Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, highlighting investment opportunities in AI healthcare and innovative drugs [1]. Core Insights - The pharmaceutical sector index increased by 1.13% this week, outperforming the CSI 300 index by 0.25 percentage points, ranking 17th in industry performance [14]. - Year-to-date, the pharmaceutical industry has risen by 7.81%, surpassing the CSI 300 index by 9.36 percentage points, ranking 5th [14]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 28.24 times, with a premium of 86.84% relative to the entire A-share market [19]. - The best-performing sub-sector this week was vaccines, which rose by 2.9%, while the top three sub-sectors year-to-date are chemical preparations, raw materials, and other biological products, with increases of +21.3%, +20.4%, and +16.1% respectively [28]. Summary by Sections Investment Strategy - The report emphasizes the acceleration of AI healthcare development and investment opportunities, with over 830 hospitals in China completing the localization of DeepSeek-R1, marking a new phase in medical intelligence [15]. - Continuous attention is recommended for innovative drugs, especially following the ASCO 2025 conference, where over 70 research abstracts led by Chinese scholars were presented [16]. Market Performance - The pharmaceutical industry has shown strong performance, with a notable increase in the number of stocks with positive returns, totaling 330, while 150 stocks experienced declines this week [29]. - The report lists the top gainers and losers in the pharmaceutical sector, with 易明医药 (Yiming Pharmaceutical) leading with a gain of +33.1% and *ST龙津 (ST Longjin) facing a decline of -36.3% [29]. Recent News and Policies - The report highlights the ongoing trend of AI integration in healthcare, with significant advancements in clinical decision support systems and AI-assisted diagnostics [15]. - It also notes the importance of focusing on drug development that is patient-centered and clinically valuable, aligning with the broader themes of innovation and internationalization in the pharmaceutical industry [16].

Core Viewpoint - Shanghai Modern Pharmaceutical Co., Ltd. and its subsidiary, China National Pharmaceutical Group Rongsheng Pharmaceutical Co., Ltd., have received approval from the National Medical Products Administration for the consistency evaluation of two drugs: Azithromycin Tablets and Dipropylamine Injection, which is expected to enhance market competitiveness and sales potential for these products [1][5][11]. Group 1: Azithromycin Tablets - Drug Name: Azithromycin Tablets, approved for consistency evaluation, is indicated for various bacterial infections [2][3]. - The sales revenue for Azithromycin Tablets in 2024 is projected to be RMB 685 million [2]. - The company has invested approximately RMB 18.61 million in the development of Azithromycin Tablets [3]. Group 2: Dipropylamine Injection - Drug Name: Dipropylamine Injection, approved for consistency evaluation, is used for treating bronchial asthma and related conditions [6][7]. - The sales revenue for Dipropylamine Injection in 2024 is projected to be RMB 135 million [6]. - The company has invested approximately RMB 3.83 million in the development of Dipropylamine Injection [7]. Group 3: Enalapril Maleate Tablets - Drug Name: Enalapril Maleate Tablets has received a drug registration certificate, expanding the company's cardiovascular product offerings [11][12]. - The sales revenue for Enalapril Maleate Tablets in 2024 is projected to be RMB 25.45 million [12]. - The company has invested approximately RMB 7.72 million in the development of Enalapril Maleate Tablets [13].

Core Viewpoint - The company Guoyao Modern (600420) has received approval from the National Medical Products Administration for the registration of its product, Lisinopril Tablets, which is indicated for the treatment of primary hypertension and secondary hypertension due to renal parenchymal disease [1] Summary by Relevant Categories Product Approval - Guoyao Modern's wholly-owned subsidiary, Guoyao Rongseng, has obtained the drug registration certificate for Lisinopril Tablets, enhancing the company's competitiveness in the cardiovascular medication market [1] Market Potential - According to the Minet database, the projected sales for Lisinopril Tablets in public medical institutions across the country for 2024 is estimated at RMB 25.45 million [1] R&D Investment - The cumulative research and development investment for this project by Guoyao Rongseng amounts to approximately RMB 7.717 million [1] Financial Impact - The approval of the drug registration certificate is not expected to have a significant impact on the company's current operating performance [1]