证券研究报告·行业跟踪周报·医药生物 医药生物行业跟踪周报 2025ADA 重磅数据披露，关注减脂增肌、 Amylin 及口服赛道 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 06 月 29 日 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 行业走势 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 2024/7/1 2024/10/29 2025/2/26 2025/6/26 医药生物 沪深300 相关研究 《科研服务拐点已至，关注皓元医药、 毕得医药、百奥赛图等》 2025-06-23 《线上 618 大促收官+国补持续，关注 国产家用医疗器械放量机遇》 2025-06-21 东吴证券研究所 1 / 27 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分别为 1.6%、6.2%，相对沪深 300 的超额收益分别为-0.4%、6.6%；本周、年初至今 H 股生物科技指数涨 跌幅分别为 2.7%、52.7%，相对于恒生科技指数跑赢-1.5%、32.2%； 本周 ...

分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 证 券 研 究 报 告 行业周报 关税短期冲击减弱，出海仍是主要趋势 医药行业周报 | 投资评级： | 推荐 （ 维持 ） | | --- | --- | | 报告日期： | 2025年05月19日 | 1. 出海仍是主要趋势，关税短期冲击减弱 根据医保商会统计，2025年Q1，医药出口额为266.32亿美元，同比增长4.39%，其中对美出口46.39亿美元，同比增长 9.6%，美国仍为中国出口的第一大单体市场，占比17.4%。医药虽然有部分被豁免，但仍非豁免品种受到关税的冲击，5月 12日之后，美国订单有望显著恢复。医药交易方面，根据医药魔方数据，2025年Q1，中国医药交易数量同比增加34%，交 易总金额同比增加222%。美国制药企业也是全球医药交易的主要受让方，美国市场是全球最大的创新药市场，未来增长可 能受到政策的干扰，但考虑美国商业保险模式占据主导，而且医疗体制改革需要长周期布局，创新药高度市场化定价机制 仍将维持。近年来，中国创新药的研发效率和质量得到迅速提升 ...

证 券 研 究 报 告 行业周报 关注持续增长的大品种 医药行业周报 | 投资评级： | 推荐 （ 维持 ） | | --- | --- | | 报告日期： | 2025年05月12日 | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 医 药 行 业 观 点 1 . 大市场大品种，支持创新药企业实现质的飞跃 近期国外MNC陆续披露2024年年报和2025年Q1季报，得益于GLP-1销售拉动，礼来和诺和诺德增速大幅领先。根据诺和 诺德与默沙东的最新财报，2025年Q1司美格鲁肽销售额达 557.76 亿丹麦克朗（约合 84.1 亿美元），同比增长 32%，超 过默沙东的K 药（营收 72.05 亿美元），成为全球药王。同期，礼来的替尔泊肽美国处方量也超过了司美格鲁肽，未来也 具备挑战全球药王的能力。国内市场方面，创新药仍是主要增量，2025年Q1已盈利A股创新药企业收入和扣非净利分别同 比增长20.71%和29.68%，显著好于医药行业整体。从品种来看，信迪利单抗、替雷利珠单抗、伏美替尼等过30亿品种继 续保持增长，是支撑企业业绩增长重要品种 ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The pharmaceutical industry in China has seen a significant increase in transaction volume and value, with Q1 2025 showing a 34% year-on-year increase in transaction numbers and a 222% increase in total transaction value, establishing China as a key player in global pharmaceutical transactions [3] - There is a substantial market potential for gout and uric acid-lowering treatments, with the number of patients in China expected to rise from 170 million in 2020 to 240 million by 2030, highlighting the need for safer and more effective medications [4] - Antibody-drug conjugates (ADCs) and bispecific antibodies are emerging as significant advancements in drug development, with potential to become first-line treatments in oncology as clinical data continues to support their efficacy [6] - The oral weight-loss drug market is poised for growth, with companies like Novo Nordisk and Eli Lilly making strides in developing oral GLP-1 receptor agonists, presenting opportunities for Chinese biotech firms to enter the market [8] - Recent price increases in raw materials, particularly in the pharmaceutical sector, indicate a shift in supply dynamics, with certain products experiencing significant price hikes due to changes in competitive relationships [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.77 percentage points over the past week, with a weekly increase of 1.16% [24] - Over the past month, the industry also outperformed the CSI 300 index by 1.51 percentage points, with a monthly increase of 5.31% in the chemical pharmaceutical sub-sector [27][34] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's recent one-month decline was 2.19%, but it outperformed the CSI 300 index by 1.51 percentage points [43] - The current price-to-earnings ratio (PE) for the pharmaceutical sector is 30.67, which is below the five-year historical average of 32.78 [48] 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, including the growth of blood products and the impact of policy support on inhalation formulations [52] 4. Important Industry Policies and News - Recent policies include a three-year initiative to improve pediatric and mental health services, and a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030 [55] - Notable industry news includes multiple companies receiving approvals for new drug applications and significant clinical trial results being presented at the upcoming ASCO conference [56][57]