by 1.39 percentage points, ranking 22nd among 31 sub-industries [4] - The Hong Kong Hang Seng Healthcare Index also declined by 1.77%, outperforming the Hang Seng Index by 0.19 percentage points [4] R&D Progress - Last week, SSGJ-608 NDA application from 3SBio was newly undertaken; the 24-valent pneumococcal polysaccharide conjugate vaccine from CanSino and SYH2069 from CSPC were also newly undertaken for clinical application [5] - Hengrui Medicine's 9531 is in Phase III clinical trials; HRS-7249 is in Phase II clinical trials; and CanSino's CM383 is in Phase I clinical trials [5] Investment Insights - The recent rebranding of Ant Group's AI health application "AQ" to "Antifufu" has led to a surge in downloads, reaching the top 3 in the Apple App Store and surpassing 15 million monthly active users, making it the leading AI health management app in China [6] - Antifufu integrates over 500 national-level academicians and renowned doctors into its "AI avatar" service, transforming scarce expert resources into 24/7 accessible services [6] - This product iteration shifts the traditional low-frequency medical visits into high-frequency health management, creating a digital closed loop from consultation, medication purchase to insurance claims, thus enhancing the "medical + pharmaceutical + insurance" integration [6] Future Investment Strategy - With the changing macroeconomic and policy landscape, future investments in the pharmaceutical sector should increasingly focus on the intrinsic clinical value of pharmaceuticals, addressing clinical needs of patients [7] - Both domestic medical insurance policies and global expansion strategies are placing higher premiums on clinical value [7]