2025 年 10 月 9 日 证券研究报告 行业周报 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 行业评级： | 报告期：2025.9.15-2025.10.8 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 医药生物行业双周报 2025 年第 20 期总第 143 期 2025ESMO 大会召开在即 关注临床数据及基本面优异的公司 行业回顾 本报告期医药生物行业指数跌幅为 2.72%，在申万 31 个一级行业中 位居第 23，跑输沪深 300 指数（2.62%）。从子行业来看，医疗研发 外包、医疗设备涨幅居前，涨幅分别为 2.28%、0.59%；原料药、医 院跌幅居前，跌幅分别为 9.84%、5.78%。 行业走势： 估值方面，截至 2025 年 9 月 30 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 31.23x（ ...

2025-2031全球及中国呼吸窘迫综合征的管理行业现状规模及前景趋势分析报告 【全新修订】：2025年10月 【出版机构】：中智信投研究网 【内容部分有删减·详细可参中智信投研究网出版完整信息！】 【免费售后 服务一年，具体内容及订购流程欢迎咨询客服人员 】 报告目录 1 呼吸窘迫综合征的管理市场概述 1.1 产品定义及统计范围 1.2 按照不同产品类型，呼吸窘迫综合征的管理主要可以分为如下几个类别 1.2.1 不同产品类型呼吸窘迫综合征的管理增长趋势2020 VS 2024 VS 2031 1.2.2 阿法霉素 1.2.3 贝拉克坦 1.2.4 卡尔法坦 1.2.5 其他 1.3 从不同应用，呼吸窘迫综合征的管理主要包括如下几个方面 1.3.1 不同应用呼吸窘迫综合征的管理全球规模增长趋势2020 VS 2024 VS 2031 1.3.2 极早产儿 1.3.3 中度至晚期早产儿 1.3.4 其他 1.4 行业发展现状分析 1.4.2 呼吸窘迫综合征的管理行业发展主要特点 1.4.3 进入行业壁垒 1.4.4 发展趋势及建议 2 行业发展现状及"十五五"前景预测 2.1 全球呼吸窘迫综合征的管理行业规模及 ...

Bristol-Myers Squibb Company (NYSE:BMY) is one of the most undervalued stocks to buy and hold for 5 years. On October 1, Bristol-Myers Squibb, Takeda Pharmaceuticals (NYSE:TAK), and Astex Pharmaceuticals agreed to collaborate and pool proprietary data for drug discovery using an AI model. These companies are joining an existing consortium that already includes AbbVie Inc. (NYSE:ABBV) and Johnson & Johnson (NYSE:JNJ). The pharmaceutical companies will contribute data from several thousand experimentally de ...

This story was originally published on PharmaVoice. To receive daily news and insights, subscribe to our free daily PharmaVoice newsletter. If Big Pharma was a boy’s club before, now it’s even more so. GSK announced this week that CEO Emma Walmsley is stepping down and handing the reins to the company’s chief commercial officer Luke Miels by the end of the year. The shift brings GSK into what Walmsley described as a “pivotal year.” Walmsley, a former executive from L’Oreal, shifted to the drug industry ...

Japanese drugmaker Takeda Pharmaceutical said on Wednesday it will discontinue its cell therapy research and look for a partner to advance candidates under development. ...

一、同意泰康人寿保险有限责任公司山西晋城阳城支公司将营业场所变更为：山西省晋城市阳城县凤城 镇银通大厦10层102、103、104和12层1201、1202、1204。 二、泰康人寿保险有限责任公司应按照有关规定及时办理变更及许可证换领事宜。 2025年9月22日，国家金融监督管理总局晋城监管分局发布批复称，《泰康人寿保险有限责任公司山西 晋城中心支公司关于阳城支公司变更营业场所的请示》（泰康晋城支发〔2025〕12号）收悉。经审核， 现批复如下： ...

Core Viewpoint - The trend of travel-based elderly care is gaining popularity among active seniors, with a significant market potential as the elderly population in China is expected to exceed 300 million by the end of the 14th Five-Year Plan [4][7]. Group 1: Market Potential - The travel-based elderly care market is anticipated to transition from a niche to a mainstream market, driven by an increase in the elderly population and higher penetration rates [4]. - By 2035, the travel and health integration industry for the elderly is projected to reach a scale of 5 trillion yuan, accounting for 16.7% of the total output value of the silver economy [8]. Group 2: Industry Participation - Major insurance companies, including China Pacific Insurance, China Taiping, and others, are increasingly entering the travel-based elderly care market, with various operational models being adopted [5]. - The operational models include leveraging existing nationwide elderly care communities, establishing travel projects in key cities, and collaborating with tourism and health service providers [5]. Group 3: Characteristics of Elderly Travelers - The typical characteristics of "traveling elderly" include being relatively younger, preferring to experience different locations rather than staying in one place year-round, desiring a home-like environment instead of hotels, requiring medical and health support, and having social interaction needs [4]. Group 4: Policy Environment - Recent government policies have emphasized the development of the travel-based elderly care market, including the establishment of a national cooperation platform and the promotion of travel-based elderly care destinations [8]. - Local governments, such as Beijing and Hainan, are also implementing specific guidelines and standards to enhance the travel-based elderly care services [8]. Group 5: Challenges and Considerations - Despite the promising outlook, the travel-based elderly care sector is still in its early stages, facing challenges such as resource integration, quality service provider selection, and the need for standardized services tailored to elderly tourists [9]. - Balancing service quality and cost-effectiveness is crucial, as travel projects may experience fluctuating occupancy rates [9].

Group 1 - Takeda is currently facing significant valuation issues, particularly after the costly acquisition of Shire [1] - The company has implemented effective kaizen practices to improve its pipeline [1] - Takeda presents a unique biopharma case that may lead to investment opportunities despite its challenges [1]

9月20日，国家医保局公布了2025年国家基本医保目录与首版商业健康保险创新药目录（下称"商保目录"）的复评结果，标志着本年度"双目录"调整工作 进入关键阶段。此前8月12日，根据初步形式审查结果公示——有534个品种通过国家基本医保目录初审，121款药品入围商保创新药目录。 今年是国谈"双目录"的第一年，梳理商保目录的入围药品，能看到一个超预期的现象：121款申报商保目录的产品中，有79款同时通过了两个目录的初 审，"双报"比例超过六成： 从药企维度，这79款"双报"药来自74家药企，有4家药企"双报"了两种药品及以上，卫材是"双报"最多的一家药企，共申报了3款药； 从药品类别，79款"双报"药囊括了过往国谈的多个热门品类，包括19款罕见病药品、3款CAR-T疗法； 从价格层面，79款"双报"药中，有年治疗费用高达百万的明星药，也有日均费用仅有几元的常见病药品。 药企为何如此积极地在"双目录"国谈的首年选择"两条腿走路"？这79个"双报"药品背后，反映了行业怎样的心态与策略？ 与多家药企交流后发现，本质上"双报"反映了企业对药品在医保价格谈判环节的不确定心态。业内人士分析称，高价药往往选择"参与医保谈判，主 ...

OSAKA, Japan & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Takeda (TOKYO:4502/NYSE: TAK) today committed JPY 4.6 billion (approx. USD 32.1 million) to four new Global Corporate Social Responsibility (CSR) partners as part of the company's ongoing commitment to building climate-resilient health systems in low- and middle-income countries around the world. Amid rising temperatures and extreme weather events, Takeda recognizes an urgent need to ensure that healthcare remains resilient and accessible, parti. ...