1、完善重点环节药品价格政策：优化创新药等新上市药品首发价格机制、发挥医

核心观点
行业研究·行业周报医药生物S0980521120001S0980521060003S0980525070001相关研究报告《医药生物周报（26 年第15 周）-社保第六险“长护险”将向全国推行》——2026-04-08《海内外CXO 行业2025 年总结：投融资复苏，景气度向好》——2026-04-08《医药生物周报（25 年第13 周）-炎症靶点在心血管领域进展梳理》——2026-03-26《医药生物周报（26 年第12 周）-美股医疗器械公司2025 年业绩及经营情况汇总》——2026-03-17《医药生物行业2026 年3 月投资策略——关注创新药产业链及低估值板块》——2026-03-16本周医药板块表现弱于整体市场，医疗服务涨幅居前。本周全部A 股上涨3.80%（总市值加权平均），沪深300 上涨4.41%，中小板指上涨7.16%，创业板指上涨9.50%，生物医药板块整体上涨0.92%，生物医药板块表现弱于整体市场。分子板块来看，化学制药下跌0.26%，生物制品上涨1.27%，医疗服务上涨3.43%，医疗器械上涨2.14%，医药商业下跌1.73%，中药下跌0.52%。医药生物市盈率（TTM）35.31x，处于近5 年历史估值的78.39%分位数。国产创新分子在AACR 会议中亮相。2026 年美国癌症研究协会（AACR）年会将于4 月17 日-22 日在美国圣地亚哥举办，国内多款创新分子将发布临床前或临床阶段数据，展现出国内药企的创新能力，其中包括和黄医药的HMPL-A580（PI3K/PIKK）、恒瑞医药的ProTCE-PSMA（PSMAxCD3TCE 前药）、映恩生物的DB-1326（TA-MUC1 ADC）、复宏汉霖的HLX3902（CD3xCD28xSTEAP1 TCE）等，多项研究入选LBA，具备FIC 或BIC 潜力。建议关注具有创新性及差异化优势资产的创新药公司。健全药品价格形成机制意见发布，利好具备创新性强、高临床价值管线的药企。国务院办公厅发布的健全药品价格形成机制的若干意见明确指出，要建立以政府引导、市场主导、多方协同的药品价格形成机制。此次意见的发布，为创新药、改良新药、仿制药的定价提供清晰的指导，同时在支付端做出明确指引，监管层面更加智能、透明，使创新药价值能够在市场中得到更充分体现，也为药品支付机制提供了新的思路，有利于形成市场化的药品定价和销售机制，促进医药行业健康发展，利好具备创新性强、高临床价值管线的药企。风险提示：研发失败风险；商业化不及预期风险；地缘政治风险；政策超预期风险。重点公司盈利预测及投资评级公司公司投资归母净利润（亿元）PE代码名称评级(亿元) 2024A2025E2026E2027E2024A2025E2026E2027E300760.SZ迈瑞医疗116.781.483.394.316.423.623.020.3688271.SH联影医疗12.618.923.727.774.549.839.633.9603259.SH药明康德93.5191.5127.3145.134.316.825.222.1300832.SZ新产业18.316.920.023.319.921.518.215.6300677.SZ英科医疗14.712.417.020.125.430.021.918.5300015.SZ爱尔眼科35.640.648.356.625.222.118.615.8002223.SZ鱼跃医疗18.120.123.727.818.116.213.811.8300685.SZ艾德生物2.53.63.84.536.025.624.020.3688046.SH药康生物1.11.41.71.970.053.246.340.9603882.SH金域医学(3.8)6.98.5-(32.3)17.914.6-603939.SH益丰药房15.317.320.123.218.116.013.811.9603233.SH大参林9.112.114.918.022.116.713.611.29926.HK康方生物(5.1) (11.1)7.317.9(216.8) (100.2) 152.862.26990.HK科伦博泰生物-B 优于大市(2.7)(3.8)(3.0)4.8(377.7) (263.8) (333.6)212.10013.HK和黄医药2.74.63.66.166.339.449.429.42162.HK康诺亚-B(5.2)(5.2)(5.8)0.5(38.1)(37.6) (34.1)370.51530.HK三生制药20.984.824.526.624.46.020.919.22273.HK固生堂3.13.74.75.918.815.612.29.81789.HK爱康医疗2.73.44.04.825.620.717.514.6国产创新分子在AACR 会议亮相2026 年美国癌症研究协会（AACR）年会将于4 月17 日-22 日在美国圣地亚哥举办，常规摘要已经在官网公布，中国药企在该会议上发布多款早研管线的临床前和临床研究结果，分子类型包括ADC、双抗、小分子、TCE、PROTAC 等，展现出国内药企在研发端的创新能力。和黄医药：HMPL-A580 临床前展示初步抗肿瘤活性HMPL-A580 为和黄医药ATTC 平台（Antibody-Targeted Therapy Conjugate）研发的第二款分子，该分子以EGFR 抗体为骨架，通过可剪接的linker 连接创新的payload 分子PI3K/PIKK 抑制剂，目前该管线针对实体瘤开展临床1 期研究。机制上，HMPL-A580 通过与肿瘤细胞表达的EGFR 分子结合，迅速发生内吞、溶酶体转运、载荷释放，抑制PAM（PI3K/AKT/mTOR）及PIKK 分子，诱导肿瘤细胞凋亡；此外，在临床前构建的38 个肿瘤移植模型中，HMPL-A580 能够抑制EGFR 表达肿瘤的增殖，尤其在EGFR 高表达、突变或PAM 通路突变的肿瘤中抗肿瘤效果更好。除了产生直接的杀伤作用，HMPL-A580 还展示出旁观者杀伤效应。临床前数据展示出较好的抗肿瘤活性和药代动力学特征，为后续临床研究提供支持。表1：和黄医药AACR 会议展示分子梳理药品靶点类型适应症临床阶段题目报告类型HMPL-A580PI3K/PIKKATTC实体瘤临床前Discovery of HMPL-A580, a first-in-class antibody-targetedtherapy conjugate (ATTC) of a novel PI3K/PIKK inhibitor payloadlinked to an anti-EGFR antibodyposter索凡替尼VEGFR/FGFR/CSF-1R 小分子转移性小肠腺癌及阑尾癌ph1b/2Updated multicenter phase Ib/II analysis of surufatinib plussintilimab and capecitabine in previously treated metastaticsmall bowel adenocarcinoma and appendiceal carcinomaposter索凡替尼VEGFR/FGFR/CSF-1R 小分子la/mPDAC 1Lph2Sequential treatment with surufatinib combined with gemcitabineand nab-paclitaxel (AG) or AG alone as first-line therapy forlocally advanced or metastatic pancreatic ductal adenocarcinoma(mPDAC) after 6 weeks of AG induction therapy: A two-cohort,exploratory phase II studyposter恒瑞医药：多款创新分子入选LBA恒瑞医药在研的多款创新分子即将在AACR 年会中展示，其中SHR-RAS001、ProTCE-PSMA、PD-1xCTLA-4xVEGF 三抗、CD19xCD20xCD3 TCE 分子的临床前研究入选LBA（Late-Breaking Abstract），将在会议召开当日公布研究结果；SHR-A1811±adebrelimab 用于一线HER2 突变NSCLC 的临床2 期研究数据即将公布。此外，HRS-6209(CDK4 抑制剂）、CDK2 和CDK4 双靶点抑制剂的数据将以海报形式展示。表2：恒瑞医药AACR 会议展示分子梳理药品靶点类型适应症临床阶段题目报告类型SHR-RAS001RAS小分子-临床前Discovery and identification of SHR-RAS001: A structurallynovel, highly potent tri-complex RASmulti(ON) inhibitorLBAProTCE-PSMAPSMAxCD3TCE前列腺癌临床前ProTCE-PSMA, a novel therapeutic PSMA/CD3 prodrug for prostatecancerLBA-PD-1xCTLA-4xVEGF三抗实体瘤临床前A novel anti-PD-1×CTLA-4×VEGF tri-specific antibody enablestumor-selective immune checkpoint blockade with potentanti-tumor activityLBA-CD19xCD20xCD3TCEB 细胞肿瘤/自免疾病临床前An “OR-gate” CD19×CD20×CD3 trispecific T-cell engager forB-cell malignancies and autoimmune diseasesLBAadebrelimabPD-L1单抗NSCLCph3Perioperative adebrelimab (A) plus chemotherapy (chemo) inresectable stage II-III NSCLC: Phase 3 EFS interim analysis (IA)and molecular residual disease (MRD) analysisposterSHR-A1811HER2ADCHER2mNSCLC 1Lph1b/2SHR-A1811 ± adebrelimab as first-line (1L) treatment foradvancedHER2 -mutant NSCLC: A randomized phase 2 cohort froma phase 1b/2 studyposterHRS-6209CDK4小分子实体瘤ph1Phase 1 study of HRS-6209, a highly selective CDK4 inhibitor, inpatients with advanced solid tumorsposter-CDK4/CDK2小分子HR+ BC临床前Dual-targeting CDK4 and CDK2 overcomes resistance to CDK4/6inhibitors in HR+ breast cancerposter映恩生物：多款创新靶点ADC 分子临床前数据展示映恩生物专注于创新ADC 平台搭建，包括DITAC（TOP1i ADC 平台）、DIBAC（双特异性ADC 平台）、DIMAC（免疫调节ADC 平台）、DUPAC（创新机制payload 平台）四个平台，基于自研的ADC 平台，公司在AACR 会议上公布多款创新靶点的ADC 分子临床前及临床数据。DB-1329（CDCP1 ADC）、DB-1317（ADAM9 ADC）、DB-1324（CDH17 ADC）为基于公司DITAC 平台研发的管线，其中DB-1317、DB-1324已经进入临床1 期研究阶段，DB-1324 海外权益（除大中华区）授权给GSK。DB-1326（TA-MUC1 ADC）为基于DUPAC 平台研发的分子，目前处于临床前研究阶段。表3：映恩生物AACR 会议展示分子梳理药品靶点类型适应症临床阶段题目报告类型DB-1329CDCP1ADC实体瘤临床前DB-1329: A novel antibody-drug conjugate targeting CDCP1 demonstratespotent preclinical anti-tumor activity across multiple solid tumorsposterDB-1326TA-MUC1ADC实体瘤临床前DB-1326, a novel dual-payload TA-MUC1-directed antibody-drugconjugate, shows potent antitumor efficacy in pre-clinical tumor modelposterDB-1421EGFR/MUC1 双抗ADC 实体瘤临床前DB-1421, an optimized EGFR/MUC1 bispecific ADC, exhibits improved tumorselectivity, promising efficacy and safety in preclinical studiesposterDB-1323mesothelinADC实体瘤临床前DB-1323, a next-generation mesothelin targeting antibody-drugconjugate, demonstrated anti-tumor activity and favorable safetyprofile in pre-clinical modelsposterDB-1317ADAM9ADC实体瘤ph1a/1bA Phase 1a/1b, first-in-human study of an ADC targeting ADAM9 (DB-1317)in participants with selected advanced or metastatic solid tumorsposterDB-1324CDH17ADC胃肠道肿瘤ph1/2A phase 1/2, first-in-human study of an ADC targeting CDH17 (DB-1324)in participants with advanced/metastatic gastrointestinal tumorposter复宏汉霖：布局创新靶点ADC、TCE 及融合蛋白分子复宏汉霖在AACR 大会上公布多个ADC、TCE 及融合蛋白管线的临床前数据，包括依托Hanjugator 平台开发的ADC 分子HLX48（EGFRxcMet 双抗ADC）、HLX49（HER2双表位ADC）、HLX402（ADAM9 ADC）以及HLX85（ALPP/ALPPL2 ADC）等，同时公布三靶点TCE 分子HLX3902（STEAP1×CD3×CD28 TCE）在前列腺癌中的临床前数据，这些分子均具备FIC 或BIC 的潜力。表4：复宏汉霖AACR 会议展示分子梳理药品靶点类型适应症临床阶段题目报告类型HLX316B7-H3融合蛋白实体瘤临床前Human sialidase-armed anti-B7-H3 antibody that enhancesinnate and adaptive antitumor immune responsesposterHLX3902CD3xCD28xSTEAP1TCE前列腺癌临床前A novel anti-CD3×CD28×STEAP1 tri-specific T-cell engagerwith enhanced and durable antitumor responses in prostatecancerposterHLX402ADAM9ADC实体瘤临床前Preclinical characterization of a potential best-in-classcamptothecin-based antibody-drug conjugate targeting ADAMmetallopeptidase domain 9posterHLX49HER2xHER2双抗ADC实体瘤临床前A best-in-class HER2xHER2 novel biparatopic antibody-drugconjugate with an efficacious, low-toxicity design thatmaximizes antibody functionalityposterHLX85ALPP/ALPPL2ADC实体瘤临床前Development of a first-in-class camptothecin-basedantibody-drug conjugate targeting ALPP/ALPPL2 with potentantitumor activity and excellent tolerabilityposterHLX48EGFR/cMet双抗ADC实体瘤临床前Hanjugator camptothecin platform: Effective, low-toxicitydesign maximizing antibody functionality and deliveringpotential best-in-class EGFR/cMet bispecific antibody-drugconjugateposterHLX43PD-L1ADC肿瘤临床前Preclinical studies reveal that protease-mediated payloadrelease and immuno-oncology/immunomodulatory effectscontribute to the antitumor activity of HLX43poster除此之外，国内药企的多款创新药也入选了LBA，如诺诚健华ICP-B794（B7-H3ADC）、贝达药业的pan-KRAS 降解剂、信达生物的CD16A 单抗、海思科的HSK42360（BRAF 抑制剂）等创新分子值得关注。表5：2026 年AACR 会议国内重要LBA 研究梳理公司药品靶点类型适应症临床阶段题目百济神州tislelizumabPD-1单抗GC/GEJCph3Exploratory biomarker analysis of the phase 3RATIONALE 305 trial: First-line (1L) tislelizumab(TIS) + chemotherapy (CT) vs placebo (PBO) + CT foradvanced gastric cancer/gastro-oesophageal junctionadenocarcinoma (GC/GEJC)海思科HSK42360BRAF小分子BRAFm 胶质瘤临床前Novel brain-penetrant BRAF paradox breaker HSK42360demonstrates promising antitumor activity inpatients with BRAF-mutant glioma信达生物-CD16A单抗-临床前A novel CD16A-nanobody platform overcomes Fcpolymorphism limitations for potent andbroad-spectrum NK cell engager therapeutics贝达药业BPI-585771pan-KRAS降解剂KRASm 肿瘤临床前BPI-585771: A novel, potent pan-KRAS degrader withpotent in vitro and in vivo efficacy in KRAS-driventumors诺诚健华ICP-B794B7-H3ADC实体瘤临床前ICP-B794, a B7H3-targeting ADC with a novellinker-payload, demonstrated superior anti-tumoractivity and large therapeutic window in preclinicalstudies科伦博泰SKB410Nectin4ADC实体瘤临床前Preclinical evaluation of the nectin-4 antibody-drugconjugate MK-3120 (SKB410) in a panel of solid-tumorpatient-derived xenograft models表6：2026 年AACR 会议国内重要研究汇总公司药品靶点类型适应症临床阶段题目报告类型再鼎医药ZL-6201LRRC15ADC肉瘤，上皮性实体瘤临床前Discovery of ZL-6201, a novel LRRC15-targeting antibodydrug conjugate (ADC) for the treatment of sarcomas andepithelial solid tumorsposter再鼎医药ZL-1222PD-1/IL-12细胞因子实体瘤临床前ZL-1222, a PD-1-targeted potency-reduced IL-12immunocytokine, overcomes PD-1 resistance and enhancesantitumor immunity with an accepted safety profileposter再鼎医药ZL-1310DLL3ADCES-SCLC 伴基线脑转移ph1Intracranial activity of ZL-1310, a DLL3-targeted ADC, inpatients with previously treated extensive-stage smallcell lung cancer and baseline brain metastasis: Analysisof a phase 1 trialposter再鼎医药ZL-1310DLL3ADC神经内分泌癌，实体瘤ph1b/2Preliminary results from the phase 1b/2, open-label,multi-center study of ZL-1310, a DLL3-targeted ADC, inpatients with neuroendocrine carcinomas and otherselected solid tumorsposter亚盛医药HQP1351BCR-ABL1 激酶小分子EC临床前Multitarget kinase inhibitor olverembatinib (HQP1351) isefficacious and synergizes with chemotherapy inpreclinical models of endometrial carcinoma (EC)poster亚盛医药APG-5918EED小分子SCLC临床前Embryonic ectoderm development (EED) inhibitor APG-5918synergizes with topoisomerase I inhibitors in preclinicalsmall-cell lung cancer (SCLC) models through epigeneticpriming of chemosensitivityposter亚盛医药APG-2449FAK小分子BRAF V600E 突变肿瘤临床前FAK inhibition by APG-2449 enhances the antitumoractivity of MAPK pathway blockade inBRAFV600E-mutanttumor modelsposter亚盛医药HQP1351BCR-ABL小分子MCL临床前Multikinase inhibitor olverembatinib (HQP1351) isefficacious and synergizes with BTK inhibitoracalabrutinib in mantle cell lymphoma (MCL) preclinicalmodelsposter荣昌生物RCZY-843menin-MLL小分子白血病临床前RCZY-843: A potential best-in-class, second-generationmenin-MLL inhibitor engineered to overcome clinicallyobserved menin-mutation-mediated resistance, withsuperior preclinical efficacy and safety in acuteleukemia modelsposter荣昌生物RCZY-698KRAS G12V小分子实体瘤临床前RCZY-698: An orally bioavailable, highly potent, andselective reversible KRAS G12V (ON)-state inhibitor withrobust antitumor activity in preclinical models of KRASG12V -driven solid tumorsposter荣昌生物RCZY-690pan RAS分子胶实体瘤临床前RCZY-690: A tri-complex molecular glue pan-RAS (ON)inhibitor exhibiting best-in-class potential forRAS-addicted solid tumorsposter荣昌生物RCZY-869KRAS G12D分子胶实体瘤临床前RCZY-869: A highly potent, selective, and orallybioavailable covalent KRAS G12D(ON-state) inhibitorwith robust antitumor activity in preclinical models ofKRAS G12D -driven solid tumorsposter荣昌生物RC108c-METADC肿瘤临床前RC108, a c-Met-targeting ADC, exhibits differentialcytotoxicity between cMet-high and HGF-dependent tumorcells compared with Teliso-V, suggesting a potentialsafety advantageposter荣昌生物RC118CLDN18.2ADC实体瘤临床前Preclinical characterization of RC118 ADC andidentification of its differential binding patternrelative to other anti-CLDN18.2 antibodiesposter百济神州BGB-21447BCL2小分子血液瘤临床前BGB-21447, a next-generation Bcl-2 inhibitor,demonstrates superior potency and overcomes Venetoclaxresistance in preclinical models of hematologicmalignanciesposter百济神州BGB-11417BCL2小分子肿瘤临床前Sonrotoclax (BGB-11417), a selective Bcl-2 inhibitor,demonstrates better efficacy than Venetoclax (Ven) andLisaftoclax (APG-2575) in hematological cancer cells,xenografts, and human bloodsposter百济神州BGB-58067MTA PRMT5小分子肿瘤临床前BGB-58067, a brain-penetrative MTA-cooperative PRMT5inhibitor, demonstrates promising anti-tumor activityand favorable selectivity in tumors with MTAP-deletionposter石药集团-IKZF1/3DAC血液瘤临床前A first-in-class IKZF1/3 degrader antibody conjugate(DAC) as a potential myeloma treatmentposter石药集团SYS6010EGFRADC鼻咽癌临床前A first-in-human study result of a novel EGFR-targetedantibody drug conjugate (ADC) in patients with advancednasopharyngeal carcinoma (NPC) (SYS6010-001-NPC)poster英矽智能ISM1745MTA PRMT5小分子MTAP 缺失肿临床前ISM1745, an MTA-cooperative PRMT5 inhibitor for thetreatment of MTAP-deleted cancerposter英矽智能ISM3830Cbl-b小分子免疫/实体瘤临床前Cbl-b inhibition with ISM3830 restores innate andposteradaptive immunity and demonstrates antitumor activityagainst solid tumorsin vitroandin vivo英矽智能ISM6210CDK4小分子HR+/HER2- BC 临床前ISM6210, a potent and selective CDK4 inhibitor for thetreatment of HR+/HER2- breast cancerposter英矽智能ISM6166KRAS小分子实体瘤临床前ISM6166, a novel oral pan-KRAS (ON/OFF) inhibitordiscovered with generative AI shows robust anti-tumoractivity in solid tumors with KRAS alterationsposter基石药业CS5007EGFRxHER3双抗ADC实体瘤临床前Preclinical efficacy and safety of CS5007, an EGFR×HER3dual-targeting antibody-drug conjugate with atopoisomerase 1 inhibitor payloadposter基石药业CS5006integrin β4ADC实体瘤临床前Preclinical efficacy and safety of CS5006, a novelintegrin β4-targeting antibody-drug conjugate with atopoisomerase 1 inhibitor payloadposter基石药业CS5008SSTR2xDLL3双抗ADC实体瘤临床前Preclinical efficacy and safety of CS5008, a novel SSTR2×DLL3 bispecific antibody-drug conjugate (ADC) withtopoisomerase 1 inhibitor payload for small cell lungcancer and neuroendocrine tumorsposter微芯生物NW024-1ALPP/ALPPL2ADC实体瘤临床前NW024-1, a novel ALPP/ALPPL2-targeting antibody drugconjugate with a topoisomerase 1 inhibitor payload,demonstrates potent antitumor efficacyposter微芯生物NW006-296ROR1ADC实体瘤临床前NW006-296, a novel ROR1 targeting ADC, demonstratescompelling anti-tumor efficacy in preclinical studiesposter微芯生物NW008MICA/BADC实体瘤临床前Preclinical study of NW008, a novel dual-functionalanti-MICA/B antibody-drug conjugateposter微芯生物CS231295AuroraB小分子实体瘤临床前CS231295, a novel AURKB-biased multi-kinase inhibitor,demonstrates synthetic lethality in RB1-deficient tumorsand potent intracranial efficacyposter乐普生物MRG008EGFR/5T4双抗ADC实体瘤临床前MRG008: A novel EGFR and 5T4 bispecific antibody-drugconjugate (ADC) with potent antitumor activity inpreclinical studiesposter乐普生物LPD002PD-1/IL-2融合蛋白实体瘤临床前LPD002, a novel anti-PD-1/IL-2 fusion protein,demonstrates potent antitumor activity in preclinicalstudiesposter德琪医药ATG-112ALPPL2xCD3TCE实体瘤临床前ATG-112, a novel ALPP/G x CD3 bispecific T cell engager,for the treatment of ALPP/G +solid tumorsposter德琪医药ATG-125B7H3xPD-L1TCE实体瘤临床前ATG-125, a novel B7H3 × PD-L1 bispecific antibody-drugconjugate, demonstrates potent antitumor efficacy by dualtargeting of immune evasion and direct tumor killingposter德琪医药ATG-106CDH6xCD3TCE实体瘤临床前ATG-106, a novel “2+1”format CDH6-targeted T-cellEngager (TCE), shows potent T cell dependent cytotoxicityand in vivo anti-tumor efficacyposter劲方医药GFH603KEAP1-CUL3 E3ligase分子胶NRF2 活化的肿瘤临床前GFH603: A molecular glue-like allosteric activator of theKEAP1-CUL3 E3 ligase complex for targeting NRF2-activatedtumorsposter劲方医药GFH276pan-RAS小分子KRASm 肿瘤临床前Preclinical evaluation of GFH276 monotherapy andcombination therapy for RAS-mutant tumorsposter劲方医药GFS784EGFRxpanRASADCEGFRm/RASm肿瘤临床前GFS784, a next-generation ADC with a novel panRAS(ON)inhibitor payloadposter科济药业CT041CLDN18.2CAR-T胃肠道癌临床前Extracellular vesicle glycosylation profilepredictsandaffectstherapeutic outcomes ofCLDN18.2-targeted CAR-Tcell therapyagainst gastrointestinal cancersposter维立智博LBL-061EGFRxPD-L1双抗ADC实体瘤临床前LBL-061: A novel EGFR×PD-L1 targeted drug conjugate forthe treatment of multiple solid tumorsposter维立智博LBL-054CDH17TCECDH17+ 胃肠道癌临床前LBL-054 TDC: A first-in-class CDH17 targeted T cellengager drug conjugate for the treatment ofCDH17-positive gastrointestinal cancerposter同源康医药TY-2719EGFRPROTAC实体瘤临床前The EGFR-PROTAC molecule TY-2719 attenuates acquiredresistance to 3rd-generation EGFR TKIs and augments theefficacy of KRAS mutant inhibitors in solid tumorsposter同源康医药TY-0609CDK4小分子HR+/HER2- BC 临床前Development of a novel selective CDK4 inhibitor forHR+/HER2- breast cancerposter同源康医药-PI3KαPROTAC实体瘤临床前Identification and characterization of pan-mutantselective PI3Kα inhibitors with the capability of PI3Kα H1047R protein degradationposter同源康医药TY-1054YAP/TEAD小分子实体瘤临床前The selective YAP/TEAD inhibitor TY-1054 enhances theefficacy of KRAS inhibitors or Trop2-ADC in multiple solidtumorsposter同源康医药TY-2699aCDK7小分子实体瘤临床前A potent CDK7 inhibitor TY-2699a has the potential forcombination with chemotherapy or immunotherapy in solidtumorsposter贝达药业BPI-572270RAS小分子RASm 实体瘤ph1/2First-in-human, phase I/II study of BPI-572270, an oralRAS(ON) multi tri-complex inhibitor, in patients withRAS-mutated advanced solid tumorsposter翰森制药GSK5764227B7-H3ADC实体瘤临床前Non-clinical characterization of GSK5764227, a novelposterB7-H3-directed antibody-drug conjugate (ADC)翰森制药GSK5733584B7-H4ADC实体瘤临床前Non-clinical characterization of Mocertatug Rezetecan(GSK5733584), a novel B7-H4-directed antibody-drugconjugateposter康方生物卡度尼利PD-1/CTLA-4双抗PDACph2A phase II, multicenter, open-label study (COMPASSION-26)of cadonilimab, a PD-1/CTLA-4 bispecificantibody,combined with chemotherapy (chemo) asfirst-line therapy for advanced pancreatic ductaladenocarcinoma (PDAC)poster华东医药HDM2024EGFR/HER3双抗ADC实体瘤临床前HDM2024: A novel EGFR and HER3 bispecific antibody-drugconjugate exhibits superior antitumor activity andfavorable toxicological profileposter华东医药HDM2021CBL-B小分子实体瘤临床前HDM2021, a potent and selective CBL-B inhibitor exhibitsrobust immunomodulatory efficacy for anti-tumor therapy poster中国生物制药LM-364TMENectin4ADC实体瘤临床前Preclinical evaluation of LM-364TME: A next-generationanti-Nectin4 ADC with promising efficacy and reducedtoxicityposter中国生物制药LM-338STnADC实体瘤临床前Preclinical evaluation of LM-338: An innovative anti-STnantibody drug conjugate for solid tumorsposter君实生物JS207PD-1xVEGF-A双抗HCCph2JS207, a bispecific antibody targeting PD-1 and VEGF-A,combined with JS007 (anti-CTLA4), for patients withadvanced hepatocellular carcinoma in a randomized,multicenter, Phase II studyposter君实生物JS207PD-1xVEGF-A双抗mCRC临床前Preliminary results from a phase II trial evaluating thesafety and efficacy of JS207, a bispecific antibodytargeting PD-1 and VEGF, in combination with chemotherapyin patients with metastatic colorectal cancerposter君实生物JS212EGFRxHER3双抗ADC实体瘤临床前JS212, a novel bispecific ADC targeting EGFR and HER3,demonstrates superior and broad antitumor activity inpreclinical evaluationposter君实生物JS212EGFRxHER3双抗ADC实体瘤ph1/2Preliminary results from a first-in-human phase I/IIstudy of JS212, an EGFR/HER3-targeted bispecificantibody-drug conjugate (ADC), in patients with advancedsolid tumorsposter药捷安康TT-00420FGFR-JAK小分子HR⁺ BC临床前Convergent FGFR-JAK signaling reprograms luminalidentity and drives endocrine resistance in HR⁺ breastcancerposter信立泰JK065T4ADC实体瘤ph1b/2A phase 1b / 2 study of JK06, a 5T4-targeted antibody drugconjugate, in patients with unresectable locally advancedor metastatic cancerposter先声药业SCR-6920PRMT5小分子实体瘤临床前PRMT5 inhibitor SCR-6920 downregulates HIF-1α andexhibits synergistic antitumor activity with Bevacizumab poster先声药业SCR-A019MSLNADC实体瘤临床前SCR-A019, a first-in-class biparatopic ADC targetingMSLN, with a novel topoisomerase I inhibitor demonstratesencouraging efficacy in preclinical modelsposter先声药业SCR-M015PD-1xVEGF双抗ADC实体瘤临床前SCR-M015, a PD-1/VEGF bispecific antibody exhibits potentanti-tumor efficacy in preclinical studiesposter先声药业SCR-A014B7H3xDLL3双抗ADCSCLC临床前SCR-A014, a novel bispecific ADC targeting B7H3 and DLL3for SCLC therapy, exhibits potent anti-tumor efficacyposter先声药业SCR-M030PSMAxSTEAP1TCEmCRPC临床前SCR-M030, an innovative and potential first-in-classtrispecific T cell engager targeting PSMA and STEAP1 formCRPCposter国务院办公厅发布关于健全药品价格形成机制的若干意见事件：2026 年4 月14 日，国务院发布关于健全药品价格形成机制的若干意见，明确指出，要充分发挥政府作用，有效服务药品领域全国统一大市场建设，健全以市场为主导的药品价格形成机制，更好激发市场活力、促进公平竞争、维护市场秩序，突出临床价值和用药可及，支持医药产业高质量发展，保障人民群众获得质优价宜药品。主要内容：
1、完善重点环节药品价格政策：优化创新药等新上市药品首发价格机制、发挥医
保支付标准对药品价格形成的引导作用、健全药品集中带量采购价格形成机制、完善药品挂网价格管理。
2、推动相关主体发挥药品价格发现作用：发挥医疗机构专业作用、引导药店合理
制定药品零售价格、用好网上药店价格发现功能。
3、引导关键领域药品价格保持合理水平：促进创新药多元支付与价格合理形成、
强化短缺药保供稳价、加强麻醉药品和精神药品价格管理、规范药品原辅料价格行为。
4、加强药品价格治理：加强药品价格监测预警、推进药品价格协同治理、建立药
品医保价值评估制度。
5、加强组织实施：医保部门履行牵头职责，统筹推进政策落实。
点评：国务院办公厅发布的健全药品价格形成机制的若干意见明确指出，要建立以政府引导、市场主导、多方协同的药品价格形成机制。定价方面，对创新程度高、临床价值大的高水平创新药，上市初期支持其制定与药品价值相符的价格，并在一定时期内保持稳定；而对改良型新药，鼓励制定与患者获益相匹配的价格；对通用名药（即仿制药）等其他新上市药品，引导药企参照同通用名、同作用机制、同功能的药品合理定价。支付端，医保目录内品种仍以“保基本”为基本原则，药企能够以不高于支付标准的价格向医保定点医药机构供应谈判药品，向非医保定点机构供药价格可以不受支付标准约束；同时，完善多层次医疗保障体系，充分发挥商业健康保险、公益慈善等功能作用，引入多方参与创新药价格协商，拓宽创新药的支付渠道。监管层面，实施药品价格的智能监管，推进药品追溯码在药品流通领域的全链条应用，完善医药价格指数机制，实行药品价格风险预警。此次意见的发布，为创新药、改良新药、仿制药的定价提供清晰的指导，同时在支付端做出明确指引，监管层面更加智能、透明，使创新药价值能够在市场中得到更充分体现，也为药品支付机制提供了新的思路，有利于形成市场化的药品定价和销售机制，促进医药行业健康发展，利好具备创新性强、高临床价值管线的药企。本周行情回顾本周全部A 股上涨3.80%（总市值加权平均），沪深300 上涨4.41%，中小板指上涨7.16%，创业板指上涨9.50%，生物医药板块整体上涨0.92%，生物医药板块表现弱于整体市场。分子板块来看，化学制药下跌0.26%，生物制品上涨1.27%，医疗服务上涨3.43%，医疗器械上涨2.14%，医药商业下跌1.73%，中药下跌0.52%。个股方面，涨幅居前的是美诺华（23.98%）、万泽股份（23.09%）、纳微科技（22.96%）、药康生物（16.75%）、奥美医疗（16.49%）、华兰股份（16.45%）、奥浦迈（15.57%）、华康洁净（15.19%）、九安医疗（14.32%）、宏源药业（14.10%）。跌幅居前的是诚达药业（-24.27%）、联环药业（-18.46%）、海特生物（-17.56%）、双鹭药业（-16.04%）、润都股份（-15.81%）、重药控股（-14.85%）、苑东生物（-14.71%）、欧康医药（-14.53%）、合富中国（-13.75%）、鹭燕医药（-13.58%）。本周恒生指数上涨3.09%，港股医疗保健板块下跌0.90%，板块相对表现弱于恒生指数。分子板块来看，制药板块下跌0.92%，生物科技下跌0.05%，医疗保健设备上涨3.32%，医疗服务上涨0.90%。市场表现居前的是（仅统计市值50 亿港币以上）德适-B（28.21%）、康耐特光学（12.80%）、瑛泰医疗（11.31%）、爱康医疗（10.73%）、海西新药（10.53%）；跌幅居前的是健康160（-50.74%）、派格生物医药-B（-10.00%）、三生制药（-9.54%）、林清轩（-9.44%）、荣昌生物（-7.99%）。图1：申万一级行业一周涨跌幅（%）表7：本周A 股涨跌幅前十的个股情况本周涨幅前十本周跌幅前十股票简称涨幅股票简称跌幅美诺华23.98%诚达药业-24.27%万泽股份23.09%联环药业-18.46%纳微科技22.96%海特生物-17.56%药康生物16.75%双鹭药业-16.04%奥美医疗16.49%润都股份-15.81%华兰股份16.45%重药控股-14.85%奥浦迈15.57%苑东生物-14.71%华康洁净15.19%欧康医药-14.53%九安医疗14.32%合富中国-13.75%宏源药业14.10%鹭燕医药-13.58%注：本表仅做列示，不做推荐板块估值情况医药生物市盈率（TTM）35.31x，全部A 股（申万A 股指数）市盈率21.87x。分板块来看，化学制药44.96x，生物制品44.98x，医疗服务28.42x，医疗器械38.90x，医药商业20.06x，中药26.45x。图2：申万一级行业市盈率情况（TTM）图3：医药行业子板块一周涨跌幅（%）图4：医药行业子板块市盈率情况（TTM）推荐标的迈瑞医疗：公司作为国产医疗器械龙头，研发和销售实力强劲，国际化布局成果显著。公司受益于国内医疗新基建和产品迭代升级，并在海外加快高端客户拓展。微创外科、心血管等种子业务高速放量，“三瑞”数智化方案引领转型升级。联影医疗：公司致力于为全球客户提供高性能医学影像设备、放射治疗产品、生命科学仪器及医疗数字化、智能化解决方案。高端升级+拓展海外市场驱动公司未来实现稳健增长，成长为全球影像设备龙头企业。药明康德：公司是行业中极少数在新药研发全产业链均具备服务能力的开放式新药研发服务平台，有望全面受益于全球新药研发外包服务市场的快速发展。公司“一体化、端到端”的新药研发服务平台，无论是在服务的技术深度还是覆盖广度方面都能满足客户提出的多元化需求。新产业：公司为化学发光免疫分析领域的龙头，拥有技术、生产和销售等方面的多重优势，坚实庞大的装机基础未来将持续带动试剂销售，促进进口替代，同时国际化和平台化布局将开启新成长曲线。英科医疗：公司是一次性手套行业龙头，丁腈手套贡献核心收入。丁腈手套行业在经历2022-2023 年的去库存和价格战后，落后产能已逐步出清，行业供需格局持续优化。公司通过自建高效自动化生产线、布局上游核心原材料丁腈胶乳以及使用成本更低的清洁燃煤能源，构建了全球领先的成本优势，有望在涨价周期中获得更高利润弹性，持续提升全球市场份额。爱尔眼科：公司是我国最大规模的眼科医疗机构，致力于引进国际一流的眼科技术与管理方法，以专业化、规模化、科学化为发展战略，利用人才、技术和管理等方面的优势，通过全国各连锁医院良好的诊疗质量、优质的医疗服务和深入的市场推广，促进中国眼科医疗事业的发展。鱼跃医疗：公司专注医疗器械的研发、生产、销售和服务，是国内领先的综合性医疗器械和解决方案供应商，致力于为全球患者和医疗机构提供高质量、创新性的医疗产品和服务。艾德生物：公司是肿瘤精准诊断领域的龙头企业，产品线布局领先，构建了从靶向治疗到免疫治疗的全方位伴随诊断产品体系，在院内渠道具备强大的销售壁垒；此外，公司产品顺利出海，中长期发展空间广阔。药康生物：公司是一家专业从事实验动物小鼠模型的研发、生产、销售及相关技术服务的高新技术企业，系亚洲小鼠突变和资源联盟企业成员以及科技部认定的国家遗传工程小鼠资源库共建单位。近年来海外市场营收增速较快，各业务条线均稳健增长。金域医学：公司基于高强度的自主研发和产学研一体化，每年推出数百项创新项目，高端技术平台的不断完善和“医检4.0”数字化转型战略落地将驱动公司盈利能力稳健提升。益丰药房：公司通过稳健的内生扩张与并购策略，逐步发展为国内领先的连锁药房企业，在中南、华东、华南地区拥有较高的市场份额，并通过持续创新及收购，拓展至全国多个省份。截至2025 年9 月，公司门店数量已超过14666 家，服务会员达到1.1 亿，涵盖药品、保健品等多种业务板块，展现出强大的市场竞争力与品牌影响力。大参林：公司是国内规模领先的药品零售连锁企业，主营业务为中西成药、参茸滋补药材、中药饮片、保健品、医疗器械及日用百货的连锁零售，覆盖全国21个省，近年来正从“规模扩张”转向“质量提升”，持续推进“自建+并购+直营式加盟”三轨并行的门店网络优化策略，聚焦已布局区域的加密与单店效能提升，同时积极推动高毛利非药业务增长。未来有望通过数字化供应链、自有配送体系与专业化服务强化核心竞争力，稳步提升全国市占率与盈利质量。康方生物(9926.HK)：公司为专注创新的双抗龙头，在研管线丰富，双抗、ADC、单抗等不同分子形态已形成梯队。依沃西持续验证FIC & BIC 潜力，公司与Summit 合作持续推进全球的临床。卡度尼利与依沃西已经成功实现了国内的商业化，有望成为重磅品种。科伦博泰生物-B(6990.HK)：公司ADC 产品早期临床数据优秀，研发进度在全球范围内较为领先，且已经与默沙东达成了深度的合作，有利于产品实现在全球的商业化潜力。公司未来2~3 年的营收主要来源于默沙东的首付款和里程碑付款，产品销售将在2025 年后开始放量。和黄医药(0013.HK)：公司是一家处于商业化阶段的创新型生物医药公司，专注于发现、开发及商业化治疗癌症及免疫性疾病的靶向疗法及免疫疗法。呋喹替尼2023 年底在美国获批上市后迅速放量，赛沃替尼也有望向FDA 递交上市申请，索乐匹尼布临床数据优秀，预计将于2025 年获批上市。康诺亚-B(2162.HK)：公司的司普奇拜单抗是首个获批上市的国产IL4R 单抗，季节性过敏性鼻炎适应症是司普奇拜单抗获批的第三个适应症，此前，成人中重度特应性皮炎适应症和慢性鼻窦炎伴鼻息肉适应症分别于2024 年9 月和2024 年12 月获批上市，三个适应症均有可能通过2025 年的国谈进入医保。三生制药(01530.HK)：公司是一家集研发、生产和销售为一体的生物制药领军企业，在肾科、皮肤科、自身免疫科、肿瘤科的药物有多年的研发、销售经验。固生堂（2273.HK）：公司是国内中医医疗服务龙头，在具备“线上+线下”服务网络的民营机构中市占率领先。公司诊疗服务量、客单价、会员数量等呈现逐年稳定提升趋势。公司“国医AI 分身”为人工智能在中医诊疗行业的突破性应用尝试，后续有望在公司整体医疗服务质量提升及服务网络扩张中起到促进作用。爱康医疗(1789.HK)：公司是中国第一家将3D 打印技术商业化的人工关节领域龙头公司，公司产品线齐全，借助集采提升市场份额，加速进口替代，巩固龙头地位。骨生物材料和数字化骨科将成为新增长点。风险提示研发失败风险；商业化不及预期风险；地缘政治风险；政策超预期风险。附表：重点覆盖公司盈利预测及估值代码公司简称子行业归母净利润（亿元）PEROEPEG投资评级（亿元）24A25E26E27E24A25E26E27E24A25E300760.SZ迈瑞医疗医疗器械1,918116.781.483.394.316.423.623.020.332.5%-3.4300832.SZ新产业医疗器械18.316.920.023.319.921.518.215.621.3%2.6688212.SH澳华内镜医疗器械0.20.10.71.0231.0423.571.447.61.5%6.1688161.SH威高骨科医疗器械2.22.73.33.856.346.938.833.35.7%2.5688271.SH联影医疗医疗器械12.618.923.727.774.549.839.633.96.3%1.7688050.SH爱博医疗医疗器械3.92.75.26.325.737.619.215.916.1%2.2301363.SZ美好医疗医疗器械3.63.54.55.840.842.433.025.810.5%2.6688236.SH春立医疗医疗器械1.22.73.74.556.125.719.215.64.4%0.5300049.SZ福瑞医科医疗器械1.11.52.83.6134.298.754.342.16.5%2.1300463.SZ迈克生物医疗器械1.32.73.54.251.924.118.615.52.0%0.5300685.SZ艾德生物医疗器械2.53.63.84.536.025.624.020.313.8%1.2688358.SH祥生医疗医疗器械1.41.21.82.023.728.618.916.59.9%2.2688029.SH南微医学医疗器械5.55.78.08.927.226.418.817.014.5%1.6603301.SH振德医疗医疗器械3.93.95.05.756.055.343.537.76.8%3.9688626.SH翔宇医疗医疗器械1.00.81.31.790.6118.571.755.25.0%6.6605369.SH拱东医疗医疗器械1.71.61.92.123.124.621.018.510.1%3.2300633.SZ开立医疗医疗器械1.43.14.04.880.336.528.823.74.6%0.7688575.SH亚辉龙医疗器械3.00.26.7-28.1353.312.7-10.9%7.2688617.SH惠泰医疗医疗器械6.78.210.914.054.644.833.626.326.8%1.6688114.SH华大智造医疗器械(6.0)(2.4)1.52.9(35.4)(89.7)141.872.3-7.6%0.5002223.SZ鱼跃医疗医疗器械18.120.123.727.818.116.213.811.814.4%1.1300677.SZ英科医疗医疗器械14.712.417.020.125.430.021.918.58.4%2.7002653.SZ海思科化学制药4.05.56.98.7158.9115.190.872.69.4%3.9000513.SZ丽珠集团化学制药20.620.220.823.713.513.813.411.814.9%2.9688062.SH迈威生物-U生物药(10.4)(9.7)(1.3)-(14.5)(15.6)(120.2)--66.5%0.2688687.SH凯因科技生物药1.40.32.6-25.6123.113.9-7.7%3.5688319.SH欧林生物生物药0.20.21.3-564.9526.788.2-2.2%3.4688443.SH智翔金泰-U生物药(8.0)(5.4)(3.4)0.4(13.8)(20.5)(32.2)288.7-37.5%0.2688278.SH特宝生物生物药8.310.312.917.231.925.620.515.332.4%0.9000999.SZ华润三九中药33.734.240.848.613.713.511.39.516.9%1.0600557.SH康缘药业中药3.96.16.8-20.012.811.6-8.7%0.4688046.SH药康生物生命科学与工业上游1.11.41.71.970.053.246.340.95.1%2.7301080.SZ百普赛斯生命科学与工业上游1.21.82.53.166.045.133.226.24.7%1.3688293.SH奥浦迈生命科学与工业上游0.20.41.11.5320.9162.060.344.21.0%1.7603259.SH药明康德CXO3,21093.5191.5127.3145.134.316.825.222.116.1%1.1000739.SZ普洛药业CXO10.38.912.614.020.023.216.414.815.3%2.2603127.SH昭衍新药CXO0.73.03.84.1357.488.969.564.10.9%1.1301096.SZ百诚医药CXO(0.5)0.50.91.2(113.6)113.069.651.6-2.0%-0.5688222.SH成都先导CXO0.51.11.21.5208.393.886.370.43.7%2.2002821.SZ凯莱英CXO9.511.312.914.645.037.733.229.25.6%2.4603882.SH金域医学医疗服务(3.8)6.98.5-(32.3)17.914.6--5.2%0.8300015.SZ爱尔眼科医疗服务35.640.648.356.625.222.118.615.817.2%1.3603939.SH益丰药房医药商业15.317.320.123.218.116.013.811.914.3%1.1603233.SH大参林医药商业9.112.114.918.022.116.713.611.213.3%0.71066.HK威高股份医疗器械20.716.124.026.87.29.26.25.68.7%1.01789.HK爱康医疗医疗器械2.73.44.04.825.620.717.514.610.4%1.02005.HK石四药集团化学制药9.84.79.810.76.714.06.76.114.7%4.80512.HK远大医药化学制药22.912.422.425.59.317.29.58.415.0%4.60013.HK和黄医药化学制药2.74.63.66.166.339.449.429.45.0%1.32162.HK康诺亚-B生物药(5.2)(5.2)(5.8)0.5(38.1)(37.6)(34.1)370.5-20.8%0.39926.HK康方生物生物药1,116(5.1)(11.1)7.317.9(216.8)(100.2)152.862.2-7.6%0.41530.HK三生制药生物药20.984.824.526.624.46.020.919.213.5%0.76990.HK科伦博泰生物-B生物药1,008(2.7)(3.8)(3.0)4.8(377.7)(263.8)(333.6)212.1-8.1%1.22480.HK绿竹生物-B生物药(1.7)(1.5)(1.3)1.2(24.8)(27.7)(32.1)34.7-19.7%0.12268.HK药明合联CXO10.714.819.226.065.147.036.226.816.1%1.42273.HK固生堂医疗服务3.13.74.75.918.815.612.29.812.9%0.62666.HK环球医疗医疗服务20.321.60.81.15.14.8127.991.711.8%-0.12522.HK一脉阳光医疗服务(0.5)0.024.026.8(48.1)589.90.90.8-3.2%-1.2数据来源：Wind，国信证券经济研究所整理、预测注：总市值以2026/4/10 股价计算