Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a slight increase of +0.10% on May 14, 2025, underperforming the CSI 300 index by 1.11 percentage points, ranking 23rd among 31 sub-industries [3]. - Notable performances within sub-industries include medical research outsourcing (+0.84%) and vaccines (+0.13%), while offline pharmacies (-1.89%) and medical devices (-0.46%) lagged behind [3]. - Merck's application for priority review of pimirolimus capsules for treating adult patients with tenosynovial giant cell tumors (TGCT) has been announced, which could expedite patient access to this treatment [4]. - Guangsheng Tang's innovative drug GST-HG131 for chronic hepatitis B has completed Phase II clinical trials, showing significant suppression of HBsAg with good safety [4]. - Huashan Biological has received a license for a plasma collection station, enhancing its raw plasma supply capabilities [4]. Summary by Sections Market Performance - The pharmaceutical sector's performance on May 14, 2025, was +0.10%, underperforming the CSI 300 index by 1.11 percentage points [3]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine: No rating - Biopharmaceuticals II: Neutral - Other pharmaceuticals: Neutral [2]. Company News - Guangsheng Tang's GST-HG131 has shown promising results in Phase II trials for chronic hepatitis B [4]. - Huashan Biological's new plasma collection station is expected to positively impact long-term development [4]. - Tengjing Life's subsidiary has received a medical device registration certificate for an autoimmune antibody testing kit [5]. - Huakang Clean has signed a contract worth 143 million yuan for a public health emergency rescue center project [5].