Core Viewpoint - The treatment of asthma has evolved from mere symptom control to achieving clinical cure, supported by advancements in modern medicine and the introduction of biological agents [2][3] Group 1: Asthma Treatment Insights - Asthma has the highest prevalence among chronic respiratory diseases globally, while chronic obstructive pulmonary disease (COPD) ranks first in China, with asthma in second place [2] - The clinical cure goals for asthma include four "zeros": no obvious symptoms, no asthma attacks, normal lung function, and no need for oral steroids [2] - Various biological agents such as omalizumab, mepolizumab, benralizumab, and dupilumab have shown promising clinical cure rates, providing more options for patients [2] Group 2: Challenges and Future Directions - The usage rate of biological agents in China is currently low, presenting challenges for broader adoption [2] - Long-term use of biological agents can effectively reduce acute attacks, emergency visits, and hospitalizations, making them cost-effective in overall healthcare expenditure [2] - Ongoing research is focused on developing targeted drugs for different cytokines and pathways, with new biological agents expected to enter clinical use [3] - Achieving the goal of clinical cure for asthma requires collaborative efforts from healthcare providers, patients, government, and society [3]

Pharmaceutical Sector - The pharmaceutical sector in China is showing strong performance, with significant transactions such as the $1.25 billion deal enhancing market confidence in the quality and market value of Chinese innovative drugs [1] - Chinese pharmaceutical companies are increasingly making their mark in global licensing transactions and showcasing their clinical pipeline potential at major conferences like ASCO [2] - The outlook for the pharmaceutical sector is optimistic, with expectations of a reversal in market trends by 2025, driven by innovative drugs and the recovery of left-side sectors [1][2] Biopharmaceuticals - GSK announced FDA approval for mepolizumab as an additional maintenance treatment for poorly controlled chronic obstructive pulmonary disease (COPD) patients, with projected global sales of €1.784 billion in 2024 [3] - There is a growing interest in IL-5 targeted drugs, with several domestic companies already engaged in this area [3] Medical Services & Consumer Healthcare - Alcon reported Q1 2025 surgical business net sales of $1.338 billion, a 1% year-on-year decline, but a 2% increase at constant exchange rates [4] - Vision care business net sales reached $1.106 billion in Q1 2025, reflecting a 1% year-on-year growth, driven by innovations in contact lenses [4] Medical Devices - Johnson & Johnson Medical launched the SOUNDSTAR CRYSTAL ultrasound catheter in the U.S. for cardiac ablation procedures, indicating a rich pipeline of innovative products [5] - There is a strong long-term demand trend for innovative medical devices, with a focus on leading companies that are expected to rapidly scale new products [5] Pharmacies - A recent initiative by multiple government departments aims to enhance the health promotion functions of retail pharmacies, indicating a supportive policy environment for non-drug product expansion [6] - Continuous optimization of industry regulations and the implementation of drug traceability measures are expected to create a more favorable environment for pharmacies [6]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1] Core Insights - The A-share pharmaceutical index has increased by 1.8% this week and 4.3% year-to-date, outperforming the CSI 300 by 1.9% and 5.6% respectively [3][8] - The H-share biotechnology index has seen a rise of 6.7% this week and 36.4% year-to-date, outperforming the Hang Seng Technology Index by -7.4% and 19% [3][8] - The report highlights a significant increase in the number of domestic innovative drugs presented at the ASCO conference, with 25 oral presentations and 24 rapid oral presentations, marking a new high [14] Summary by Sections Industry Performance - A-share raw materials (+4.0%), chemical drugs (+3.6%), biological products (+1.7%), medical services (+1.4%), and pharmaceutical commerce (+1.2%) have shown notable price increases, while medical devices (+0.5%) and traditional Chinese medicine (+0.2%) have seen smaller gains [3][8] - Top performers in A-shares include Shengguojian (+100%), Haichen Pharmaceutical (+52%), and Shutaishen (+49%), while New Ganjing (-12%), Gongdong Medical (-10%), and Jinhao Medical (-9%) faced declines [3][8] R&D Progress and Corporate Developments - GSK's IL-5 monoclonal antibody has been approved for the treatment of COPD, marking a significant milestone as the first IL-5 drug approved for this indication [3] - The report notes strategic partnerships, such as Jingyin Pharmaceutical's collaboration with CRISPR Therapeutics to develop next-generation long-acting FXI-targeting siRNA therapies [3] Investment Strategy - Recommended sub-industry rankings are: Innovative drugs > CXO > Traditional Chinese medicine > Medical devices > Pharmacies > Pharmaceutical commerce [9] - Stock selection strategies include focusing on growth in innovative drugs, undervalued stocks in traditional Chinese medicine, high dividend stocks in traditional Chinese medicine, and left-side opportunities in raw materials and certain CXO and medical devices [9]

"不瞒你说，我等了很久，终于到达（接种）年龄标准了。"早上9点，余慧明在浦东的一家接 种 站 ， 完 成 了 带 状 疱 疹 疫 苗 的 接 种 。 这 位 跨 国 药 企 中 国 区 的 掌 舵 人 ， 和 所 有 普 通 上 班 族 一 样，"跟老板请了假来打针。" 另一方面，疫苗也是最具成本效益的疾病预防控制手段，疫苗的广泛使用可以减少昂贵的医 疗费用。美国的一项免疫接种成本效益研究显示，对免疫接种投资1美元，可以节省2至2 7美 元不等的医疗费用。 GSK副总裁、中国总经理余慧明 同理，对当下的GSK来说，那些发生在接种站里的"一线体验"亦举足轻重。 随 着 人 口 老 龄 化 加 速 、 慢 性 病 负 担 加 重 ， " 防 患 于 未 然 " 的 健 康 理 念 正 在 重 构 医 疗 价 值 链 。 GSK 敏锐捕捉到这一趋势， 将"医防融合"上升至企业战略高度， 通过构建覆盖全生命周期 的"预防－治疗"一体化解决方案，扩展现代医疗服务的边界。 做这样的战略选择，可以说GSK是有章法，也有"本钱"的——" 在疫苗与药物领域的独特专 业优势，让GSK能够专注于探索治疗与预防之间的紧密联系。 "余 ...