医药行业周报（2025.05.26-2025.05.30）：2025 ASCO摘要公布，SMMT HARMONi研究发布顶线数据-20250601

Investment Rating - The report assigns an "Outperform" rating to multiple companies in the healthcare sector, including JD Health, WuXi Biologics, China Biologic Products, and others [1]. Core Insights - The Hang Seng Healthcare Index increased by 3.4% during the week of May 26-30, 2025, outperforming the Hang Seng Index by 20.3 percentage points year-to-date [4][39]. - The report highlights significant market movements driven by the suspension of President Trump's tariff policy and the release of the 2025 ASCO abstracts, which increased investor interest in innovative drugs [40][44]. - The report notes that the innovative drug sector is currently experiencing manageable geopolitical risks despite ongoing monitoring of tariff policy impacts [40]. Summary by Sections Industry Performance - The Hang Seng Healthcare Index has risen by 36.4% since the beginning of 2025, with various sub-sectors showing different performance levels: Pharmaceuticals +8.5%, CXO/Research Services +5.6%, Biotech +2.6%, and Internet Healthcare -1.1% [4][26]. - Notable gainers in the Hong Kong healthcare sector include JOINN Laboratories (+24.4%), Simcere Pharmaceutical (+24.2%), and CSPC Pharmaceutical (+22.4%) [41]. Recent Developments - The 2025 ASCO abstracts were released, showcasing promising data from companies like Innovent Biologics and Kelun Biotech, which contributed to heightened interest in the innovative drug sector [44]. - The HARMONi study by Summit Therapeutics reported positive topline results, indicating that Ivonescimab combined with chemotherapy met the primary endpoint of progression-free survival in NSCLC patients [18][44]. Company-Specific Updates - CSPC Pharmaceutical reported a Q1 2025 revenue of 7 billion yuan, with ongoing negotiations for three potential deals valued at approximately 5 billion USD [22][44]. - Xinnuowei Pharmaceutical entered a licensing agreement for the CLDN18.2 ADC program, receiving an upfront payment of 130 million USD and potential milestone payments totaling up to 1.34 billion USD [23][44].