Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Viewpoints - The GLP-1 weight loss drugs are experiencing explosive growth globally and in China, with significant sales figures expected for the year [7] - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index [5][15] - The industry PE (TTM) as of May 9, 2025, is 26.77x, showing an upward trend but still below the average [20] Industry Review - The pharmaceutical and biotechnology industry index increased by 1.50%, ranking 16th among 31 primary industries, underperforming the CSI 300 index which increased by 1.56% [5][15] - The medical equipment and pharmaceutical distribution sectors showed the highest gains, with increases of 3.92% and 2.38% respectively, while medical research outsourcing saw a decline of 0.65% [5][15] - As of May 9, 2025, the PE (TTM) for the pharmaceutical and biotechnology industry is 26.77x, up from 26.34x in the previous period, indicating a valuation increase [20] Investment Suggestions - The current trend in GLP-1 weight loss drugs indicates a golden development period for the industry, with significant sales growth expected both globally and in China [7] - The report suggests focusing on companies with solid clinical data, sufficient production capacity, and integrated supply chain capabilities [7] Important Industry News - The NMPA has released new regulations for the quality management of online sales of medical devices, effective from October 1, 2025 [25] - The approval of the first long-acting analgesic new drug in China, "Meloxicam Injection," marks a significant milestone in the industry [31] - Johnson & Johnson's "Guselkumab Injection" has been approved as the first IL-23 inhibitor for treating ulcerative colitis in China [33] - The investment of 2.04 billion RMB by Roche in a new biopharmaceutical production base in Shanghai highlights the ongoing commitment to local production and supply chain enhancement [43]

证券研究报告·行业跟踪周报·医药生物 增持（维持） 医药生物行业跟踪周报 [Table_Tag] [Table_Summary] 投资要点 GLP-1 药物成为药王，建议关注博瑞医药、 信达生物、联邦制药等 2025 年 05 月 11 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 东吴证券研究所 1 / 26 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为 1.0%、1.2%，相对沪深 300 的超额收益分别为-1.0%、3.4%；本周、年初至今 H 股生物科技指数涨 跌幅分别为-4%、27%，相对于恒生科技指数跑赢-19%、29 %；本周 A 股医疗器械（+1.7%）、中药（+1.5%）、生物制品（+1.1%）股价明显上 涨，原料药（+0.8%）、医疗服务（+0.5%）、化药（+0.6%）及医药商业 （+0.4%）等股价有所下跌；本周 A 股涨幅居前锦好医疗（+24%）、常 山药业（+24%）、海创药业-U（+23%），跌幅居前*ST 葫芦娃(-18%)、 永安药业（-18%）、*ST 苏吴（-15%）；本周 H 股涨幅 ...