创新药大牛市分支思路（五）：PD（（L）1Plus成为海外药企必争之地——尤其重视信达PD1IL2
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分析师杨芳执业证书编号：S0680522030002邮箱：yangfang@gszq.com分析师陈欣黎执业证书编号：S0680523060004邮箱：chenxinli@gszq.com分析师王震执业证书编号：S0680525040002邮箱：wangzhen1@gszq.com相关研究1、《医药生物：【周专题&周观点】（【总第399期】创新药大牛市下的分支思路（一）——（“中国超市”有有哪些值得期待》2025-06-012、《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》2025-05-293、《医药生物：【周专题&周观点】【总第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》2025-05-24-20%-12%-4%4%12%20%2024-062024-102025-022025-06医药生物沪深300 P.2内容目录一、医药核心观点..................................................................................................................................3二、【创新药大牛市】分支思路（五）—PD（L）1 Plus成为海外药企必争之地——尤其重视信达PD1 IL2.........52.1信达生物IBI363数据惊艳，重视其展现出的数据潜力....................................................................52.2 PD-（L）1 Plus被不断验证，成为海外药企必争之地......................................................................72.3后面有有哪些品种/标的有望出海.................................................................................................9三、细分领域投资策略及思考................................................................................................................103.1广义药品..................................................................................................................................103.1.1创新药............................................................................................................................103.1.2仿制药............................................................................................................................113.1.3中药...............................................................................................................................133.2医疗器械板块周度复盘.............................................................................................................143.3配套领域..................................................................................................................................183.3.1 CXO...............................................................................................................................183.3.2药店...............................................................................................................................183.3.3医药商业........................................................................................................................193.3.4医疗服务........................................................................................................................193.3.5生命科学产业链上游周度复盘...........................................................................................20四、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：IBI363在免疫耐药的鳞状非小细胞肺癌中展现出突破性的治疗潜力................................................5图表2：IBI363在免疫耐药的野生型肺腺癌中展现出长期生存获益潜力......................................................6图表3：PD-（L）1双抗临床研发进展.....................................................................................................8图表4：当周（6.2-6.6）中证创新药指数VS.申万医药指数VS.沪深300指数指数对比...............................10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(%)...............................10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(%)................................................12图表7：仿制药子领域周涨跌幅排名前5、后5个股...............................................................................12图表8：2025年以来申万医药指数VS.中药指数走势对比(%)..................................................................14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(%)......................15图表10：医疗设备子领域周涨跌幅排名前五、后五个股..........................................................................15图表11：医疗耗材周涨跌幅排名前五、后五个股....................................................................................15图表12：体外诊断周涨跌幅排名前五、后五个股....................................................................................16图表13：本周医疗设备领域重要公告....................................................................................................16图表14：本周医疗耗材领域重要公告....................................................................................................17图表15：本周体外诊断领域重要公告....................................................................................................17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............................................18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.............................................................20图表18：当周（6.2-6.6）申万医药VS.沪深300指数VS.创业板指数对比.....................
