Guoxin Securities·2025-04-30 09:03Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][44][46] Core Insights - The pharmaceutical sector has shown strong performance compared to the overall market, with a 1.16% increase in the biopharmaceutical sector [1][33] - Multiple domestic innovative drugs are set to present significant clinical data at the upcoming ASCO conference, indicating a growing global presence and competitive edge for Chinese pharmaceutical companies [2][12] - The report highlights a shift in public fund holdings towards the pharmaceutical sector, with a 9.05% allocation, reflecting a 0.47 percentage point increase [3][20] Summary by Sections Market Performance - The overall A-share market rose by 0.95%, with the biopharmaceutical sector outperforming this growth [1][33] - Specific sub-sectors such as chemical pharmaceuticals and medical services saw notable increases of 2.71% and 3.38%, respectively [1][33] ASCO Conference Insights - The ASCO conference will feature several innovative drugs from domestic companies, showcasing advancements in clinical research [2][12] - Companies to watch include Innovent Biologics, Kelun Biotech, and others with promising drug candidates [2][12] Fund Holdings Analysis - Public funds' pharmaceutical holdings increased to 9.05%, with a notable rise in the holdings of chemical preparations and CXO sub-sectors [3][20][22] - The report indicates a significant increase in the holdings of chemical preparations by 4.34 percentage points compared to the previous quarter [26][22] Company Profit Forecasts and Ratings - Key companies such as Mindray Medical and WuXi AppTec are rated as "Outperform," with projected net profits showing growth from 2023 to 2026 [4][46] - The report provides detailed profit forecasts for various companies, indicating a positive outlook for the sector [4][46] Investment Strategy - The report suggests focusing on companies with strong innovative capabilities and those benefiting from policy support in the healthcare sector [44][46] - Recommended stocks include Mindray Medical, WuXi AppTec, and others that are positioned for growth in the evolving market landscape [46][47]