创新药行业周报：关注小分子口服GLP-1R激动剂潜在投资机会

Investment Rating - The industry rating is maintained as "Buy" [5][8] Core Views - The global biotechnology sector has shown significant rebounds, with the Hang Seng Biotechnology Index and A-share Biotechnology Index increasing by 9.1% and 4.7% respectively, while the NASDAQ Biotechnology Index rose by 1.5% [1][11] - The small molecule oral GLP-1R agonist ASC30 from the domestic company has shown promising mid-term results in its Phase Ib multi-dose escalation study in the U.S., with an average weight reduction of 6.3% and 4.3% in two different dosing cohorts [2] - The innovation drug sector is expected to see policy support and improvements in profitability, with a shift in investment logic from revenue growth to profitability, driven by overseas licensing deals and product launches [3][35] Summary by Sections Industry Performance - The biotechnology sector has experienced a notable increase, with a median price change of 7.75% among 85 sample innovative drug companies, where 76 companies saw an increase [1][11] - The PB ratio of the Hang Seng Biotechnology Index was reported at 2.24X, indicating a valuation above the negative one standard deviation [1][11] Investment Recommendations - The report suggests focusing on high-quality stocks in the innovative drug sector for long-term investment opportunities, particularly in companies transitioning to innovation and those with potential overseas product registrations [3][35] - The report emphasizes two main investment lines: Pharma companies with strong performance and resilience, and Biotech companies with validated research platforms and commercial potential [3][35] Market Outlook - The innovative drug sector is entering a new phase of internationalization, with ongoing support for innovation policies expected to enhance both performance and valuation in the coming years [3][8]