2025 年 5 月 12 日 行业研究 看好生命科学上游高端试剂国产替代 ——医药生物行业跨市场周报（20250512） 要点 行情回顾：上两周，医药生物指数上涨 1.50%，跑输沪深 300 指数 0.06pp，跑 输创业板综指 2.80pp，在 31 个子行业中排名第 16，表现一般。港股恒生医疗 健康指数上两周收跌 1.48%，跑输恒生国企指数 4.31pp。 上市公司研发进度跟踪：上两周，百济神州的注射用 BG-C9074、华东医药的注 射用 HDM2005 的临床申请新进承办；百济神州的 BGB-45035 片的 IND 申请新 进承办。恩华药业的 NH600001、百利天恒的 BL-M07D1 正在进行三期临床； 益方生物的 D-2570 正在进行二期临床；豪森药业的 HS-20118 正在进行一期临 床。 本周观点：看好生命科学上游高端试剂国产替代。 近日，默克生命科学发文称：因全球关税政策变动，自 5 月 12 日起对中国区产 品订单实施临时附加费，以应对成本上升并维持运营稳定性，同时承诺将根据政 策变化灵活调整费用。正如我们在 2023 年 7 月 4 日发布的报告《科研服务：千 亿市场空 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].