Core Insights - In 2025, China's pharmaceutical and healthcare industry enters a critical phase driven by "innovation deepening + global breakthrough," with emerging therapies like small nucleic acids, PROTAC, and CGT accelerating from clinical validation to commercialization [2][34] - The reports from the top ten Chinese securities firms provide authoritative insights into technological iterations, industry trends, and globalization strategies, serving as a guide for industry practitioners and investors [2][34] Group 1: Small Nucleic Acids - 2025 is a pivotal year for small nucleic acid drugs, driven by technological breakthroughs and expanding indications from rare diseases to chronic diseases like hyperlipidemia and hypertension [4][36] - The small nucleic acid sector is expected to see a surge in catalysts, including the commercialization of major products like Novartis' Inclisiran and the approval of Alnylam's Vutrisiran and Fitusiran [5][37] - The market for small nucleic acids is projected to reach approximately $30 billion, with significant growth anticipated in CNS diseases [10][42] Group 2: Brain-Computer Interface - The brain-computer interface industry is accelerating innovation with three main technical paths: invasive, semi-invasive, and non-invasive, each with distinct advantages and challenges [7][39] - The global brain-computer interface market is expected to reach approximately $2.6 billion by 2024, with a CAGR of about 13% from 2023 to 2027 [7][39] Group 3: PROTAC - PROTACs are gaining traction as targeted protein degradation drugs, with advantages such as high oral bioavailability and broad target range, making them popular in oncology and autoimmune disease research [19][51] - The first BTK PROTAC has entered Phase III trials, showcasing promising efficacy and safety data [19][51] Group 4: Chinese Innovative Drugs - Chinese innovative drugs are entering a "DeepSeek" moment, with domestic companies increasingly recognized overseas, and the number of license-out projects surpassing license-in projects for the first time in 2023 [16][48] - The market for innovative drugs in China is expected to exceed 2 trillion RMB by 2030, with a CAGR of 24.1% [29][63] Group 5: Peripheral Intervention Industry - The peripheral intervention industry is experiencing rapid growth, with a significant patient base and low treatment penetration compared to international standards [25][57] - The market for peripheral artery interventions is projected to grow at a CAGR of 15.6% from 2021 to 2030, while peripheral venous interventions may see a CAGR of 29.3% [25][57] Group 6: Weight Loss and Diabetes Treatment - The market for GLP-1RA drugs, such as semaglutide and tirzepatide, is expected to exceed $150 billion by 2031, with significant business development opportunities emerging for domestic companies [26][58] - Multi-target drug development is anticipated to overcome the limitations of single-target therapies, enhancing efficacy in weight loss and metabolic health [26][58]