Core Viewpoint - The 2025 ASCO Annual Meeting will showcase significant research achievements of domestic innovative drugs, highlighting their potential in oncology treatment [1] Group 1: Innovative Drug Highlights - Several innovative drug molecules with first-in-class or best-in-class potential will present data, including IBI363 from Innovent Biologics, SKB264 from Kelun-Biotech, and others [1] - IBI363 is the world's first next-generation IO dual antibody designed with IL 2α bias, showing promising efficacy in treating IO-resistant tumors such as NSCLC, melanoma, and CRC [2] Group 2: Clinical Data and Efficacy - In a Phase I clinical study, IBI363 demonstrated an overall response rate (ORR) of 43.3% and a disease control rate (DCR) of 90.0% in squamous NSCLC patients at a 3 mg/kg dosage, with a median progression-free survival (mPFS) of 7.3 months [2] - For adenocarcinoma patients previously treated with PD-(L)1 therapy, the 3 mg/kg group showed an ORR of 76.0% and a DCR of 90.0%, with an mPFS of 4.2 months [2] Group 3: Comparative Efficacy - IBI363 exhibited significant clinical activity in IO-resistant lung squamous and adenocarcinoma patients, outperforming existing therapies such as docetaxel and various immune combination treatments [3] Group 4: Colorectal Cancer Potential - IBI363 also shows promise in late-line CRC treatment, with clinical studies indicating an overall survival (OS) of 16.1 months for patients treated with IBI363 monotherapy [5][6] - Compared to standard treatments like TAS-102 combined with bevacizumab, IBI363 demonstrated superior survival outcomes in patients with worse baseline characteristics [6]

医药生物周报（24 年第 17 周） 优于大市 ASCO 摘要标题整理，25Q1 公募基金医药持仓分析 本周医药板块表现强于整体市场，医疗服务板块领涨。本周全部 A 股上涨 0.95%（总市值加权平均），沪深 300 上涨 0.38%，中小板指上涨 2.13%， 创业板指上涨 1.74%，生物医药板块整体上涨 1.16%，生物医药板块表 现强于整体市场。分子板块来看，化学制药上涨 2.71%，生物制品下跌 0.93%，医疗服务上涨 3.38%，医疗器械上涨 0.17%，医药商业下跌 0.28%，中药下跌 0.50%。医药生物市盈率（TTM）30.67x，处于近 5 年历史估值的 61.96%分位数。 证券研究报告 | 2025年04月30日 多个国产创新药分子将在 ASCO 年会读出重要临床数据。ASCO 会议摘要标 题已于近日挂网，国产创新药产品将在会上展示一系列高质量的研究成 果。多个具有同类首创/同类最佳潜力的国产创新药分子将有数据读出， 包括：信达生物的 PD1xIL2 双抗 IBI363、科伦博泰的 TROP2 ADC SKB264、 百济神州的 CDK2i BG-68501、百利天恒的 EGFRx ...