Investment Rating - The industry investment rating is "Overweight" (maintained) [5] Core Insights - The approval of Aidi Pharmaceutical's core product, Dolutegravir Sodium, marks a significant breakthrough in the vertical integration of the anti-HIV drug supply chain, enhancing the company's competitiveness and cost control in the domestic market [5][7] - The approval aligns with national policies encouraging innovation in the pharmaceutical industry and supports the high-quality development of the biopharmaceutical sector, showcasing the increasing R&D capabilities of domestic pharmaceutical companies [7] Summary by Sections Recent Industry Performance - Over the past 12 months, the industry has shown a relative return of -7.19% compared to the CSI 300 index, with absolute returns of 13.9% [3] Key Events - Aidi Pharmaceutical announced the approval of its core product, Dolutegravir Sodium, by the National Medical Products Administration (NMPA), which is a key drug in the WHO's first-line treatment for HIV [5][6] Investment Recommendations - The report suggests focusing on other antiviral companies, particularly those with existing products or strong R&D capabilities in chronic viral diseases like HIV and hepatitis B [7] - It also recommends investing in specialty raw material and CDMO companies, highlighting the value of firms with high-quality standards and technological barriers [7]

Core Viewpoint - Aidi Pharmaceutical has received approval for the listing application of the raw material drug Dolutegravir Sodium, which is part of its high-end generic drug development project for HIV [1] Group 1: Company Developments - Aidi Pharmaceutical's wholly-owned subsidiary, Yangzhou Aidi Pharmaceutical Technology Co., Ltd., has been granted the "Chemical Raw Material Drug Listing Application Approval Notice" by the National Medical Products Administration [1] - The approved raw material Dolutegravir Sodium is intended for use in domestic formulations, ensuring the supply and quality of the raw material while reducing production costs [1] - If the generic version of Dolutegravir Sodium tablets is approved for market launch, it will enhance the variety of anti-HIV drugs and clinical options offered by the company [1]