医药生物行业周报：【周专题&周观点】【总第404期】从海外映射寻找下半年创新药新赛道

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】【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》2025-05-243、《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%2024-052024-092025-012025-05医药生物沪深300 P.2内容目录一、医药核心观点..................................................................................................................................4二、创新药选股双管齐下：PD-1 Plus+海外创新映射..................................................................................62.1 PD-1 Plus海外MNC布局加速，产品出海大潮酝酿投资机会............................................................62.2多项海外创新管线数据读出，有望催化国内映射标的投资价值........................................................7三、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............................................................................................................................123.1.3中药...............................................................................................................................133.2医疗器械板块周度复盘.............................................................................................................143.3配套领域..................................................................................................................................173.3.1CXO................................................................................................................................173.3.2药店...............................................................................................................................183.3.3医药商业........................................................................................................................183.3.4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：PD-1 Plus标的股价涨跌幅复盘...................................................................................................6图表2：PD-(L)1双抗临床研发进展.........................................................................................................7图表3：Lunsekimig作用机制.................................................................................................................8图表4：Lunsekimig 1b期研究数据.........................................................................................................8图表5：KT-621 1期临床研究血液STAT6降解率数据...............................................................................8图表6：KT-621 1期临床研究Eotaxin-3降低比例数据..............................................................................8图表7：IBI3001介绍............................................................................................................................9图表8：IBI3020介绍............................................................................................................................9图表9：ALPACA研究Lp(a)浓度变化数据..............................................................................................10图表10：ALPACA研究Lp(a)浓度变化数据............................................................................................10图表11：当周（6.30-7.4）中证创新药指数VS.申万医药指数VS.沪深300指数对比..................................10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(%).............................11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(%)..............................................12图表14：仿制药子领域周涨跌幅排名前5、后5个股..............................................................................12图表15：2025年以来申万医药指数VS.中药指数走势对比(%).................................................................13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(%)....................14图表17：医疗设备子领域周涨跌幅排名前五、后五个股..........................................................................15图表18：医疗耗材周涨跌幅排名前五、后五个股...................................................................................