【医药】PD-1（PD-L1）/VEGF 双抗概念火爆，中国创新药企引领研发热潮——行业跨市场周报（0602）（王明瑞/叶思奥）

Group 1 - The pharmaceutical and biotechnology index rose by 2.21%, outperforming the CSI 300 index by 3.30 percentage points and the ChiNext index by 2.00 percentage points, ranking second among 31 sub-industries [3] - Recent IND applications have been initiated for drugs such as BG-60366 from BeiGene and RFUS-949 from Renfu Pharmaceutical, while clinical applications for BGB-C354 and SSS55 injection have also been newly undertaken [4] Group 2 - The upcoming 2025 ASCO conference is expected to showcase Chinese innovative pharmaceutical companies, with a notable global licensing deal of $6.05 billion between 3SBio and Pfizer, enhancing the focus on PD-1 (PD-L1)/VEGF dual antibody products [5] - There are currently 14 PD-1 (PD-L1)/VEGF products in clinical stages globally, all associated with Chinese companies, with the fastest progress seen in the drug Ivorisumab from CanSino Biologics, which has been approved in China [5] Group 3 - Companies such as Zhenzhen Cell, Rongchang Biopharmaceutical, Junshi Biosciences, and Huahai Pharmaceutical have clinical products progressing quickly but have not yet established business development partnerships [6] - Huahai Pharmaceutical's HB0025 for endometrial cancer is expected to start Phase III clinical trials in the second half of 2025, while Zhenzhen Cell's SCTB14 has initiated Phase II/III clinical trials in March 2025 [6] Group 4 - The investment strategy for 2025 emphasizes structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: in-hospital payments, out-of-pocket payments, and overseas payments [7] - The strategy highlights three key directions: policy support for innovative drugs and devices, expanding public demand for blood products and home medical devices, and the upward cycle of overseas sales for products like heparin and respiratory-related treatments [7]