Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - The report highlights the significant market potential for Metabolic Associated Steatotic Liver Disease (MASH), with an expected patient population of 56 million in China and 490 million globally by 2030. The market for MASH-related drugs is projected to reach 35.5 billion RMB in China and 32.2 billion USD globally by the same year [5][15]. - The report emphasizes the promising clinical results of East China Pharmaceutical's DR10624 for treating severe hypertriglyceridemia (SHTG), showing a maximum triglyceride reduction of 74.5% and liver fat reduction of 67% during a 12-week treatment period [6][32]. Summary by Sections Section 1: FGF21 Target and Investment Opportunities - FGF21 is identified as a key target for MNCs, with a focus on its role in regulating lipid metabolism and preventing fibrosis. The report notes that several global pharmaceutical companies are actively developing FGF21-related therapies [5][19]. - The report details the competitive landscape, with multiple FGF21 candidates in various clinical stages, including East China Pharmaceutical's DR10624, which is in Phase II trials for MASH [20][34]. Section 2: Market Performance - In the second week of November, the pharmaceutical and biotechnology sector rose by 3.29%, outperforming the CSI 300 index by 4.37 percentage points, ranking fifth among 31 sub-industries [7][36]. - The report indicates that the pharmaceutical distribution sector had the highest increase, up by 5.92%, while the medical equipment sector saw the smallest rise at 0.04% [39][42]. Section 3: Monthly Recommendations - The report recommends a monthly investment portfolio focusing on innovative drugs and their supply chains, suggesting stocks such as Sanofi, Innovent Biologics, and WuXi Biologics among others [7][8].