Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report emphasizes the importance of systematically researching next-generation innovative drugs for resistant hypertension (rHTN), highlighting that multiple new mechanism antihypertensive drugs will read out data and/or achieve clinical progress by 2025 [2] - Key catalysts include upcoming Phase 3 clinical studies focusing on cardiovascular and renal endpoints, which are expected to provide significant data in the coming years [2] - The report suggests paying attention to domestic companies involved in relevant target areas [2] Summary by Sections 01 Current Status and Unmet Needs in Hypertension Treatment - Hypertension is a prevalent cardiovascular disease, with approximately 90%-95% of patients suffering from primary hypertension, driven by factors such as salt sensitivity and obesity [3] - In the US, the prevalence of hypertension is around 48%, corresponding to approximately 120 million people, with about 60 million receiving antihypertensive treatment [3] - In China, the prevalence among adults aged 18 and older was 27.5% in 2018, with awareness, treatment, and control rates at 51.6%, 45.8%, and 16.8%, respectively [3] 02 Next-Generation Drug Focus on AGT and ASI - The report discusses the focus on AGT (Angiotensinogen) and ASI (Angiotensin II receptor blockers) in the development of next-generation antihypertensive drugs [3] - AGT-targeting drugs, particularly siRNA and ASO therapies, are highlighted as promising avenues for reducing blood pressure effectively [27] 03 Investment Recommendations - The report suggests that the market for resistant hypertension treatments is highly structured, with a focus on balancing efficacy and safety in drug development [16] - It emphasizes the need for drugs that can manage long-term adherence and safety, particularly for patients with comorbidities such as CKD and HF [19]