医药生物行业周报（5月第5周）：ASCO国产创新药表现亮眼

Investment Rating - The report provides a positive outlook on the pharmaceutical and biotechnology sector, highlighting a weekly increase of 2.21%, outperforming the Wind All A index and the CSI 300 index [2][7]. Core Insights - The report emphasizes the impressive performance of domestic innovative drugs at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, with over 70 oral presentations and more than 10 significant studies, indicating a growing participation of domestic innovative drugs [2][10]. - The report notes significant advancements in dual antibodies and ADC fields, with new mechanisms and targets emerging, suggesting a differentiated layout in early clinical stages [2][10]. - The report recommends focusing on early differentiated directions in anti-tumor drugs and long-term attention on biotech and traditional pharmaceutical companies deeply involved in dual antibodies and ADCs [2][10]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector rose by 2.21% from May 26 to May 30, outperforming the Wind All A index (-0.02%) and the CSI 300 index (-1.08%) [7]. - The best-performing sub-sectors included other biological products (4.65%), chemical preparations (4.27%), and medical research outsourcing (4.0%), while offline pharmacies saw a decline of 2.69% [7][8]. - Notable individual stock performances included Shuyou Shen (60.4%), Huason Pharmaceutical (42%), and Changshan Pharmaceutical (35.9%) [10]. Industry News and Key Company Announcements - On May 30, Summit Therapeutics announced positive results from the global Phase III clinical trial of the dual antibody Ivorosi, achieving the primary endpoint of progression-free survival (PFS) [10][12]. - The report highlights the collaboration between Xinnuo Wei Pharmaceutical and Astellas for the development of a new generation antibody-drug conjugate, with an upfront payment of $130 million and potential milestone payments totaling up to $1.34 billion [12][13]. - The report also mentions various companies receiving approvals for innovative drugs and therapies, indicating a vibrant pipeline in the industry [14][15].