每经记者｜金喆 每经编辑｜魏官红 恒生医疗保健业指数 港股创新药ETF (HSCICH) (513120) 周内涨跌 - 2.76% 周内涨跌 -1.60% - A股当周涨跌幅 - 信立泰 博瑞医药 周内涨跌 | | | 30% | 周内涨跌 38.77% - 港股当周涨跌幅 - 晶泰控股 映恩生物 周内涨跌 ↑15.26% | 周内涨跌 | 15.42% 聚焦前沿 热门赛道 全球首个皮下注射抗体药物偶联物 启动II期临床 适应证为晚期非小细 胞肺癌 一周热股 映恩生物-B领跌创新药板块,ADC (抗体偶联药物)有"泡沫" 资本动向 英派药业递表港交所 1款产品上市、 今年上半年净亏损1.29亿元 | 《掘金创新药》 栏目由每日经济新闻推出，每周一期 | | --- | | 解读新药研发进展与趋势 剖析产品竞争力与市场前景 | | 洞察医药资本脉络 见证医药产业高质量发展 | | 数据来源：东方财富App、富途牛牛 | 资本眼 一周行情 9月22日至9月26日，医药生物指数下跌1.69%，跑输上证指数1.04个百分点。创新药（BK1106）周内下跌2.10%。恒生医疗保健业指数（HSCICH）周下跌 2.76 ...

Core Insights - The PD-1/VEGF dual antibody is currently a hot topic in innovative drug development, with significant collaborations and financial transactions highlighting its potential [1][2][3] Group 1: Industry Dynamics - Chinese biotech companies are emerging as key players in the global PD-(L)1/VEGF dual antibody development race, demonstrating advanced research progress and achieving international recognition through high-value business development (BD) deals [2][3] - Major collaborations include 12.5 billion USD upfront payment and 60.5 billion USD total deal value between 3SBio and Pfizer for SSGJ-707, and BioNTech's 15 billion USD upfront payment for BNT327 licensed to BMS, totaling over 90 billion USD [1][2] Group 2: Clinical Developments - The PD-(L)1/VEGF target gained traction after Kangfang Biotech's AK112 outperformed the benchmark drug, Pembrolizumab (K drug), in head-to-head trials, leading to increased interest from multinational corporations (MNCs) [3][4] - AK112 demonstrated a higher objective response rate (ORR) of 50% compared to K drug's 38.5% and a disease control rate (DCR) of 89.9% versus 70.5% in late-stage non-small cell lung cancer (NSCLC) trials [4][6] Group 3: Competitive Landscape - The success of AK112 has intensified competition among MNCs, with companies eager to capitalize on the potential of PD-(L)1/VEGF dual antibodies, as evidenced by Pfizer's strategic investments [9][10] - As of May 2025, there are 14 PD-(L)1/VEGF dual antibodies in clinical stages globally, with half originating from Chinese biotech firms, indicating a robust pipeline and potential for further BD opportunities [15][24] Group 4: Future Prospects - Companies like Junshi Biosciences, I-Mab, and Hualan Biological Engineering are actively pursuing PD-(L)1/VEGF dual antibodies, with significant investments and clinical trials underway [15][20][22] - The shift from merely imitating existing drugs to innovating new targets and technologies marks a significant evolution in the Chinese pharmaceutical industry, enhancing its international competitiveness [24][25]