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

Investment Rating - The report assigns an "Outperform" rating to multiple companies including JD Health, WuXi Biologics, China Biologic Products, and others, while China National Pharmaceutical Group is rated as "Neutral" [1]. Core Insights - The Hang Seng Healthcare Index rose 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 gains in the pharmaceutical sector, 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 [4][40]. - The report notes that the innovative drug sector remains manageable in terms of geopolitical risks despite ongoing monitoring of tariff impacts [40]. Summary by Sections Industry Performance - The Hang Seng Healthcare Index has increased by 36.4% year-to-date, with sub-sectors such as Pharmaceuticals (+8.5%) and CXO/Research Services (+5.6%) showing strong performance [4][39]. - The report indicates that the U.S. biopharma sector faced pressure due to drug pricing negotiations and trade policy uncertainties, leading to a cautious market sentiment [43]. Key Developments - The 2025 ASCO abstracts were released, showcasing promising data from companies like Innovent Biologics and Kelun Biotech, particularly in the ADC and bispecific antibody fields [11][12][18]. - Summit Therapeutics' HARMONi study reported that Ivonescimab combined with chemotherapy met the primary endpoint of progression-free survival (PFS) in NSCLC patients, indicating a positive trend in overall survival (OS) [18][19]. - CSPC Pharmaceutical is negotiating three potential deals with a total value of up to approximately USD 5 billion, with one deal expected to close in June 2025 [22][40]. Company Highlights - Notable gainers in the Hong Kong healthcare sector included JOINN Laboratories (+24.4%) and Simcere Pharmaceutical (+24.2%), while underperformers included SSY Group (-2.7%) and Zai Lab (-4.2%) [41]. - The report emphasizes the importance of ongoing monitoring of regulatory approvals and market dynamics for companies involved in innovative drug development [19][40].