Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6]. Core Insights - Small nucleic acid drugs are expected to become the third major class of drugs after small molecules and antibodies, with unique advantages such as broad targets, strong specificity, high development efficiency, and long dosing intervals [9][38]. - The commercialization of rare diseases is maturing, and the long-term advantages for chronic diseases are becoming evident, with significant sales growth for products like Spinraza and Leqivo [9][60]. - There is a notable increase in business development (BD) activities, highlighting the potential of early-stage chronic disease pipelines [9]. Summary by Sections 1. Small Nucleic Acids: Potential as a New Drug Class - Small nucleic acid drugs, including ASO, siRNA, and Aptamer, interact with mRNA to regulate gene expression, offering a new technological pathway for drug development [13]. - The global market for small nucleic acid drugs has grown from $1.04 billion in 2017 to $5.09 billion in 2024, with a CAGR of 25.5% [60]. 2. Milestones in Overseas and Domestic Markets - In the overseas market, significant developments are expected in the TTR field and cardiovascular diseases, with drugs like Vutrisiran and Pelacarsen showing promise [9]. - In China, new therapies for chronic hepatitis B and competitive advancements in cardiovascular drugs are emerging, with several companies making progress in their pipelines [9][60]. 3. Investment Recommendations and Targets - The report suggests focusing on high-quality domestic companies involved in the development of small nucleic acid drugs targeting chronic hepatitis B and cardiovascular diseases, such as HengRui Medicine, China National Pharmaceutical Group, and others [9].

Core Insights - Alnylam Pharmaceuticals (ALNY) is currently in Phase 10 of its 18-phase Adhishthana Cycle, with expectations for a peak formation in Phase 11, scheduled to end in September 2025 [1][5][6] Phase Analysis - The stock experienced a significant gap-up of over 30% on June 24 after positive results from its drug Vutrisiran for treating transthyretin amyloid cardiomyopathy, aligning with the principles of the Adhishthana framework [4][5] - Phase 9 was characterized by powerful structural shifts, leading to the current bullish stance in Phase 10, which is still building without signs of a peak [5][6] - Peak formation in Phase 10 typically occurs between the 18th and 23rd bars, but ALNY has not yet shown signs of this peak [6] Monthly Chart Insights - On the monthly chart, ALNY is in Phase 6, associated with the creation of a Nirvana level, projected to emerge around $240 by September 30, 2025 [9][10] - The stock has been forming its monthly Adhishthana Cakra since Phase 4 and is currently near the upper arc of this structure, indicating potential exhaustion as Phase 10 matures [10] Investor Outlook - Existing investors are advised to hold while monitoring for signs of structural breakdown, which would indicate a descent phase, referred to as the "Wrath of Ganga" [11] - New entrants are cautioned against entering during Phase 10 due to poor risk-reward dynamics, as the stock is trading near the higher arc of the monthly Adhishthana Cakra [12]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [13]. Core Views - The pharmaceutical sector experienced a decline of 0.84% on March 24, 2025, underperforming the CSI 300 index by 1.35 percentage points, ranking 21st among 31 sub-industries [5]. - Notable performances within sub-industries include vaccines (+0.17%) and medical research outsourcing (-0.16%), while hospitals (-2.17%) and medical devices (-1.35%) lagged [5]. - Alnylam's RNAi therapy Vutrisiran has received FDA approval for treating wild-type or hereditary ATTR-CM in adults, aimed at reducing cardiovascular mortality and hospitalizations [6]. Summary by Sections Market Performance - On March 24, 2025, the pharmaceutical sector's performance was -0.84%, underperforming the CSI 300 index by 1.35% [5]. - The top three gainers were Tianyu Co. (+9.95%), Zhongyuan Qihe (+8.82%), and Shanwaishan (+6.60%), while the largest decliners were Aipeng Medical (-10.22%), Innovation Medical (-9.97%), and Sanbo Brain Science (-8.99%) [5]. Industry News - Alnylam announced FDA approval for Vutrisiran, a subcutaneous RNAi therapy targeting specific mRNA to block the production of transthyretin protein, enhancing efficacy and metabolic stability [6]. - Garden Biologics reported a 13.58% year-on-year increase in revenue to 1.243 billion yuan for 2024, with a net profit growth of 60.76% to 309 million yuan [7]. - Shouxiangu reported a 10.87% decline in revenue to 699 million yuan for 2024, with a net profit decrease of 27.87% to 184 million yuan [7].