医药生物行业简评报告：重磅数据陆续读出，短期波动不改长期价值

Investment Rating - The report rates the pharmaceutical industry as "Positive" [1][33] Core Viewpoints - The source of innovation in the pharmaceutical industry is improving, and short-term fluctuations do not change long-term value. The ESMO 2025 conference highlighted 23 "Late-Breaking Abstracts" led by Chinese scholars, with 3 significant results presented at the highest academic level, indicating China's growing position in global pharmaceutical innovation [5][26] - Domestic innovative drugs are showing competitive clinical data, with several products demonstrating global competitiveness. For instance, the sac-TMT from Kelun Biotech is expected to be a strong competitor for EGFR mutation NSCLC after EGFR-TKI resistance [5][6] - Investment suggestions focus on shifting attention from "expectations" to "realization" of clinical data and commercialization. Key directions include companies with validated R&D and commercialization capabilities, those entering performance release periods, and those with excellent clinical data pipelines [5][27] Summary by Sections Section 1: Kelun Biotech - The sac-TMT is expected to be a strong competitor for EGFR mutation NSCLC after EGFR-TKI treatment failure, with significant clinical data presented at ESMO 2025 [6][8] Section 2: Kangfang Biotech - The HARMONi-6 study results met expectations, showing significant PFS benefits compared to the control group, with ongoing overseas clinical research updates anticipated [9][10] Section 3: Basestone Pharmaceuticals - The CS2009's efficacy and safety have been preliminarily validated, showing promise as a next-generation I-O therapy competitor [12][14] Section 4: Shouyao Holdings - The SY-5007 demonstrated significant efficacy advantages in RET fusion-positive NSCLC patients, with a low treatment-related discontinuation rate [16][18] Section 5: Jinfang Pharmaceuticals - The GFH375 showed promising efficacy in treating KRAS G12D mutation pancreatic cancer, with a notable objective response rate [19][21] Section 6: Aosaikang - The ASKB589 combined with chemotherapy and PD-1 inhibitors showed significant survival benefits in advanced gastric cancer patients [23][25]