医药生物行业周观点：创新药牛市底层逻辑？ASCO数据哪些超预期？继续推仿创大Pharma重估

请仔细阅读本报告末页声明增持（维持）行业走势作者分析师张金洋执业证书编号：S0680519010001邮箱：zhangjinyang@gszq.com分析师胡偌碧执业证书编号：S0680519010003邮箱：huruobi@gszq.com分析师陈奇黎执业证书编号：S0680523060004邮箱：chenxinli@gszq.com相关研究1、《CDMO行业专题：：礼来新药Orforglipron有望拉动小分子核心公司下一波提速》2025-05-232、《医药生物：【周专题&周观点】【总第397期】肿瘤恶病质有哪些潜力药物在研?》2025-05-173、《医药生物：【周专题&周观点】【总第396期】产线齐全、技术领先，国产血净龙头绘新篇》2025-05-10-20%-12%-4%4%12%20%2024-052024-092025-012025-05医药生物沪深300 P.2内容目录一、医药核心观点..................................................................................................................................4二、创新药牛市底层逻辑？ASCO数据哪些超预期？继续推荐仿创大Pharma重估.........................................62.1创新药牛市底层逻辑？...............................................................................................................62.2 ASCO数据哪些超预期？..............................................................................................................62.3继续推荐仿创大Pharma重估.......................................................................................................8三、细分领域投资策略及思考..................................................................................................................93.1广义药品....................................................................................................................................93.1.1创新药..............................................................................................................................93.1.2仿制药............................................................................................................................103.1.3中药...............................................................................................................................123.2医疗器械板块周度复盘.............................................................................................................133.3配套领域..................................................................................................................................163.3.1CXO................................................................................................................................163.3.2药店...............................................................................................................................173.3.3医药商业........................................................................................................................183.3.4生命科学产业链上游周度复盘...........................................................................................19四、医药行情回顾与热点追踪................................................................................................................224.1医药行业行情回顾.....................................................................................................................224.2医药行业热度追踪.....................................................................................................................254.3医药板块个股行情回顾..............................................................................................................27风险提示.............................................................................................................................................28图表目录图表1：ADC赛道部分ASCO数据..........................................................................................................7图表2：PD-1 Plus部分ASCO数据.........................................................................................................7图表3：部分国内创新药公司ASCO数据.................................................................................................8图表4：当周（5.19-5.23）中证创新药指数VS.申万医药指数VS.沪深300指数指数对比..............................9图表5：2025年以来中证创新药指数VS.申万医药指数VS.沪深300指数走势对比（%）.............................9图表6：2025年初以来仿制药板块VS.申万医药VS.化学制剂走势对比（%）............................................10图表7：仿制药子领域周涨跌幅排名前5、后5个股...............................................................................11图表8：2025年以来申万医药指数VS.中药指数走势对比（%）..............................................................12图表9：2025年以来申万医药指数VS.医疗器械指数VS.医疗器械各子领域指数走势对比（%）..................13图表10：医疗设备子领域周涨跌幅排名前五、后五个股..........................................................................14图表11：医疗耗材周涨跌幅排名前五、后五个股....................................................................................14图表12：体外诊断周涨跌幅排名前五、后五个股....................................................................................14图表13：本周医疗设备领域重要公告....................................................................................................15图表14：本周医疗耗材领域重要公告....................................................................................................15图表15：本周体外诊断领域重要公告....................................................................................................15图表16：申万医疗研发外包指数vs申万医药生物指数2025年以来走势对比............................................17图表17：生命科学产业链上游板块周涨跌幅排名前五、后五个股.............................................................19图表18：本周生命科学上游领域重要公告.............................................................................................21图表19：当周（5.19-5.23）申万医药VS.沪深300指数VS.创业板指数对比..................