创新药大牛市下的分支思路（一）：“中国超市”还有哪些值得期待

请仔细阅读本报告末页声明399期】创新药大牛市下的分支思路增持（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相关研究1、《医药生物：从政策破冰到CRO供需重塑，把握预期差带来的布局机会》2025-05-292、《医药生物：【周专题&周观点】【第398期】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》2025-05-243、《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》2025-05-23-20%-12%-4%4%12%20%2024-062024-102025-012025-05医药生物沪深300 P.2内容目录一、医药核心观点..................................................................................................................................4二、创新药大牛市下的分支思路（一）——“中国超市”还有哪些值得期待.................................................62.1 2025年1-5月国产新药出海交易火热...........................................................................................62.2国内哪些领域斩获重磅出海合作概率最大？..................................................................................82.3后面还有哪些品种/标的有望出海..................................................................................................92.4 FGF21：减重、MASH、降脂领域的潜力大靶点............................................................................10三、细分领域投资策略及思考................................................................................................................123.1广义药品..................................................................................................................................123.1.1创新药............................................................................................................................123.1.2仿制药............................................................................................................................133.1.3中药...............................................................................................................................153.2医疗器械板块周度复盘.............................................................................................................163.3配套领域..................................................................................................................................193.3.1CXO................................................................................................................................193.3.2药店...............................................................................................................................203.3.3医药商业........................................................................................................................213.3.4医疗服务........................................................................................................................213.3.5生命科学产业链上游周度复盘...........................................................................................22四、医药行情回顾与热点追踪................................................................................................................244.1医药行业行情回顾.....................................................................................................................244.2医药行业热度追踪.....................................................................................................................274.3医药板块个股行情回顾..............................................................................................................29风险提示.............................................................................................................................................30图表目录图表1：2025年1-5月中国药企License out超5亿美元品种....................................................................7图表2：PD-(L)1双抗临床研发进展.........................................................................................................8图表3：TCE领域部分重点品种..............................................................................................................8图表4：目前升级版多肽和小分子减肥药物..............................................................................................9图表5：全球临床阶段FGF21靶点在研药物...........................................................................................11图表6：当周（5.26-5.30）中证创新药指数VS.申万医药指数VS.沪深300指数指数对比............................12图表7：2025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(%)...............................12图表8：2025年初以来仿制药板块VS.申万医药VS.化学制剂走势对比(%)................................................14图表9：仿制药子领域周涨跌幅排名前5、后5个股...............................................................................14图表10：2025年以来申万医药指数VS.中药指数走势对比(%).................................................................15图表11：2025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(%)....................16图表12：医疗设备子领域周涨跌幅排名前五、后五个股..........................................................................17图表13：医疗耗材周涨跌幅排名前五、后五个股....................................................................................17图表14：体外诊断周涨跌幅排名前五、后五个股....................................................................................17图表15：本周医疗设备领域重要公告....................................................................................................18图表16：本周医疗耗材领域重要公告....................................................................................................18图表17：本周体外诊断领域重要公告............................................