Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Insights - The report emphasizes the importance of systematically researching next-generation innovative drugs for resistant hypertension (rHTN), highlighting that multiple new mechanism antihypertensive drugs will read out data and/or achieve clinical progress by 2025 [2] - Key catalysts include upcoming Phase 3 clinical studies focusing on cardiovascular and renal endpoints, which are expected to provide significant data in the coming years [2] - The report suggests paying attention to domestic companies involved in relevant target areas [2] Summary by Sections 01 Current Status and Unmet Needs in Hypertension Treatment - Hypertension is a prevalent cardiovascular disease, with approximately 90%-95% of patients suffering from primary hypertension, driven by factors such as salt sensitivity and obesity [3] - In the US, the prevalence of hypertension is around 48%, corresponding to approximately 120 million people, with about 60 million receiving antihypertensive treatment [3] - In China, the prevalence among adults aged 18 and older was 27.5% in 2018, with awareness, treatment, and control rates at 51.6%, 45.8%, and 16.8%, respectively [3] 02 Next-Generation Drug Focus on AGT and ASI - The report discusses the focus on AGT (Angiotensinogen) and ASI (Angiotensin II receptor blockers) in the development of next-generation antihypertensive drugs [3] - AGT-targeting drugs, particularly siRNA and ASO therapies, are highlighted as promising avenues for reducing blood pressure effectively [27] 03 Investment Recommendations - The report suggests that the market for resistant hypertension treatments is highly structured, with a focus on balancing efficacy and safety in drug development [16] - It emphasizes the need for drugs that can manage long-term adherence and safety, particularly for patients with comorbidities such as CKD and HF [19]

证券研究报告 2025年医保及首版商保目录公布，中国药品价格登记系 统上线，助力创新药发展 生物医药行业 强于大市（维持） 周观点 行业观点 12月7日，2025年《国家基本医疗保险、生育保险和工伤保险药品目录》和首版《商业健康保险创新药品目录》发布 12月7日，2025创新药高质量发展大会在广州召开，会议将发布2025年《国家基本医疗保险、生育保险和工伤保险药品目录》和首版 《商业健康保险创新药品目录》。据了解，2025年国家基本医疗保险、生育保险和工伤保险药品目录是国家医保局成立以来的第8次 调整。本次目录调整新增114种药品，其中50种为1类创新药。首版商保创新药目录共纳入19种药品，既有CAR-T等肿瘤治疗药品，也 有社会关注度较高的阿尔茨海默病治疗药品 12月2日，中国药品价格登记系统在北京正式上线。这一全新的系统将有利于中国创新药走出去，构建全球化价格体系，也有助于吸 引更多国外高质量新药进入中国市场，惠及中国患者。 资料来源：第一财经，国家医保局，财联社，平安证券研究所 平安证券研究所生物医药团队 分析师： 叶寅投资咨询资格编号:S1060514100001邮箱：YEYIN757@PINGAN. ...

证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 看好创新药出海，重点推荐恒瑞医药、百济 神州等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 《海外小核酸进入收获期，关注国内 悦康、前沿、福元等》 2025-11-30 《药店现金流稳健、估值低，重点推 荐益丰药房、大参林等》 2025-11-23 2025 年 12 月 07 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -13% -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/12/9 2025/4/8 2025/8/6 2025/12/4 医药生物 沪深300 相关研究 东吴证券研究所 1 / 32 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为-0.74%、15.86%，相对沪深 300 的超额收益分别为-2.02%、-0.65%；本周、年初至今恒生生物科技 指数涨跌幅分别为-0.71%、80.40%，相对于恒生科技指数跑赢-1.87%、 52.43%；本周医药商业（+5.1 ...

Core Insights - The healthcare innovation sector is showing positive momentum, with the China Securities Medicine and Medical Device Innovation Index (931484) rising by 0.31% as of November 14, 2025, and several key stocks, including Sanofi and Ganli Pharmaceutical, experiencing significant gains [1] Group 1: Market Performance - The China Securities Medicine and Medical Device Innovation Index has seen a 0.31% increase, with notable stock performances: Sanofi up 4.64%, Ganli Pharmaceutical up 3.28%, and Jiutian Pharmaceutical up 1.83% [1] - The Medical Innovation ETF (516820) has also risen by 0.26%, marking its third consecutive increase [1] Group 2: Clinical Developments - AstraZeneca announced successful Phase III clinical trials for Baxdrostat, which significantly reduced 24-hour average systolic blood pressure in patients with resistant hypertension over 12 weeks, indicating a new treatment pathway for hypertension [1] Group 3: Industry Trends - According to Dongfang Caifu Securities, the pharmaceutical industry showed improvement in Q3 2025, with the medical device sector experiencing a turning point, achieving positive year-on-year revenue growth and a notable narrowing of net profit declines [1] - The CXO sector performed exceptionally well in the first three quarters of 2025, with medical R&D outsourcing revenue increasing by 12.2% and net profit rising by 56.8%, particularly in ADC CDMO and peptide CDMO fields [2] - The index reflects the performance of 30 profitable and growth-oriented companies in the pharmaceutical and medical device sectors, with the top ten stocks accounting for 64.12% of the index [2]

Summary of Mineralys Therapeutics Conference Call Company Overview - **Company**: Mineralys Therapeutics (NasdaqGS: MLYS) - **Focus**: Development of aldosterone synthase inhibitors (ASI) targeting cardiorenal metabolic disorders, primarily hypertension [1][2] Industry Context - **Market Opportunity**: Approximately 20 million patients in the U.S. suffer from resistant and uncontrolled hypertension, with 10 million specifically identified as resistant hypertension patients [4][5] - **Competitive Landscape**: The ASI class is emerging as a new treatment option for hypertension, with recent data from competitors like AstraZeneca's Baxdrostat [2][3] Key Clinical Data - **Clinical Trials**: Successful outcomes from pivotal studies LAUNCH HTN and ADVANCE HTN, with significant blood pressure reductions observed [1][2] - **Efficacy**: Lorundrostat demonstrated a 15-19 mmHg reduction in blood pressure compared to the typical 5 mmHg improvement seen with existing treatments [5][6] - **Patient Demographics**: Strong representation of Black or African American patients in trials, addressing a high-risk population for hypertension [9][10] Drug Profile - **Selectivity**: Lorundrostat shows a selectivity ratio of 374:1 for aldosterone over cortisol, compared to Baxdrostat's 101:1, indicating a better safety profile [11][12] - **Half-Life**: Lorundrostat has a half-life of 10-12 hours, aligning with the diurnal pattern of aldosterone secretion, which may enhance safety [12][13] - **Safety Signals**: Lower incidence of hyperkalemia compared to Baxdrostat, with 8% incidence above 5.5 mEq/L for lorundrostat versus 11% for Baxdrostat [15][16] Market Strategy - **Target Population**: Initial focus on resistant hypertension, with plans to expand into uncontrolled hypertension as prescriber comfort increases [27][30] - **Commercialization Approach**: Open to partnerships but emphasizes the importance of selecting the right partner to maximize the drug's potential [45][46] - **Market Size**: Targeting a broad market of 120 million people with hypertension, with a focus on the top 60,000 prescribers [46][47] Future Developments - **NDA Filing**: Anticipated NDA filing by the end of 2025, with ongoing collection of safety and efficacy data beyond the initial 12-week trials [37][38] - **Additional Studies**: Ongoing studies in chronic kidney disease (CKD) and obstructive sleep apnea (OSA) to explore additional benefits and potential label expansions [42][43] Conclusion - **Investment Potential**: Mineralys Therapeutics is positioned with a best-in-class molecule in a growing market, with strong clinical data supporting its efficacy and safety, making it a compelling investment opportunity in the pharmaceutical sector [19][50]

Policy Developments - Jiangxi Province is promoting the development of brain-computer interface medical devices, emphasizing the need for regulatory compliance and collaboration among industry players to seize opportunities in emerging technologies [1] - The market for brain-computer interface medical devices is noted to have significant potential, with a strong development momentum in Jiangxi Province [1] Medical Device Approvals - In October, the National Medical Products Administration approved 204 medical device products, including 173 domestic Class III devices, 10 imported Class III devices, and 21 imported Class II devices [2] Pharmaceutical Logistics - The Shanghai Municipal Drug Administration encourages the development of modern pharmaceutical logistics, advocating for improved storage and management systems to enhance operational efficiency and reduce costs [3] Drug Approvals - Fangsheng Pharmaceutical announced that its Indobufen tablets received a drug registration certificate from the National Medical Products Administration, allowing for production [4] - Saito Bio's application for the chemical raw material drug Mometasone Furoate has been approved, indicating its use in treating asthma and skin conditions [5] - Tianyao Pharmaceutical received a drug registration certificate for Metoclopramide injection, which is used for treating nausea and vomiting [6] Capital Market Activities - Yingsi Intelligent submitted a listing application to the Hong Kong Stock Exchange, aiming to raise funds for its AI-driven drug development initiatives [7][8] - Rejuve Bio plans to repurchase shares worth between 100 million and 200 million yuan to support employee stock ownership plans [9] Industry Developments - AstraZeneca's Baxdrostat demonstrated significant reductions in 24-hour average systolic blood pressure in treatment-resistant hypertension patients during the Bax24 Phase III trial, achieving a reduction of 14.0 mmHg compared to placebo [10][11] - The drug showed good overall tolerability and consistent safety profiles, with a notable percentage of patients achieving target blood pressure levels [11] - Maiwei Bio's IL-11 monoclonal antibody 9MW3811 received approval for Phase II clinical trials targeting pathological scars, marking it as the first IL-11 targeted drug to enter clinical trials for this indication [12] - Aiwei Technology's subsidiary obtained a medical institution practice license, enabling it to provide third-party medical testing services [13] - Anke Bio signed an exclusive agency framework agreement with Boshengji for the PA3-17 injection product, aimed at enhancing its product portfolio in the innovative drug market [14][15]

Core Viewpoint - AstraZeneca's drug Baxdrostat successfully met the primary endpoint in a late-stage study for patients with treatment-resistant hypertension [1] Group 1 - The study focused on patients suffering from high blood pressure that is resistant to standard treatments [1] - The successful outcome of the study may enhance AstraZeneca's position in the hypertension treatment market [1]

Core Viewpoint - AstraZeneca's stock rose over 2% to $81.99 following positive results from the Baxdrostat clinical trial presented at the 2025 European Society of Cardiology (ESC) annual meeting, indicating significant sales potential in the hypertension treatment market [1] Group 1: Clinical Trial Results - Baxdrostat demonstrated strong efficacy in treating hypertension during the Phase III BaxHTN clinical trial, which could lead to billions in sales opportunities for AstraZeneca [1] - The drug is a highly selective aldosterone synthase inhibitor (ASI) targeting hormones that elevate blood pressure and increase cardiovascular and renal risks [1] Group 2: Market Potential and Approval Timeline - Over 20,000 patients have been enrolled in global clinical trials for Baxdrostat, which includes studies for hypertension, primary aldosteronism, and chronic kidney disease [1] - Baxdrostat is expected to receive regulatory approval in the first half of 2026 in the US and Europe, potentially becoming the first ASI antihypertensive drug on the market [1] Group 3: Analyst Ratings and Price Target - Goldman Sachs has assigned a "Buy" rating to AstraZeneca with a 12-month price target of $99, representing approximately a 23% upside from the stock's closing price of $80.19 [1]

Core Viewpoint - Goldman Sachs recently released a report stating that AstraZeneca (AZN.US) has achieved positive results with Baxdrostat in the Phase III BaxHTN clinical trial, indicating strong potential for hypertension treatment and a multi-billion dollar sales opportunity for the company [1][2]. Group 1: Clinical Trial Results - Baxdrostat demonstrated significant and sustained blood pressure reduction in patients with difficult-to-control hypertension, achieving statistically and clinically meaningful reductions in seated systolic blood pressure (SBP) compared to placebo [2][3]. - The trial results showed that the 2 mg dose of Baxdrostat exhibited long-lasting blood pressure-lowering effects, with nearly three times the rate of patients achieving a systolic pressure of <130 mmHg compared to the placebo group [2][3]. - Overall tolerability of Baxdrostat was good, with no unexpected safety issues reported during the trial [2]. Group 2: Market Potential and Competitive Position - Goldman Sachs has assigned a "Buy" rating to AstraZeneca with a 12-month target price of $99, representing approximately a 23% upside from the stock's closing price of $80.19 [1]. - The Baxdrostat data is expected to generate significant interest among physicians, enhancing its competitive position in the hypertension treatment market [3][4]. - AstraZeneca aims to be the first to market with an aldosterone synthase inhibitor (ASI) antihypertensive drug, with potential approval in the US and Europe expected in the first half of 2026 [3]. Group 3: Future Outlook and Strategic Importance - The strong results from the BaxHTN III trial are seen as a key driver for AstraZeneca's cardiovascular, renal, and metabolic (CVRM) business in the long term [5][6]. - The company is expected to leverage the data to support combination therapy strategies, enhancing market confidence in Baxdrostat's prospects and its potential to contribute to AstraZeneca's goal of reaching $80 billion in revenue by 2030 [5][6].

Core Viewpoint - Novo Nordisk's semaglutide (brand name: "Wegovy") has demonstrated significant cardiovascular benefits in overweight or obese patients with cardiovascular diseases, reducing the risk of heart attacks, strokes, and cardiovascular-related deaths by 57% compared to Eli Lilly's GLP-1 drug tirzepatide [3][4]. Group 1: Novo Nordisk's Research Findings - The STEER study, involving over 20,000 patients, showed that semaglutide 2.4mg has superior cardiovascular benefits in real-world settings compared to previous clinical trials, which indicated a 20% reduction in cardiovascular events [3]. - Semaglutide is currently the only GLP-1 drug proven to provide cardiovascular benefits in obese patients without diabetes [3]. Group 2: Eli Lilly's Developments - Eli Lilly's orforglipron, an oral GLP-1 drug, has shown clinical benefits in key cardiovascular risk factors such as non-HDL cholesterol, systolic blood pressure, and triglycerides, with a global regulatory submission for obesity treatment expected this year [4]. Group 3: Industry Trends and Other Companies - The ESC annual meeting highlighted ongoing industry focus on weight loss, blood pressure reduction, and lipid lowering, with significant research results from companies like AstraZeneca and Merck [5]. - AstraZeneca's Baxdrostat trial data offers a new treatment option for resistant hypertension, while Merck presented real-world evidence and clinical trial data on various severe cardiovascular diseases [5]. - LDL-C remains the primary target for lipid treatment, with new drug developments focusing on small nucleic acid drugs targeting Lp(a) and advancements in triglyceride-targeting therapies [5].