Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Views - The investment logic in the pharmaceutical sector is shifting from policy pressure to innovation-driven growth, with the "14th Five-Year Plan" directly supporting the development of innovative drugs and medical devices [8][26] - The industry is witnessing a transition from rapid following to original innovation, as demonstrated by Chinese companies showcasing their global competitiveness and pipeline value at the 2025 ESMO conference [8][26] - The recent approval of innovative drugs and the successful listing of companies on the STAR Market indicate a supportive capital market for innovative pharmaceutical enterprises [8][26] Industry Review - The pharmaceutical and biotechnology industry index increased by 1.89%, ranking 20th among 31 primary industries, underperforming the CSI 300 index which rose by 2.80% [5][16] - The sub-industries of medical research outsourcing and vaccines showed the highest gains, with increases of 5.26% and 4.19% respectively, while medical devices and traditional Chinese medicine experienced declines of 1.21% and 0.56% [5][16] - As of October 31, 2025, the industry’s PE (TTM, excluding negative values) was 30.67x, up from 30.08x in the previous period, indicating an upward valuation trend but still below the average [21] Company Dynamics - A total of 36 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 805 million yuan, with 4 companies increasing holdings by 120 million yuan and 32 companies reducing holdings by 925 million yuan [5][6] - Among the 501 tracked companies, 499 have disclosed their performance for the first three quarters of 2025, with 53 companies reporting a net profit growth of 100% or more, and 69 companies reporting growth between 30% and 100% [6] Investment Recommendations - Focus on companies with strong positions in innovative drugs and cutting-edge technology platforms, particularly those involved in ADC, bispecific/multispecific antibodies, and cell therapy, which can provide high potential for international market expansion [8] - Pay attention to the CXO industry, which is expected to see increased demand due to the recovery of innovative drug development and commercialization, especially for leading companies with strong service capabilities in new technology areas [8]

10月22日，勃林格殷格翰宣布，其口服磷酸二酯酶4B（PDE4B）抑制剂那米司特（Nerandomilast）通过优先审评审批程序获批上市，用于治疗成人特发 性肺纤维化（IPF），这是十年来首个在III期临床试验中达到主要终点并成功获批的IPF治疗药物，打破了该领域十余年无新药获批的僵局，标志着IPF治 疗领域的突破性进展。 | 1 那米司特 | | 全球药物研发>详情 | | --- | --- | --- | | 4 下载报告 | | | | 基本信息 | | | | | 那米司特 研发代码: BI-1015550 | 重要上市事件 全部上市事件 | | 药品名称 | 商品名: Jascayd | ● 展示药品在各个国家/地区首次批准的适应症、上市时间及研发企业 | | | 别名:nerandomilast | | | 创新类型 | 创新药 | 国家/地区 V 适应座 | | 药物类型 | 化学药 | ○ 仅看中国、美国、欧盟、日本首次上市信息 | | 全球最高研发阶段 | 批准上市 | 2025 @ 10-07 ● ■ 美国 美国首次上市 | | | (特发性肺纤维化) | | | | | · 特发性肺 ...