Investment Rating - The report maintains an investment rating of "Outperform" [5] Core Insights - The new drug sector has shown significant price movements, with notable gains from companies such as Beihai Kangcheng (+35.52%) and Jiahua Biological (+24.66%) during the week of August 18 to August 22, 2025 [1][16] - Upcoming academic conferences, including WCLC and ESMO, are expected to be key catalysts for the innovative drug sector, with numerous data disclosures anticipated from domestic companies [2][3][20] Summary by Sections Weekly New Drug Market Review - The new drug sector experienced substantial fluctuations, with the top five gainers being Beihai Kangcheng (+35.52%), Jiahua Biological (+24.66%), and others, while the top five losers included Geely Pharmaceutical (-16.29%) and Weichip Bio (-10.40%) [1][16] Recommended Stocks - The report suggests focusing on several potential catalysts, including overseas licensing opportunities for differentiated GLP-1 assets and upgraded PD-1 products, as well as drugs likely to benefit from medical insurance negotiations and innovative drug directories [2][20] Key Industry Analysis - Academic conferences are highlighted as crucial catalysts for the innovative drug sector, with WCLC and ESMO being particularly significant for Chinese pharmaceutical companies [20][21] New Drug Approval and Acceptance Status - No new drug approvals were reported for the week, but five new drug applications were accepted, including those from Janssen and AstraZeneca [27][28] Clinical Application Approval and Acceptance Status - A total of 47 new drug clinical applications were approved, and 28 new drug clinical applications were accepted during the week [29][30]