医药生物 医药生物 2025 年 03 月 16 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -36% -24% -12% 0% 12% 24% 2024-03 2024-07 2024-11 医药生物 沪深300 从月度数据来看，2025 年初至今沪深整体呈现上行趋势。2025 年 3 月第 2 周美 容护理行业涨幅靠前，计算机、机械设备行业跌幅靠前。本周医药生物上涨 1.77%，跑赢沪深 300 指数 0.18pct，在 31 个子行业中排名第 15 位。 本周线下药店板块涨幅最大，上涨 10.38%；医药流通板块上涨 4.91%，医院板 块上涨 3.4%，血液制品板块上涨 2.9%，中药板块上涨 2.63%；体外诊断板块涨 幅最小，上涨 0.77%，原料药板块上涨 0.83%，其他生物制品板块上涨 0.89%， 医疗设备板块上涨 1.1%，医疗耗材板块上涨 1.32%。 推荐及受益标的 相关研究报告 《从海内外公司 2024年业绩看科研服 务的投资机会—行业周报》-2025.3.9 《诊疗流程优化加速，AI 技术重塑精 准 医 疗 与 产 业 生 态 — 行 业 周 报 》 -2025.3. ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - Major pharmaceutical companies such as Johnson & Johnson, AbbVie, Eli Lilly, and Sanofi are actively investing in the next generation of oral immunotherapy drugs through mergers and acquisitions [4][11] - The demand for oral medications is significant, with surveys indicating that approximately 50-70% of patients eligible for the latest therapies for psoriasis and inflammatory bowel disease (IBD) are not using them, primarily due to injection-related issues [4][12] - The existing oral immunotherapy drugs have notable deficiencies in efficacy and/or safety, creating a larger market opportunity for safe and effective oral medications [12] Summary by Sections Industry Trends - Major pharmaceutical companies are focusing on the development of next-generation oral immunotherapy drugs, with significant investments and collaborations [4][11] - Johnson & Johnson's collaboration with Protagonist aims to develop an oral peptide IL-23 molecule, projected to peak sales of over $5 billion [4][11] - Eli Lilly acquired Dice for $2.4 billion to obtain its core pipeline of oral small molecule IL-17, currently in phase 2 trials for psoriasis [4][11] - Sanofi is collaborating with Kymera to develop an oral IRAK4 degrader, which is in phase 2 trials for atopic dermatitis and pustular hidradenitis [4][11] - AbbVie has made acquisitions to expand its portfolio of oral NLRX1 and IL-23 therapies [4][11] Market Performance - In the second week of March, the pharmaceutical and biotechnology sector rose by 1.77%, outperforming the CSI 300 index by 0.18 percentage points [5][16] - The offline pharmacy sector showed the highest increase, rising by 10.38%, while the in vitro diagnostics sector had the smallest increase at 0.77% [5][19] Recommended and Benefiting Stocks - Recommended stocks in the research services sector include: Baipusais, Bid Medical, Haoyuan Pharmaceutical, and others [6] - In the pharmaceutical and biological products sector, recommended stocks include: Zai Lab, Innovent Biologics, and others [6] - For raw materials, recommended stocks include: Pro Pharmaceutical, Jianyou Co., and others [6] - In the medical device sector, recommended stocks include: Aotai Biological, Anjisi, and others [6]