证 券 研 究 报 告 行业周报 创新价值重估，重视转型类公司 医药行业周报 | 投资评级： | 推荐 （ 维持 | ） | | --- | --- | --- | | 报告日期： | 2025年06月03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. 重磅交易落地持续推升创新价值，创新价值重估持续推进中 继三生制药达成一项超60亿美元的交易之后，石药集团也预告6月拟达成一项约50亿美元的创新药交易，6月2日，BMS与 BioNTech达成一项超90亿美元的交易，项目合作主体来自于BioNTech收购自普米斯的双抗。近年来双抗、ADC领域，屡屡 创下交易记录，一方面EGFR阳性的非小细胞肺癌拥有巨大的使用人群，EGFR三代小分子药物的销售额已证明其大品种的 能力。另一方面中国创新药技术在ADC、双抗领域持续迭代更新，在临床上对目前一线治疗方案发起优效挑战。自年初以 来，已有多个重磅交易的落地，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%，单个项目的BD ...

医 药 行 业 观 点 证 券 研 究 报 告 行业周报 创新价值重估，重视转型类公司 医药行业周报 | 投资评级： | 推荐 （ 维持 | ） | | --- | --- | --- | | 报告日期： | 2025年06月03日 | | 分析师：胡博新 SAC编号：S1050522120002 分析师：吴景欢 SAC编号：S1050523070004 美国东部时间5月30日~6月3日，2025 年美国临床肿瘤学会（ASCO）年会在芝加哥隆重召开，数据显示，有34项中国研 究入选口头报告，32项中国研究入选快速口头报告，8项中国研究入选临床科学研讨会。不仅海外MNC、中国的制药企业 均将ADC、双抗和三抗作为报告的主要重点。三抗方面，泽景制药发布ZG006（CD3/DLL3/DLL3 三抗）单药治疗晚期小细 胞肺癌的 II 期剂量扩展研究，根据公布结果，ORR 为 66.7%，DCR 为 88.9%。10 mg 组的 ORR 为 62.5%，DCR 为 70.8%；30 mg 组的 ORR 为 58.3%，DCR 为 66.7%。会上，中国生物制药公布了贝莫苏拜单抗联合安罗替尼对比帕博利 珠单抗用于PD-L ...

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 | 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. 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 ...

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]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Insights - 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] - The market potential for gout and hyperuricemia treatments is substantial, 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 clinical data indicating their potential to surpass existing treatments [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 enterprises [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 [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 decline of 2.19% [29] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's current PE (TTM) is 30.67, below the historical average of 32.78, indicating potential undervaluation [47] 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 policies on inhalation formulations [52] 4. Recent Industry Policies and News - Recent policies focus on enhancing pediatric and mental health services, as well as promoting digital transformation in the pharmaceutical industry to improve competitiveness and quality [54] - Notable industry news includes significant clinical trial results and regulatory approvals for various new drugs, indicating ongoing innovation and development within the sector [55][56] 5. Recommended Companies and Earnings Forecast - The report recommends several companies based on their market potential and recent performance, including Yifang Bio, Zhongsheng Pharmaceutical, and Yifeng Pharmacy, among others [12][14]