十年耕耘结硕果，跨界融合启新程，第十届医药创新与投资大会将于2025年10月26-27日在南京丰大国际大酒店盛大召开，大会初版日程今日正式发布，聚 焦全球医药前沿与资本动向，汇聚医药创新与投资领域的顶尖智慧，为参会者呈现一场跨界融合的思想盛宴。 会议信息 会议时间：2025年10月26-27日 会议地点：南京江北新区丰大国际大酒店 本次大会涵盖多个专题论坛，覆盖创新药研发、临床研究、细胞与基因治疗、投资并购、资本市场和商保政策等多个热点领域，特邀权威专家与知名投资 人，分享行业洞见、解读政策趋势、探讨合作机遇。 | 简版日程 | | | | --- | --- | --- | | 10月26日上午 | | | | 第十屆零有创新 | | | | 与投资大会开幕式 | | | | (敬请期待) | | | | 10月26日(下午) | | | | 分会场1 | 分会场2 | 分会场3 | | 细胞与基因治疗 | 减重创新 | 临床数据 | | 前沿论坛 | 研发论坛 | 全球直发专场 | | 分会场4 | 分会场5 | 分会场6 | | 抗肿瘤 | 矢药 | 创新转化与 | | 新药论坛 | 数智化论坛 | 临 ...

2025 年 10 月 9 日 证券研究报告 行业周报 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 行业评级： | 报告期：2025.9.15-2025.10.8 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 医药生物行业双周报 2025 年第 20 期总第 143 期 2025ESMO 大会召开在即 关注临床数据及基本面优异的公司 行业回顾 本报告期医药生物行业指数跌幅为 2.72%，在申万 31 个一级行业中 位居第 23，跑输沪深 300 指数（2.62%）。从子行业来看，医疗研发 外包、医疗设备涨幅居前，涨幅分别为 2.28%、0.59%；原料药、医 院跌幅居前，跌幅分别为 9.84%、5.78%。 行业走势： 估值方面，截至 2025 年 9 月 30 日，医药生物行业 PE（TTM 整体法， 剔除负值）为 31.23x（ ...

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 第十二届药典委员会执委 中国工程院院士 王军志： 新版药典首次收载了曲妥珠（单抗）、利妥昔（单抗）等8个单抗 抗体的品种 。 这些品种都是我们国家自主研发的，也是在国际上首次纳入药典的品种。 北京大学第三医院药学部主任药师 杨毅恒：最多的就是抗肿瘤药物，共有5个药物，比如说注射用三氧化二砷，是治 疗急性早幼粒细胞白血病，还有一类就是治疗自身免疫性疾病的，比如像阿达木单抗。同时这一次也关注了儿童的用 药，比如说生长激素，专门是治疗儿童早期生长发育缓慢的。 北京大学肿瘤医院乳腺癌预防治疗中心主任医师 范照青：曲妥珠单抗在我们乳腺癌领域是治疗HER2（人表皮生长因 子受体-2）阳性乳腺癌，在晚期乳腺癌（治疗）中有非常广泛的应用。 此外， 中国药典还注重收载国际研发热点，规范、指导相关药物研发，加快我国这类创新药研发上市 。国家药典委员 会秘书长 舒融：2025年版的中国药典填补了19项国内外空白，主要涉及药物研发、质量控制等方面的技术指导原则 和通用技术要求。 2025年版《中国药典》已于2025年 ...

9月29日，由北京市委网信办主办、新京报贝壳财经承办的"京彩不设限·经济热力站"月度主题走访活动 在北京举办，本期主题为"创新策源 健康领航"。 活动亮点纷呈，数十位主流媒体记者与网络大V一同走访调研了中关村生命科学园展厅、新生巢创新中 心、北京万泰生物（603392）药业股份有限公司、华辉安健（北京）生物科技有限公司、北京诺诚健华 医药科技有限公司等企业，深入拆解"明星"创新药从靶点发现到临床获批的完整路径。 这些企业不仅见证了北京在医药健康领域前沿技术赛道的重点布局，也记录下一座城如何以临床需求为 牵引、以政策赋能为支撑，撬动资本、人才、平台、数据等全要素，加速医药创新从"书架"走向"货 架"，为首都经济高质量发展注入源源不断的健康动能。 据中关村生命科学园展厅工作人员张祎介绍，经过多年发展，中关村生命科学园已成为中国生命科学领 域创新资源最密集的区域之一。园区聚集了北京生命科学研究所、国家蛋白质科学中心等一批国家级研 发机构，已建设10余个国家和省部级重点研发中心，入驻创新型医药企业1000多家。园区及周边布局了 北大国际医院、北大第六医院、高博医院等医疗机构，总床位数3000余张。其中，高博医院是全国 ...

9月29日，由北京市委网信办主办、新京报贝壳财经承办的"京彩不设限·经济热力站"月度主题走访活动在北京举办，本期主题为"创新策源 健康领航"。 活动亮点纷呈，数十位主流媒体记者与网络大V一同走访调研了中关村生命科学园展厅、新生巢创新中心、北京万泰生物药业股份有限公司、华辉安健（北 京）生物科技有限公司、北京诺诚健华医药科技有限公司等企业，深入拆解"明星"创新药从靶点发现到临床获批的完整路径。 这些企业不仅见证了北京在医药健康领域前沿技术赛道的重点布局，也记录下一座城如何以临床需求为牵引、以政策赋能为支撑，撬动资本、人才、平台、 数据等全要素，加速医药创新从"书架"走向"货架"，为首都经济高质量发展注入源源不断的健康动能。 据中关村生命科学园展厅工作人员张祎介绍，经过多年发展，中关村生命科学园已成为中国生命科学领域创新资源最密集的区域之一。园区聚集了北京生命 科学研究所、国家蛋白质科学中心等一批国家级研发机构，已建设10余个国家和省部级重点研发中心，入驻创新型医药企业1000多家。园区及周边布局了北 大国际医院、北大第六医院、高博医院等医疗机构，总床位数3000余张。其中，高博医院是全国首家专注于临床研究转化的 ...

这些呼吁发出之际，该行业正面临美国的不确定性。7月下旬，特朗普总统致信包括阿斯利康在内的17 家制药公司，要求它们将美国消费者的药品成本降至其他发达国家的最低价格。 《华尔街日报》9月15日消息，英阿斯利康发言人周一表示："我们不断重新评估公司的投资需求，可以 确认将暂停剑桥的扩建计划。"该计划原计划投资2亿英镑。 英国制药工业协会和普华永道最近的一份报告显示，近年来，英国制药研发投资落后于全球趋势，自 2020年以来，英国的年增长率为1.9%，而全球平均年增长率为6.6%。 制药公司的高管们呼吁欧洲各国政府允许更好的商业条款，以更好地回报他们的创新努力。英国制药工 业协会首席执行官理查德 托贝特上周表示："首先，我们需要创造一个公平回报医药创新并让其成果迅 速惠及英国患者的商业环境。" 阿斯利康曾于2024年3月披露了剑桥计划以及利物浦项目，但于今年1月宣布取消了利物浦项目。在本次 宣布暂停剑桥计划之前，阿斯利康已取消或暂停了6.5亿英镑的在英投资计划。此前该公司曾表示，这 些投资将改善英国的公共卫生和流行病防控能力。 阿斯利康改变计划是对英国制药行业的最新打击。不久前，美国制药巨头默克(Merck)表示， ...

Summary of Key Points from the Conference Call Industry Overview - The pharmaceutical industry in China is experiencing enhanced innovation capabilities, with leading companies showing growth rates surpassing the global average, indicating an increase in global competitiveness [1][2] - Despite recent market fluctuations, the fundamentals of the pharmaceutical industry remain robust, with reasonable valuations and no signs of bubbles [1][3][4] Core Insights and Arguments - The overall valuation of the pharmaceutical sector is deemed reasonable, with potential growth for innovative drug companies projected at 50-100% over the next three years [1][4] - The medical device, CRO (Contract Research Organization), consumer healthcare, and traditional Chinese medicine sectors also show relatively low valuations, indicating manageable risks [1][4] - The current allocation in the pharmaceutical sector is at a historical low, suggesting room for improvement in future investments [5] - The innovative drug sector's logic remains unchanged, with active business development (BD) activities expected, particularly in areas like PD-L1 Plus, ADC, and dual antibodies [1][7] Market Performance and Trends - The pharmaceutical sector has shown significant performance this year, with the Hong Kong stock index rising nearly 100% and the A-share market increasing by approximately 40-50% [3][5] - The recovery of the innovative drug sector is expected to lead to nonlinear growth, with many companies in the sector having a PEG ratio of less than 1, indicating accelerated earnings growth [6][7] - The medical device sector is in a mild recovery phase, with procurement pressures easing and opportunities for domestic companies to gain market share through competitive pricing [3][24][25] Investment Opportunities - Innovative drugs are highlighted as the primary investment focus due to their potential for significant earnings growth and market interest following recent interest rate cuts [6][7] - The medical device sector is also seen as a stable investment opportunity, with leading companies showing signs of recovery in their financial performance [6][7] - Consumer healthcare and traditional Chinese medicine are currently more focused on individual stock selection, with potential for recovery in the latter half of the year [6][35] Company-Specific Insights - Key companies with strong growth potential include Heng Rui, BeiGene, and Innovent Biologics, with expectations of exceeding profit forecasts [7][10] - The performance of companies like WuXi AppTec and WuXi Biologics is also noted, with a focus on their recovery and growth potential in the coming years [19][20] Policy and Regulatory Environment - Recent policy changes, such as the optimization of centralized procurement, are expected to positively impact the pharmaceutical sector, providing better financial and profit margins for innovative drug companies [9][24] - The adjustment of the essential drug list is anticipated to have significant implications for the traditional Chinese medicine sector, with expectations for clearer guidelines in the near future [45] Risks and Challenges - While there are no significant risks currently identified in the industry, geopolitical factors, particularly U.S.-China relations, could introduce uncertainties [23] - The medical device sector faces ongoing pricing pressures, particularly in the context of centralized procurement, which could impact profitability [25][29] Conclusion - The pharmaceutical industry in China is positioned for growth, with innovative drugs and medical devices leading the way. The current market environment presents numerous investment opportunities, particularly for companies demonstrating strong fundamentals and growth potential.

Core Insights - The pharmaceutical industry is driven by both policy and technology, with innovation being the most certain long-term trend since 2015 [1][12] - The Chinese innovative drug sector has shown significant growth, with A-share and Hong Kong innovative drug indices increasing by 56% and 105% respectively from early 2025 to August 29, 2025 [1] - The development of innovative drugs in China can be categorized into three stages: 1.0 (2000-2014), 2.0 (2015-2021), and 3.0 (2022-present) [3][6] Policy and Market Dynamics - Since 2015, a series of healthcare reforms in China have accelerated the transition from generic to innovative drugs, with significant improvements in drug approval times [12][18] - The average time from application to approval for innovative drugs in China has been reduced by 57 days, with priority-reviewed drugs seeing an even greater reduction of 189 days [12] - The market for innovative drugs in core hospitals is projected to reach 882.2 billion RMB in 2024, with a compound annual growth rate of 3.3% [12] International Competitiveness - In 2024, the number of original innovative drugs developed by Chinese companies reached 704, leading globally, while the U.S. produced 400-500 annually [6] - The total transaction amount for innovative drug licensing from China reached $51.9 billion in 2024, with upfront payments totaling $4.1 billion [7] - Chinese innovative drug companies are increasingly competitive internationally, particularly in complex drug types like ADCs and bispecific antibodies, which accounted for 44% of licensing transactions but contributed 66% of upfront payment amounts [26][31] Technological Advancements - The current phase of innovation in the pharmaceutical industry is marked by new technological paradigms, including ADCs and bispecific antibodies, which enhance treatment efficacy [23][26] - Chinese companies are leveraging their advantages in research efficiency and cost-effectiveness to compete in the global market [18][20]

Core Insights - The departure of Cecilia Qi from GSK after 21 years reflects significant strategic restructuring and industry changes faced by multinational pharmaceutical companies in the Chinese market [2][3][10] Financial Performance - GSK reported a total revenue of £15.502 billion (approximately $20.157 billion) for the first half of 2025, marking a 5% year-on-year increase [2] - Revenue from GSK's vaccine segment reached £4.186 billion (approximately $5.443 billion), with a 1% year-on-year growth [2] - Sales of the respiratory syncytial virus vaccine Arexvy fell by 39% to £144 million (approximately $187 million) [2] - Sales of the shingles vaccine Shingrix decreased by 1% to £1.720 billion (approximately $2.236 billion) [2] - GSK anticipates a 3% to 5% growth in total revenue and a 6% to 8% increase in core operating profit for the full year of 2025 [2] Strategic Adjustments - GSK's business structure is based on three pillars: specialty medicines, vaccines, and generics, with respective revenues of £6.260 billion ($8.141 billion), £4.186 billion ($5.443 billion), and £5.056 billion ($6.573 billion) for the first half of 2025 [5] - GSK initiated a regional integration strategy in June 2025, merging emerging markets with Greater China and intercontinental regions to enhance market flexibility and resource allocation efficiency [5] - The appointment of a Chief Operating Officer in China aims to improve local operational efficiency [5] Market Challenges - GSK faces pressure on its main product lines, with growth drivers becoming insufficient, particularly in the vaccine and specialty drug sectors [6][7] - The company’s traditional high-margin model is under threat due to increased competition and pricing pressures from domestic generic drugs [7] - GSK's strategic focus has shifted towards oncology and immunology, but its pipeline in these areas lags behind competitors like Pfizer and AstraZeneca [7] Industry Trends - There is a noticeable divergence in performance among multinational pharmaceutical companies in China, with Novartis achieving $2.2 billion in sales (an 8% increase) while Merck's revenue plummeted by 70% to $1.075 billion [8][9] - The trend of multinational companies adjusting their strategies from broad coverage to focused approaches is evident, with companies like BMS and Merck restructuring their operations in China [9] - The flow of high-level talent from multinational firms to local companies is increasing, as these professionals bring valuable experience and global perspectives to enhance local competitiveness [12][13] Collaborations and Future Outlook - GSK's collaboration with Heng Rui Medicine, potentially worth up to $12 billion, aims to enhance its pipeline in respiratory and oncology treatments [11] - The shift in multinational companies' strategies indicates a transition from "in China, for China" to "in China, for the world," leveraging local talent and innovation for global markets [13]

Core Insights - The global pharmaceutical market is experiencing a significant shift with GLP-1 receptor agonists surpassing $35 billion in sales, marking a historic change as they outpace PD-1/PD-L1 inhibitors for the first time [2] - GLP-1 drugs are projected to reach over $70 billion by the end of 2025, indicating a robust growth trajectory in the pharmaceutical sector [2] Group 1: Market Dynamics - PD-1/PD-L1 inhibitors, once the leading cancer treatment, are seeing a slowdown in growth due to limited indications and increased competition, with a projected market size of $53.9 billion to $62.2 billion by 2025 [5] - In contrast, GLP-1 drugs are tapping into the vast markets of diabetes and obesity, with over 500 million diabetes patients and nearly 1 billion obese individuals globally, driving rapid market expansion [5] Group 2: Competitive Landscape - The GLP-1 market is dominated by two major players: Novo Nordisk and Eli Lilly, with Novo Nordisk's semaglutide products gaining significant market share and recognition [7] - Eli Lilly's tirzepatide is also gaining traction, with a revenue increase of over 45% in its weight management segment, contributing to the company's market capitalization exceeding $800 billion [7] Group 3: Expanding Indications - Semaglutide's approval for chronic kidney disease treatment in China signifies an expansion of its application in chronic disease management, potentially benefiting millions of patients [8] - Eli Lilly's entry into the obstructive sleep apnea (OSA) market with tirzepatide highlights the potential for GLP-1 drugs to address multiple metabolic diseases, with the OSA market estimated to exceed $20 billion [9]