医药生物：调整过后，“海外大药”逻辑仍是优选【创新药大牛市】分支思路(四)海外大药【周专题&周观点】【总第402期】

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分析师徐雨涵执业证书编号：S0680524040006邮箱：xuyuhan@gszq.com相关研究1、《医药生物：MNC账上还有多少钱？还有啥可能布局？【创新药大牛市】分支思路（（一）中国超市更新【周专题&周观点】【总第401期】》2025-06-152、《医药生物：【周专题&周观点】【总第400期】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》2025-06-073、《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”还有哪些值得期待》2025-06-01-20%-10%0%10%20%30%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.............................................................................................................................................4二、调整过后，“海外大药”逻辑仍是优选【创新药大牛市】分支思路（四）海外大药......................................6三、细分领域投资策略及思考..........................................................................................................................143.1广义药品.............................................................................................................................................143.1.1创新药......................................................................................................................................143.1.2仿制药......................................................................................................................................153.1.3中药..........................................................................................................................................173.2医疗器械板块周度复盘........................................................................................................................183.3配套领域.............................................................................................................................................213.3.1CXO...........................................................................................................................................213.3.2药店..........................................................................................................................................223.3.3医药商业...................................................................................................................................223.3.4医疗服务...................................................................................................................................233.3.5生命科学产业链上游周度复盘...................................................................................................23四、医药行情回顾与热点追踪..........................................................................................................................254.1医药行业行情回顾...............................................................................................................................254.2医药行业热度追踪...............................................................................................................................284.3医药板块个股行情回顾........................................................................................................................30风险提示.........................................................................................................................................................31图表目录图表1：百济神州2025-2026年核心后期催化剂..............................................................................................6图表2：百济神州2025-2026年核心早期催化剂..............................................................................................7图表3：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....................................................7图表4：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...........................................................8图表5：科伦博泰临床试验情况.......................................................................................................................9图表6：围绕Sacituzumab Tirumotecan已经累计启动了14项全球三期临床...................................................9图表7：映恩生物核心在研管线.....................................................................................................................11图表8：康方生物2025年重要里程碑预期.....................................................................................................12图表9：百利天恒临床试验情况.....................................................................................................................13图表10：百利天恒海外临床试验情况............................................................................................................13图表11：当周（6.16-6.20）中证创新药指数VS.申万医药指数VS.沪深300指数指数对比.............................14图表12：2025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（%）............................14图表13：2025年初以来仿制药板块VS.申万医药VS.化学制剂走势对比（%）..............................................15图表14：仿制药子领域周涨跌幅排名前5、后5个股.....................................................................................16图表15：2025年以来申万医药指数VS.中药指数走势对比（%）..................................................................17图表16：2025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（%）..................18图表17：医疗设备子领域周涨跌幅排名前五、后五个股................................................................................18图表18：医疗耗材周涨跌幅排名前五、后五个股..................................................................