核心观点
行业研究·行业周报医药生物S0980521120001S0980521060003S0980525070001相关研究报告《CXO 行业系列专题报告（5）：新分子蓬勃发展，多肽、ADC、寡核苷酸CRDMO 大放异彩》——2026-07-21《医药生物行业2026 年7 月投资策略——继续推荐关注创新药及创
新产业链》——2026-07-20《医药生物周报（26 年第28 周）-国民健康“十五五”规划发布，关注医药产业高质量发展》——2026-07-19《医药生物周报（26 年第27 周）-FXI 抑制剂使用场景及对应商业化空间测算》——2026-07-08《医药生物周报（26 年第26 周）-定点药店医保个人账户监管升级，行业承压分化中零售渠道优势凸显》——2026-07-01本周医药板块表现弱于整体市场，生物制品涨幅居前。本周全部A 股下跌6.66%（总市值加权平均），沪深300 下跌5.26%，中小板指下跌7.27%，创业板指下跌10.78%，生物医药板块整体下跌0.57%，生物医药板块表现强于整体市场。分子板块来看，化学制药下跌1.56%，生物制品下跌2.50%，医疗服务下跌2.22%，医疗器械下跌0.64%，医药商业上涨3.33%，中药上涨5.23%。医药生物市盈率（TTM）32.27x，处于近5 年历史估值的64.63%分位数。ESMO 会议常规摘要标题上线，国内药企的创新分子将发布数据。ESMO为欧洲肿瘤内科学会，是肿瘤领域的国际领先组织，包括全球超过5 万名会员，2026 年的ESMO 会议将于2026 年10 月23 日-27 日（当地时间）在西班牙马德里召开。目前，会议常规摘要标题已经在官网公布，LBA
摘要标题将于9 月25 日公布。国内药企的多项临床研究将以口头报告
和海报形式发布，包括科伦博泰的Sac-TMT（TROP2 ADC）、康方生物的依沃西单抗（PD-1/VEGF 双抗）、三生制药的707（PD-1/VEGF 双抗）、
百利天恒的Iza-bren（EGFR/HER3 ADC）以及信达生物的IBI363/TAK-928（PD-1/IL-2α-bias双特异性融合蛋白）等，国产创新分子临床进展和数据优势日渐凸显，建议关注具备创新研发能力和创新分子的公司。投资建议：推荐持续关注创新药及创新产业链。A 股：
迈瑞医疗、
联影医疗、
药明康德、
凯莱英、新产业、
美好医疗、
艾德生物、
药康生物、
爱尔眼科、
鱼跃医疗、
益丰药房、
大参林、
泽璟制药；H 股：康方生物、科伦博泰生物、和黄医药、康诺亚-B、三生制药、爱康医疗。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) 2025A2026E2027E2028E2025A2026E2027E2028E300760.SZ迈瑞医疗81.483.394.3107.622.321.819.216.8688271.SH联影医疗18.724.328.033.148.737.432.527.5603259.SH药明康德191.9167.0196.8223.018.721.518.316.1002821.SZ凯莱英11.313.716.820.050.141.633.928.4300832.SZ新产业16.218.221.124.421.919.516.814.5301363.SZ美好医疗2.84.04.75.648.234.028.924.4300685.SZ艾德生物3.63.84.5-19.018.015.2-688046.SH药康生物1.41.92.42.566.751.440.038.8300015.SZ爱尔眼科32.438.244.451.424.921.118.215.7002223.SZ鱼跃医疗14.823.727.8-18.511.59.9-603939.SH益丰药房16.819.622.625.415.012.911.29.9603233.SH大参林12.414.817.119.717.114.312.410.8688266.SH泽璟制药-U(1.6)3.52.42.9(211.4)98.1142.9118.89926.HK康方生物(11.1)4.411.423.9(63.4)161.461.929.66990.HK科伦博泰生物(3.8)(1.9)4.615.1(263.7) (541.6) 221.466.80013.HK和黄医药32.13.66.08.84.136.621.815.12162.HK康诺亚-B(5.2)8.00.74.3(40.4)26.3315.449.41530.HK三生制药84.824.526.627.94.214.513.312.71789.HK爱康医疗3.44.14.75.316.814.012.210.72026 年ESMO 会议常规摘要标题公布ESMO（European Society for Medical Oncology）为欧洲肿瘤内科学会，是肿瘤领域的国际领先组织，包括全球超过5 万名会员，2026 年的ESMO 会议将于2026年10 月23 日-27 日（当地时间）在西班牙马德里召开。目前，会议常规摘要标题已经在官网公布，LBA 摘要标题将于9 月25 日公布。国内药企的多项临床研究将以口头报告和海报形式发布。科伦博泰生物：公布Sac-TMT 和SKB500 的临床研究数据科伦博泰在ESMO 会议上将以快速口头报告的形式公布Sac-TMT 联合K 药治疗la/mUC 的临床2 期研究数据，同时，以海报形式公布Sac-TMT 治疗pMMR EC 的临床2 期数据，以及SKB500（B7H3 ADC）治疗ES-SCLC 的临床1 期数据。表1：科伦博泰生物常规摘要标题整理药物靶点类型适应症临床阶段题目编号Sac-TMTTROP2 ADCRapid Oralla/mUCph2Sacituzumab Tirumotecan (Sac-TMT) + Pembrolizumab (Pembro) forLocally Advanced or Metastatic Urothelial Carcinoma (la/mUC):Results From a Phase 2 Study (2870-002/SKB264-II-06)4739ROSac-TMTTROP2 ADCposterpMMR ECph2Sacituzumab Tirumotecan (Sac-TMT) + Pembrolizumab (Pembro) inPost-Platinum Advanced Mismatch Repair Proficient (pMMR)Endometrial Cancer (EC): Results From a Phase 2 Study(2870-002/SKB264-II-06)1259PSKB500B7H3 ADCposterES-SCLCph1SKB500 (a novel B7-H3–targeted antibody-drug conjugate) inpatients with extensive-stage small cell lung cancer (ES-SCLC):Results from a phase I study3816P信达生物：将以口头报告形式公布三项临床数据信达生物将以口头报告形式公布IBI3001（EGFR/B7H3 双抗ADC）治疗实体瘤的临床1 期数据，以快速口头报告方式公布IBI363/TAK-928（PD-1/IL-2α-bias双特异性融合蛋白）用于LUAC、G/GEJA 1L 治疗的两项临床研究数据。表2：信达生物常规摘要标题整理药物靶点类型适应症临床阶段题目编号IBI3001EGFR/B7H3 双抗ADCOral实体瘤ph1Safety and efficacy of IBI3001, an anti-EGFR/B7H3bispecific ADC, in patients (pts) with advanced solidtumors: Results of a multi-regional phase 1 study1001OIBI363/TAK-928PD-1/IL-2α-bias双特异性融合蛋白Rapid Oral IO 耐药无AGA LUACph1bIBI363 (TAK-928) plus bevacizumab (Bev) vs docetaxel (DTX)in patients (pts) with locally advanced or metastaticimmunotherapy (IO)-resistant lung adenocarcinoma (LUAC)without actionable genomic alterations: a randomizedphase Ib study1952ROIBI363/TAK-928PD-1/IL-2α-bias双特异性融合蛋白Rapid Oral G/GEJA 1L-IBI363 (TAK-928) plus XELOX as the first line (1L)treatment for advanced gastric or gastroesophagealjunction adenocarcinoma (G/GEJA)1008ROIBI363/TAK-928PD-1/IL-2α-bias双特异性融合蛋白posterNSCLC 1Lph1bIBI363 (TAK-928) plus chemotherapy as first line (1L)treatment for advanced non-small cell lung cancer (NSCLC):Update of a phase 1b study1044P康方生物：发布依沃西单抗和卡度尼利单抗多项临床数据康方生物将在ESMO 会议上以快速口头报告形式公布两项临床数据，包括依沃西单抗用于aRCC 1L 的临床1b/2 期研究，以及依沃西单抗联合化疗用于R/M 胸腺癌1L 的临床2 期研究，另外，仍有依沃西单抗和卡度尼利单抗多项临床数据将以海报形式公布。表3：康方生物常规摘要标题整理药物靶点类型适应症临床阶段题目编号IvonescimabPD-1/VEGF 双抗Rapid OralaRCC 1Lph1b/2Efficacy and Safety of AK112 (Ivonescimab), a PD-1/VEGFBispecific Antibody, as First-Line Treatment forPatients with IMDC Favorable-Risk Advanced Renal CellCarcinoma (aRCC): Results from a Phase Ib/II Study3592ROIvonescimabPD-1/VEGF 双抗Rapid OralR/M 胸腺癌1Lph2Ivonescimab plus chemotherapy as first-line treatmentin recurrent/metastatic thymic carcinoma: interimresults from the iTHYM phase II study4156ROIvonescimabPD-1/VEGF 双抗posterECph2A Phase 2 Study of Ivonescimab (PD1/VEGF bispecificantibody) For the Treatment of Endometrial Cancer (EC) 1266PIvonescimabPD-1/VEGF 双抗posterG/GEJA 2Lph2AK112 (PD-1/VEGF bispecific antibody) combined withlow-dose radiotherapy and nab-paclitaxel as second-linetherapy for advanced gastric or gastroesophagealjunction adenocarcinoma: a prospective, multicenter,phase II study2898PIvonescimabPD-1/VEGF 双抗postera/m ESCC 1Lph2Ivonescimab (AK112) Plus Chemotherapy as First- LineTreatment for Advanced or Metastatic EsophagealSquamous Cell Carcinoma: A Phase 2 Single- Arm Study2908PIvonescimabPD-1/VEGF 双抗posterGBMph1b/2Ivonescimab combined with dose-dense temozolomide inrecurrent glioblastoma: Preliminary results of efficacyand safety from a single-arm, phase Ib/II trial706PIvonescimabPD-1/VEGF 双抗posterNSCLC-Comparative VEGF-Related and Hemorrhagic Toxicity ofIvonescimab-Based Therapy in Randomized Phase III NSCLCTrials2649PIvonescimabPD-1/VEGF 双抗posterNSCLC（脑转移）-Intracranial Progression-Free Survival WithIvonescimab-Based Therapy in Advanced NSCLC WithBaseline Brain Metastases2711PIvonescimabPD-1/VEGF 双抗posterPC 新辅助ph2Neoadjuvant ivonescimab plusgemcitabine/nab-paclitaxel for borderline resectablepancreatic cancer: a prospective single-arm phase IItrial3161P卡度尼利单抗PD-1/CTLA4 双抗posterIO+TKI 经治的ccRCCph2Durable Antitumor Activity of Cadonilimab PlusLenvatinib After Frontline IO+TKI Failure in AdvancedClear Cell RCC: Updated Phase II CLEAR-IT Results3605P卡度尼利单抗PD-1/CTLA4 双抗poster恶性胸膜间皮瘤-Efficacy and Safety of Cadonilimab, a PD- 1/CTLA- 4Bispecific Antibody, Combined with Chemotherapy inUnresectable Malignant Pleural Mesothelioma4180P卡度尼利单抗PD-1/CTLA4 双抗poster软组织肉瘤2Lph2Cadonilimab plus Anlotinib in Patients with AdvancedSoft Tissue Sarcoma After Failure of Standard First-LineTherapy: A Prospective Phase II Trial3732P卡度尼利单抗PD-1/CTLA4 双抗posterESCCph2Cadonilimab Combined with Induction Chemotherapy andRadiotherapy in Locally Advanced Esophageal SquamousCell Carcinoma: A Phase II, Single-Arm Trial(EC-CRT-006)2900P卡度尼利单抗PD-1/CTLA4 双抗posterHER2+ G/GEJA 1Lph2The Efficacy and Safety of Cadonilimab plus Trastuzumaband SOX as First-line Treatment for AdvancedHER2-positive Gastric or Gastroesophageal JunctionAdenocarcinoma (G-COAST-01): A Prospective Phase IIStudy2913P三生制药：707 联合化疗治疗NSCLC 的临床2 期数据更新三生制药将在ESMO 会议上公布707 联合化疗治疗晚期NSCLC 的临床2 期研究的更新数据。表4：三生制药常规摘要标题整理药物靶点类型适应症临床阶段题目编号PD-1/VEGF 双抗posterNSCLCph2Phase 2 trial of the PD-1/VEGF bispecific antibody, PF-08634404(SSGJ-707), plus chemotherapy (chemo) in advanced NSCLC:updated results2660P泽璟制药：ZG006 和ZG005 的多个临床数据公布泽璟制药将在ESMO 会议上更新ZG005 用于治疗CC 1L 的临床1/2 期研究数据，以及ZG005 治疗NEC 1L 的临床1/2 期数据、ZG006 治疗SCLC/NECs 的临床1 期随访数据。百利天恒：Iza-bren 两项临床研究数据公布百利天恒将在ESMO 会议上以快速口头报告的形式公布Iza-bren 联合K 药用于治疗R/M HNSCC 的临床2 期研究数据，同时，将以海报形式公布Iza-bren 联合奥希替尼用于EGFRm la/m NSCLC 的临床2 期研究数据。
百济神州：公布多项创新分子临床数据百济神州将在ESMO 会议上以快速口头报告的形式公布GPC3/4-1BB 双抗BGB-B2033 用于晚期肝癌的临床1 期数据，同时将公布BGB-58067 和BGB-A445 的临床数据。表5：泽璟制药常规摘要标题整理药物靶点类型适应症临床阶段题目编号ZG005PD-1/TIGIT 双抗posterCCph1/2Long Term Follow-up Results from a Phase I/II Study of Nilvanstomig (ZG005),a Bispecific Antibody Targeting PD-1 and TIGIT, as Monotherapy in Patientswith Advanced Cervical Cancer1280PZG005PD-1/TIGIT 双抗posterCC 1Lph1/2Phase I/II Study of Nilvanstomig (ZG005) Combined with Chemotherapy withor without Bevacizumab as First-Line Treatment for Advanced CervicalCancer: Updated Results of Efficacy and Safety1282PZG005PD-1/TIGIT 双抗posterNEC 1Lph1/2Nilvanstomig (ZG005), an anti–PD-1/TIGIT bispecific antibody, plusetoposide and cisplatin as first-line treatment for advanced neuroendocrinecarcinoma (NEC): A randomized, multicenter, phase 1/2 study2404PZG006DLL3/DLL3/CD3TCEposterSCLC/NECsph1Updated Overall Survival Results from the Phase 1 Dose Escalation andExpansion Study of Alveltamig (ZG006), a Trispecific T Cell EngagerTargeting DLL3/DLL3/CD3, as Monotherapy in Patients with Refractory SmallCell Lung Cancer or Neuroendocrine Carcinoma with Longer Follow Up3826P表6：百利天恒常规摘要标题整理药物靶点类型适应症临床阶段题目编号Iza-bren EGFR/HER3 ADC Rapid OralR/M HNSCCph2Phase II Study of Izalontamab Brengitecan (iza-bren) PlusPembrolizumab in Patients with Recurrent or Metastatic Head andNeck Squamous Cell Carcinoma (R/M HNSCC)1542ROIza-bren EGFR/HER3 ADCposterEGFRm la/mNSCLCph2Phase II Study of Izalontamab Brengitecan (Iza-bren) plusOsimertinib in Patients with EGFR Mutant Locally Advanced orMetastatic Non-Small Cell Lung Cancer (NSCLC)2575P表7：百济神州常规摘要标题整理药物靶点类型适应症临床阶段题目编号BGB-B2033GPC3/4-1BB 双抗Rapid OralHCCph1Phase 1 study of BGB-B2033 (GPC3 x 4-1BB bispecific antibody)Monotherapy: First Disclosure of Dose Optimization (DO) andDose Escalation (DE) Update in Advanced HepatocellularCarcinoma (HCC)1679ROBGB-58067MTA/PRMT5posterMTAP 缺失肿瘤-First-in-human trial of BGB-58067, an MTA-Cooperative PRMT5Inhibitor, in MTAP-deficient advanced tumors1043PBGB-A445OX40 AgonistposterUC/RCC/黑色素瘤ph1b/2Phase 1b/2 Trial of BGB-A445 (OX40 Agonist) With or WithoutTislelizumab in Urothelial Carcinoma, Renal Cell Carcinoma, andMelanoma1980P科济药业：Satri-cel 治疗G/GEJC 临床数据公布科济药业的CLDN18.2 CAR-T 作为巩固疗法用于G/GEJC 适应症的临床1b 期研究数据将在今年ESMO 会议上发布。表8：科济药业常规摘要标题整理药物靶点类型适应症临床阶段题目编号satri-cel CLDN18.2 CAR-T posterG/GEJCph1bSatricabtagene autoleucel (satri-cel) as consolidation therapy followingadjuvant treatment for locally advanced gastric or gastroesophageal junctioncancer (G/GEJC): preliminary results from a phase Ib trial1056P和黄医药：将公布多项临床研究数据和黄医药将在ESMO 会议上公布多项临床研究数据，索凡替尼用于EP-NEC 1L 治疗的一项快速口头报告，以及索凡替尼用于胰腺癌、神经内分泌肿瘤、ES-SCLC 1L的临床研究数据；同时，将公布呋喹替尼在结直肠癌、OC、nccRCC 1L 适应症的多项临床数据。表9：和黄医药常规摘要标题整理药物靶点类型适应症临床阶段题目编号索凡替尼VEGFR-1/2/3,FGFR-1,CSF-1RRapid OralEP-NEC 1L-Latest efficacy and safety analysis of surufatinib combined withEP regimen and serplulimab as first-line treatment forextrapulmonary neuroendocrine carcinoma2394RO索凡替尼VEGFR-1/2/3,FGFR-1,CSF-1Rposter胰腺癌1Lph2Final phase 2 analysis of surufatinib plus camrelizumab,nab-paclitaxel and gemcitabine in first-line metastaticpancreatic cancer3156P索凡替尼VEGFR-1/2/3,FGFR-1,CSF-1RposterG2/G3 神经内分泌瘤ph2Efficacy and Safety of Surufatinib(Suru) in Combination withCAPTEM in Advanced G2/G3 Neuroendocrine Tumors: Results from aSingle-Arm, Phase II Trial2403P索凡替尼VEGFR-1/2/3,FGFR-1,CSF-1RposterMGMTlow 胰腺神经内分泌瘤1Lph1b/2Surufatinib plus S-1/temozolomide as first-line therapy inMGMT-low advanced pancreatic neuroendocrine tumours(SUSTEM-p): An open-label, single-centre phase Ib/II trial2411P索凡替尼VEGFR-1/2/3,FGFR-1,CSF-1RposterES-SCLC 1Lph1a/1bSurufatinib Plus Serplulimab, Etoposide, and Carboplatin asFirst-Line Treatment for Extensive-Stage Small Cell Lung Cancer(ES-SCLC): Updated Results from a Single-Arm, Phase Ia/Ib Trial3831P呋喹替尼VEGFR-1/2/3poster结直肠癌-Updated results from a fruquintinib Expanded Access Program forpatients with previously treated metastatic colorectal cancer848P呋喹替尼VEGFR-1/2/3poster铂耐药复发OCph2Phase II Study of Fruquintinib Plus Utidelone inPlatinum-Resistant Recurrent Ovarian Cancer (FRUTD Trial)1283P呋喹替尼VEGFR-1/2/3posternccRCC 1Lph2First-Line Fruquintinib Plus Serplulimab for MetastaticNon-Clear Cell Renal Cell Carcinoma: Updated Results From thePhase II FRONTIER Study3614P
恒瑞医药：将公布多个创新分子的临床数据恒瑞医药将在ESMO 会议上公布多项临床研究数据，SHR-A2102（Nectin-4 ADC）用于R/M CC 的临床2 期数据将以快速口头报告形式公布，以及SHR-9839（EGFR/c-MET 双抗）、SHR-4394（PSMA ADC）、SHR-A2009（HER3 ADC）、SHR-4849（DLL3 ADC）、SHR-7787（DLL3 TCE）和HRS-4642（KRAS G12D）等分子的临床数据。表10：恒瑞医药常规摘要标题整理药物靶点类型适应症临床阶段题目编号SHR-A2102Nectin-4 ADCRapid OralR/M CCph2SHR-A2102, a novel nectin-4-targeted antibody-drugconjugate, in patients with recurrent or metastaticcervical cancer: results from a phase 2 study1244ROSHR-8068CTLA-4 抗体posterBTC 1Lph2A randomized, open-label, multicenter phase II study ofSHR-8068 plus adebrelimab and gemcitabine/cisplatin (GC) asfirst-line treatment for advanced biliary tract cancer(BTC)467PSHR-9839EGFR/c-MET 双抗poster实体瘤ph1A Phase I, Open-label, Multicenter Study of SHR-9839, anEGFR/c-MET Bispecific Antibody, Administered Intravenouslyor Subcutaneously in Patients with Advanced Solid Tumors1031PSHR-A1811HER2 抗体posterHER2+ BCph1b/2Updated results of SHR-A1811 plus pertuzumab in humanepidermal growth factor receptor 2-positive (HER2+)unresectable/metastatic breast cancer: a phase 1b/2 study1778PSHR-A1811HER2 抗体posterHER2+ NSCLCph1b/2SHR-A1811 ± adebrelimab (Adebre) for HER2-overexpressingadvanced NSCLC: results from a phase 1b/2 study2662PSHR-A2102Nectin-4 ADCposterHR+/HER2- BCph1SHR-A2102, a Nectin-4–directed antibody drug conjugate(ADC), in pretreated HR+/HER2- advanced breast cancer(aBC): results from a phase 1 study1847PSHR-A2102Nectin-4 ADCposterEGRF TKI 失败EGFRm NSCLCph2SHR-A2102, a Nectin-4 ADC, Combined with EGFR-TKI inEGFR-Mutated Advanced Non-Small Cell Lung Cancer (NSCLC)After EGFR-TKI Failure: A Multicenter, Open-Label, Phase IITrial2634PSHR-4394PSMA ADCposterPCph1A Phase 1 Study of SHR-4394, a PSMA-targeted Antibody-drugConjugate, in Patients with Prostate Cancer.2228PSHR-1826c-MET ADCposternsqNSCLCph2Phase 2 study of SHR-1826, a c-MET directedantibody-drug-conjugate, combined with PD-L1 inhibitor andCTLA-4 inhibitor in previously treated advanced/metastaticnon-squamous NSCLC2659PSHR-A2009HER3 ADCposterNSCLCph1b/2SHR-A2009 plus adebrelimab (Adebre) with or withoutbevacizumab (Bev) for pretreated NSCLC: a phase 1b/2 study2663PSHR-A1904CLDN18.2 ADCposterCLDN18.2+GC/GEJC 1Lph1b/3SHR-A1904 plus adebrelimab with/without 5-FU as 1L therapyfor CLDN18.2+ advanced GC/GEJC: data from a phase Ib/IIIstudy2912PSHR-4849/IDE849DLL3 ADCposterSCLC/NECsph1SHR-4849 (IDE849), an ADC targeting delta-like ligand 3(DLL3), in relapsed small cell lung carcinoma (SCLC) andother neuroendocrine carcinomas (NECs): long-term resultsfrom the phase 1 study3815PSHR-7787DLL3 TCEposterSCLC/NECsph1/2SHR-7787, a DLL3-targeted bispecific T-cell engager, inrelapsed small-cell lung cancer (SCLC) and neuroendocrinecarcinoma (NEC): results from a phase 1/2 trial3825PHRS-7058KRAS G12CposterKRAC G12Cm 实体瘤ph1Long-term results from the phase 1 study of HRS-7058, a KRASG12C inhibitor (G12Ci), in advanced solid tumors with KRASG12C mutation1061PHRS-4642KRAS G12DposterKRAS G12DmPDACph1b/2A Phase Ib/II Study of HRS-4642 plus Nimotuzumab in Patientswith KRAS G12D-Mutant Advanced Pancreatic DuctalAdenocarcinoma3150PHRS-4642KRAS G12Dposter胰腺癌ph2HRS-4642 with dual immunotherapy and chemotherapy foradvanced pancreatic cancer: Preliminary results from Arm 1of a phase II study3157PHRS-4642KRAS G12DposterKRAS G12Dm胰腺癌ph2Perioperative HRS-4642, Chemotherapy, and Adebrelimab inKRAS G12D-Mutant Pancreatic Cancer: Preliminary Phase 2Results3165PHRS-4642KRAS G12DposterKRAS G12DmNSCLC 1Lph1b/2HRS-4642 Combined with Adebrelimab and Chemotherapy asFirstline Treatment for KRAS G12D Mutant Advanced Non-smallCell Lung Cancer: A Phase 1b/2 Study2653P映恩生物：发布DB-1311 和DB-1310 的临床数据映恩生物将在ESMO 会议上以口头报告的方式公布DB-1311（B7H3 ADC）联合pumitamig（PD-L1/VEGF-A 双抗）用于实体瘤治疗的临床2 期数据，以及DB-1311用于PROC 的临床2 期数据、DB-1310（HER3 ADC）用于HR+/HER2- BC 的数据。表11：映恩生物常规摘要标题整理药物靶点类型适应症临床阶段题目编号DB-1311B7H3 ADCOral实体瘤ph2Elfetabart drozuntecan (Elfe-D; DB-1311/BNT324 [B7H3 ADC]) +pumitamig (PD-L1 x VEGF-A bsAb) in patients with advanced solidtumors: First results from a global phase 2 trial999ODB-1311B7H3 ADCposterPROCph2Elfetabart drozuntecan (Elfe-D; DB-1311/BNT324 [B7H3 ADC]) inpatients with platinum-resistant ovarian cancer (PROC): Efficacy andsafety data from a Phase 2 dose optimization cohort1255PDB-1310HER3 ADCposterHR+/HER2- BCph1/2aEfficacy, safety, and biomarker analysis of DB-1310 (HER3-targetedADC) in pretreated HR+/HER2- breast cancer: Updated global phase 1/2atrial1846P维立志博：将公布LBL-034 和LBL-024 治疗多个适应症临床数据维立志博将在ESMO 会议以口头报告的形式公布LBL-034（GPRC5D/CD3 TCE）用于R/R MM 的临床1 期研究数据、LBL-024（PD-L1/4-1BB 双抗）用于神经内分泌瘤1L的临床1b/2 期数据，LBL-024 多个适应症的临床数据将以海报形式发布。表12：维立志博常规摘要标题整理药物靶点类型适应症临床阶段题目编号LBL-034GPRC5D/CD3 TCEOralRR MMph1A first-in-human phase I study of LBL-034, a GPRC5D/CD3 bispecificantibody, in relapsed/refractory multiple myeloma (RRMM)1456OLBL-024 PD-L1/4-1BB 双抗Oral神经内分泌瘤1Lph1b/2Opamtistomig (LBL-024), a novel PD-L1×4-1BB bispecific antibody,combined with chemotherapy as first-line treatment for advancedextrapulmonary neuroendocrine carcinoma: results from a phase Ib/II trial2392OLBL-024 PD-L1/4-1BB 双抗posterBTC 1Lph2Promising preliminary phase II clinical activity of opamtistomig(LBL-024), a PD-L1×4-1BB bispecific antibody, plusgemcitabine–cisplatin in first-line advanced biliary tract cancer472PLBL-024 PD-L1/4-1BB 双抗posterMSS CRC-Efficacy evaluation and mechanistic validation of opamtistomig (LBL-024),a PD-L1×4-1BB bispecific antibody in immunologically cold MSS colorectalcancer426PLBL-024 PD-L1/4-1BB 双抗posterEP-NEC-Efficacy of systemic therapies across lines in EP-NEC: Meta-analysis withcontextualization of opamtistomig (LBL-024)2426P
迈威生物：9MW2821 将以快速口头报告形式公布用于la/m TNBC的临床2 期数据表13：迈威生物常规摘要标题整理药物靶点类型适应症临床阶段题目编号9MW2821Nectin-4 ADC Rapid Oral la/mTNBCph2Bulumtatug Fuvedotin (BFv, 9MW2821), a Nectin-4–Directed Antibody-DrugConjugate (ADC), in Patients with Locally Advanced or Metastatic TripleNegative Breast Cancer (la/mTNBC) Previously Treated with TopoisomeraseI Inhibitor (TopI)-Based ADCs: Results from a Phase 2 Study4640RO石药集团：将公布多项临床数据石药集团将在ESMO 会议上以快速口头报告形式公布SYS6043（B7H3 ADC）和JMT108（PD-1/IL-15 双特异性融合蛋白）的临床数据。表14：石药集团常规摘要标题整理药物靶点类型适应症临床阶段题目编号SYS6043B7H3 ADCRapid OralaBC-Safety and efficacy of SYS6043, a Novel B7-H3–Targeting Antibody-DrugConjugate, in Patients with Advanced breast cancer5ROJMT108PD-1/IL-15 双特异性融合蛋白Rapid Oral 实体瘤ph1/2JMT108, a novel anti-PD-1/IL-15 bifunctional fusion protein, in patientswith advanced solid tumors: results from a first-in-human phase I/II study 1009ROSYS6023HER3 ADCposter实体瘤-First-in-human study of SYS6023 in patients (pts) with malignant solidtumors1028P基石药业：将公布CS2009 两项临床研究数据基石药业将以快速口头报告形式公布PD-1/VEGF/CTLA-4 三抗CS2009 在NSCLC 和mCRC 适应症中的临床研究数据。表15：基石药业常规摘要标题整理药物靶点类型适应症临床阶段题目编号CS2009 PD-1/VEGF/CTLA-4 三抗Rapid OralNSCLCph2A phase 2 study of CS2009, a first-in-class PD-1/VEGF/CTLA-4 trispecificantibody, in patients with advanced non-small cell lung cancer (NSCLC)2616ROCS2009 PD-1/VEGF/CTLA-4 三抗Rapid OralmCRCph1/2Safety and efficacy of CS2009, a first-in-class PD-1/VEGF/CTLA-4trispecific antibody, in metastatic colorectal cancer (mCRC): Results froma phase 1/2 study1953RO中国生物制药：将公布多项临床研究数据中国生物制药将在ESMO 会议上以快速口头报告形式公布TQB2102（HER2 双抗）治疗HER2+ G/GEJC 1L 的临床2 期数据，以及FS222（CD137/PD-L1 双抗）治疗黑色素瘤的临床数据。表16：中国生物制药常规摘要标题整理药物靶点类型适应症临床阶段题目编号TQB2102HER2 双抗Rapid OralHER2+G/GEJC 1Lph2TQB2102, a Novel HER2 Bispecific Antibody-Drug Conjugate, Combined withBemotrizumab with or without Capecitabine as First-Line Therapy forHER2-Positive Advanced Gastric/Gastroesophageal Junction Cancer: APhase II Study2876ROFS222 PD-L1/CD137 双抗Rapid Oral PD-1 耐药黑色素瘤ph1Phase 1 dose expansion of a tetravalent CD137/PD-L1 bispecific antibody(FS222) in PD-1 inhibitor- resistant melanoma patients.2075ROTQB2868 PD-1/TGFβ双特异性融合蛋白posterPDAC 1Lph2TQB2868 Plus Nab-Paclitaxel/Gemcitabine ± Anlotinib as First-LineTherapy for Metastatic Pancreatic Ductal Adenocarcinoma: A ProspectiveMulticenter Two-Cohort Phase II Study3169P康宁杰瑞制药：将公布多项临床研究数据表17：康宁杰瑞制药常规摘要标题整理药物靶点类型适应症临床阶段题目编号JSKN033 HER2/PD-L1 复方制剂Rapid OralCC-JSKN033, a first-in-class subcutaneous (SC)-injected fixed-dosecombination (FDC) of biparatopic anti-HER2 ADC and PD-L1 inhibitor, inpre-treated cervical cancer1243ROJSKN003HER2 ADCposterPROC-Biparatopic Anti-HER2 Antibody Drug Conjugate (ADC) JSKN003 inPlatinum-Resistant Ovarian Cancer (PROC): updated Overall Survival(OS) Analysis from Two Early-Phase Studies After Median Follow-Up (mFU)of 20.5 Months1253PJSKN003HER2 ADCposterHER2+ a/mGA/GEJA 1L-First-line (1L) JSKN003-based treatment combinations for HER2-positiveadvanced or metastatic (a/m) gastric or gastroesophageal junctionadenocarcinoma (GA/GEJA)2927PKN035PD-L1 抗体posterMSI-H/dMMR实体瘤ph2Efficacy and Safety of Envafolimab, a novel subcutaneous anti-PD-L1inhibitor, in patients with advanced MSI-H/dMMR solid tumors: finalresults from the pivotal Phase II study（KN035-CN-006）1972P复宏汉霖：将公布多项临床研究数据表18：复宏汉霖常规摘要标题整理药物靶点类型适应症临床阶段题目编号斯鲁利单抗PD-1 抗体Rapid OralES-SCLC-Randomized trial of serplulimab or atezolizumab plus chemotherapy inUSA patients with extensive-stage small cell lung cancer (ASTRIDE) 3809ROHLX43PD-L1 ADCposterGCph2Efficacy and safety of HLX43 in previously treated advanced gastriccancer: a randomized phase 2 study2903P斯鲁利单抗PD-1 抗体posterPD-L1+食管鳞状细胞癌ph3Health-related quality of life in the phase 3 ASTRUM-007 study ofserplulimab or placebo plus chemotherapy for PD-L1-positiveoesophageal squamous cell carcinoma2905P斯鲁利单抗PD-1 抗体posternsqNSCLCph3Health-related quality of life in the phase 3 trial ASTRUM-002 ofserplulimab plus chemotherapy with or without HLX04 for nonsquamousnon-small cell lung cancer2654P斯鲁利单抗PD-1 抗体posterpMMR 局部晚期中低表达直肠癌新辅助-Serplulimab Combined with CAPOX and Celecoxib as Neoadjuvant Therapyfor Proficient Mismatch Repair Locally Advanced Mid-to-Low RectalCancer (SCAR)3544P斯鲁利单抗PD-1 抗体posterES-SCLC 1Lph1a/1bSurufatinib Plus Serplulimab, Etoposide, and Carboplatin as First-LineTreatment for Extensive-Stage Small Cell Lung Cancer (ES-SCLC):Updated Results from a Single-Arm, Phase Ia/Ib Trial3831PHLX07EGFR 抗体posterRAS/BRAFwtLARCph2Neoadjuvant short-course radiotherapy followed by HLX07, serplulimab,and CAPOX in RAS/BRAF wild-type locally advanced rectal cancer (LARC):A multicenter, single-arm, phase II trial3537P英矽智能：以快速口头报告形式公布ISM6331（pan-TEAD）临床数据表19：英矽智能常规摘要标题整理药物靶点类型适应症临床阶段题目编号ISM6331pan-TEADRapid Oral实体瘤ph1First-in-human Multicenter Phase 1 Study of ISM6331, an AI-DesignedPan-TEAD Inhibitor, in Patients with Mesothelioma or Other AdvancedSolid Tumors1004RO翰森制药：将公布多个临床研究数据翰森制药将以口头报告形式公布HS-20122（EGFR/cMET 双抗）治疗实体瘤的临床数据，并以海报形式公布HS-20108（SEZ6 ADC）、Ris-Rez（B7H3 ADC）的临床研究数据。表20：翰森制药常规摘要标题整理药物靶点类型适应症临床阶段题目编号HS-20122 EGFR/cMET 双抗Oral实体瘤-HS-20122, a Novel EGFR/cMET Bispecific Antibody Drug Conjugate, in AdvancedSolid Tumors1000OHS-20108SEZ6 ADCposter实体瘤ph1Phase 1 Study of HS-20108, a SEZ6 Targeting Antibody-Drug Conjugate, inPatients with Advanced Solid Tumors3814PRis-RezB7H3 ADCposter实体瘤-Pooled analysis of interstitial lung disease (ILD) cases among patients(pts) with advanced solid tumours who received Risvutatug Rezetecan(Ris-Rez) monotherapy1068PRis-RezB7H3 ADCposter实体瘤-EMBOLD PanTumor-101: Safety and efficacy of Risvutatug Rezetecan (Ris-Rez)monotherapy during dose escalation in a global patient population withadvanced/metastatic (A/M) solid tumours (ST)1071PRis-RezB7H3 ADCposter RS-SCLC-EMBOLD PanTumor-101: Risvutatug Rezetecan (Ris-Rez) dose optimisation inpatients with extensive-stage small cell lung cancer (ES-SCLC)3841P齐鲁制药：将公布多项临床研究数据表21：齐鲁制药常规摘要标题整理药物靶点类型适应症临床阶段题目编号Iparomlimab/QL1706PD-1 单抗，PD-1/CTLA4 双抗Rapid Oral R/M CC 1Lph3Iparomlimab and tuvonralimab (QL1706) plus chemotherapy with or withoutbevacizumab as first-line treatment for persistent, recurrent, ormetastatic cervical cancer (R/M CC): Results from a double-blind,randomized, placebo-controlled phase 3 trial1240ROQLP2117CCR8 抗体Oral实体瘤ph1b/2 Phase 1b/2 study of anti-CCR8 antibody QLP2117 plus anti-PD-1 antibodyQL2107 in patients (pts) with advanced solid tumors1949OQLC5508/MHB088CB7H3 ADCposter实体瘤ph1/2Safety and Efficacy of QLC5508 (MHB088C) in patients (pts) with solidtumors: data from a phase 1/2 trial1053PIparomlimab/QL1706PD-1 单抗，PD-1/CTLA4 双抗posterBTC 1Lph2Iparomlimab and Tuvonralimab (QL1706) Combined with Lenvatinib andGEMOX as First-line Treatment for Advanced Biliary Tract Cancer(SPRING): A Multi-Center, Single-arm, Phase 2 Study470PQL1706PD-1/CTLA4 双抗poster阴茎鳞状细胞癌ph2QL1706 plus disitamab vedotin in platinum-refractory orplatinum-intolerant unresectable locally advanced or metastatic penilesquamous cell carcinoma: BRIGHT-01, a prospective phase II study1211PIparomlimab/QL1706PD-1 单抗，PD-1/CTLA4 双抗posterla HNSCC 新辅助-Neoadjuvant Iparomlimab and Tuvonralimab (PD-1/CTLA-4 bifunctionalantibody) Combined With Chemotherapy in Locally Advanced Head and NeckSquamous Cell Carcinoma1576PQL1706PD-1/CTLA4 双抗posterHCC 新辅助ph2Neoadjuvant QL1706 (Iparomlimab-Tuvonralimab) Plus Lenvatinib forPotentially Resectable Hepatocellular Carcinoma: Preliminary Resultsfrom an Exploratory Phase II Study1682PIparomlimab/QL1706PD-1 单抗，PD-1/CTLA4 双抗poster晚期NSCLC新辅助ph2A Phase II Study of Neoadjuvant SBRT Sequentially Combined withIparomlimab and Tuvonralimab Followed by Adjuvant Iparomlimab andTuvonralimab in Patients with Resectable Driver Gene-Negative StageIIA–IIIB NSCLC2570PQL1706PD-1/CTLA4 双抗poster胰腺癌1L-Efficacy and Safety of QL1706 Combined with Chidamide, Nab-Paclitaxel,and Gemcitabine as First-Line Treatment for Metastatic PancreaticCancer: A Prospective, Single-Arm Clinical Trial3155P表22：2026 年ESMO 会议常规摘要标题整理公司药物靶点类型适应症临床阶段题目编号
海思科HSK41959MTA/PRMT5posterMTAP 缺失实体瘤ph1First-in-human phase I study of HSK41959, an MTA-cooperative PRMT5inhibitor, in patients with MTAP-deleted advanced solid tumors1042P
荣昌生物RC148/ABBV-1480PD-1/VEGF 双抗poster无AGA NSCLC1L/2Lph1/2RC148 (ABBV-1480) monotherapy or in combination with docetaxel infirst- or second-line advanced non-small-cell lung cancer (NSCLC)without actionable genomic alterations (AGA): updated results froma Phase 1/2 study2669PRC118CLDN18.2 ADCposterG/GEJAph2RC118 combined with RC148 (ABBV-1480) for advancedgastric/gastroesophageal junction adenocarcinoma (G/GEJA): updatedresults from a randomized phase 2 trial2910PDisitamabVedotinHER2 ADCpostera/m 胰腺癌ph2Disitamab Vedotin in HER2-Expressing Locally Advanced or MetastaticPancreatic Cancer: A Prospective, Single-Arm, Phase II Clinical Trial3145PDisitamabVedotinHER2 ADCposterHER2low BCLMph3A randomized phase 3 study of disitamab vedotin (DV) versuschemotherapy (chemo) in HER2-low advanced breast cancer: overall andthe liver metastasis (BCLM) subgroup results10PDisitamabVedotinHER2 ADCposterHER2+ G/GEJAph2Perioperative Disitamab Vedotin plus Sintilimab and XELOX forResectable HER2-overexpression Gastric/Gastroesophageal JunctionAdenocarcinoma: A Phase II Study2887PDisitamabVedotinHER2 ADCposter HER2+ MIBC 新辅助ph2A Phase II Multicenter Study of Neoadjuvant Disitamab Vedotin Combinedwith Gemcitabine in MIBC Patients with HER2 2 3+: Interim PrognosticOutcomes4748P
诺诚健华奥布替尼BTKposterMZL 1Lph2A Phase II Trial of Orelabrutinib Combined with New CD20 MonoclonalAntibody in Previously Untreated Marginal Zone Lymphoma: AMulticenter, Single-Arm Study (ZOOM Trial) Results Update1465P奥布替尼BTKposterMCLph2Orelabrutinib, Lenalidomide, and Rituximab as Frontline Therapy forMantle Cell Lymphoma: Results of the Phase II POLARIS Study1467P
华东医药HDM2005ROR1 ADCposterNHLph1Updated Results from a Phase I Study of HDM2005, a ROR1-targetingAntibody Drug Conjugate, in non-Hodgkin lymphoma1469PHDM2005ROR1 ADCpostermCRPCph1A Phase I Study of HDM2005, a ROR1-targeting Antibody Drug Conjugate,in Patients with Metastatic Castration-resistant Prostate Cancer2236P
君实生物特瑞普利单抗PD-1 抗体posterLA-HNSCCph2A Phase II Clinical Study of Toripalimab Maintenance Therapy forHigh-Risk Locally Advanced Head and Neck Squamous Cell Carcinoma(LA-HNSCC) following a Complete Response (CR) to Standard of Care(SOC)1545P特瑞普利单抗PD-1 抗体posterLA-HNSCC 新辅助ph2Neoadjuvant SBRT Sequential Tislelizumab in Locally Advanced Head andNeck Squamous Cell Carcinoma: A Single-Arm Phase II Trial (NEOSTART)1558P特瑞普利单抗PD-1 抗体posterLA-NPC 新辅助-Neoadjuvant Tislelizumab Plus Chemotherapy Followed by AdjuvantTislelizumab for Locally Advanced Nasopharyngeal Carcinoma: updatedanalysis1577P特瑞普利单抗PD-1 抗体poster 晚期EGFRm NSCLC新辅助ph2Neoadjuvant toripalimab plus chemotherapy in resectable stage II-IIIBNSCLC with EGFR common mutations: preliminary analysis of amulticenter phase II study2579PJS207PD-1/VEGF 双抗posterNSCLC 1Lph2A phase 2 trial of JS207 (PD-1/VEGF bispecific antibody) pluschemotherapy as first-line therapy for advanced non-small cell lungcancer (NSCLC)2646PJS105PI3KαposteraBCph1b/2A Phase 1b/2 Study of JS105 in Combination with Dalpiciclib andFulvestrant in Patients with Advanced Breast Cancer1849P
信立泰JK065T4 ADCposter实体瘤ph1b/2A Phase 1b/2 Study of JK06, a 5T4-Targeted Antibody Drug Conjugate(ADC), in Patients with Unresectable Locally Advanced or MetastaticCancer1013P再鼎医药ZL-1310DLL3 ADCposterES-SCLCph1b/1c ZL 1310 (DLL3 ADC) plus Atezolizumab ± Carboplatin in extensive-stagesmall cell lung cancer: Part 1b/1c results from Study ZL 1310 0013817P宜联生物YL211c-MET ADCposter实体瘤ph1Phase 1 First-in-Human (FIH) Results of YL211, a c-Met targetingAntibody-Drug Conjugate (ADC), in patients (pts) with Advanced SolidTumors1017PYL201B7H3 ADCposter实体瘤ph1/2Tambotatug Pelitecan (YL201): Analyses of interstitial lung diseasein patients with advanced solid tumours from Phase 1/2 studies1057PYL202/BNT326HER3 ADCposter HR+/HER2-/low BC-Clinical outcomes of YL202/BNT326 (HER3 ADC) in advanced/metastaticHR+/HER2-null/low breast cancer (BC) in chemotherapy (chemo)-naïveand exposed patients (pts)1881PYL201B7H3 ADCposterla/m NSCLCph1Tambotatug pelitecan (YL201): Efficacy and safety in locallyadvanced/metastatic NSCLC from a phase 1 study2577P德琪医药ATG-037CD73poster CPI 耐药黑色素瘤-Efficacy and safety of ATG-037, an oral CD73 inhibitor, pluspembrolizumab in patients with checkpoint inhibitor (CPI) resistantmelanoma: Updated results from the STAMINA-01 trial.2087PATG-022CLDN18.2 ADCposterG/GEJCph2ATG-022, a Claudin 18.2 ADC, in Advanced Gastric and GastroesophagealJunction Cancer (CLINCH): Phase 2 Results2886P新股上市跟踪近期A 股/H 股医药板块新股上市情况跟踪表23：近期A 股/H 股医药板块新股上市情况跟踪证券代码公司简称上市进展920176.BJ
维琪科技
7 月13 日网上申购
公司主要从事以皮肤活性多肽为核心、以中国特色植物原料等为补充、以关键性一般添加剂原料为拓展的化妆品原料的研发、生产和销售；同时公司依托在化妆品原料创新研发和应用方面的优势，延伸化妆品原料业务链条，为客户提供化妆品成品的设计、研发和制造，以及提供定制化原料开发等相关服务。经过十余年的发展，公司已形成较为完备的原料创新研发、皮肤解决方案定制、成品智造等全链条产品和服务体系，将继续践行“用创新科技满足人类对美丽和健康的追求”的使命，坚持以技术创新驱动企业发展，打造中国化妆品原料品牌，致力于成为国内化妆品原料市场的领军企业。688806.SH
泰诺麦博
7 月14 日中签结果
公司成立于2015 年，是一家面向全球市场、致力于血液制品替代疗法的创新生物制药企业。公司以“创造临床价值”为导向，秉持差异化创新和竞争战略，致力于全人源单抗新药的开发、制造、商业化及全球特异性血液制品的潜在替代，以满足广泛的临床需求，造福病患。其中，公司核心产品斯泰度塔单抗注射液(即“重组抗破伤风毒素全人源单克隆抗体TNM002”，商品名：新替妥) 于2025 年2 月在中国获批上市，为全球同类首创(First-in-Class)的重组抗破伤风毒素单克隆抗体药物，被中国CDE 认定为突破性治疗药物并纳入优先审评程序(亦为抗感染领域首个被认定为突破性治疗药物的国产创新生物药)、被美国FDA纳入快速通道(Fast Track)资格，在破伤风预防领域具有全球领先的革新性意义。公司另一核心产品“重组抗呼吸道合胞病毒全人源单克隆抗体TNM001”为潜在的全球第三、我国首款适用于健康及高危婴幼儿的预防用长效抗RSV 单抗药物，TNM001 正在进行临床III 期试验。在商业化方面，公司已建立一支拥有专业背景、丰富经验、大中型医药企业工作经历的商业化团队。未来，公司将依托科学、高效、数字化的完整销售体系和销售经验丰富的专业营销团队持续执行覆盖宽地域、多渠道的市场拓展规划，结合产品的核心优势完成上市后放量销售。本周行情回顾本周全部A 股下跌6.66%（总市值加权平均），沪深300 下跌5.26%，中小板指下跌7.27%，创业板指下跌10.78%，生物医药板块整体下跌0.57%，生物医药板块表现强于整体市场。分子板块来看，化学制药下跌1.56%，生物制品下跌2.50%，医疗服务下跌2.22%，医疗器械下跌0.64%，医药商业上涨3.33%，中药上涨5.23%。个股方面，涨幅居前的是
哈药股份（58.16%）、
万邦医药（47.45%）、
九安医疗（34.69%）、
陇神戎发（33.73%）、
迪哲医药-U（31.35%）、
生物谷（30.09%）、
新赣江（26.79%）、
珍宝岛（26.15%）、
片仔癀（25.27%）、
博瑞医药（23.37%）。跌幅居前的是
欧林生物（-31.48%）、*ST 香雪（-29.99%）、
华康洁净（-26.20%）、
前沿生物-U（-23.26%）、
科源制药（-21.44%）、
康众医疗（-20.41%）、
纳微科技（-19.45%）、
迈得医疗（-19.09%）、
皓元医药（-18.89%）、
诺思兰德（-18.63%）。本周恒生指数上涨1.60%，港股医疗保健板块下跌1.85%，板块相对表现弱于恒生指数。分子板块来看，制药板块下跌2.04%，生物科技下跌6.05%，医疗保健设备上涨1.03%，医疗服务上涨2.33%。市场表现居前的是（仅统计市值50 亿港币以上）真健康医疗-B（74.00%）、维立志博-B（29.21%）、
昭衍新药（16.93%）、林清轩（16.03%）、巨子生物（11.45%）；跌幅居前的是德适-B（-36.94%）、英派药业-B（-28.15%）、歌礼制药-B（-25.07%）、
东阳光药（-24.49%）、微创机器人-B（-20.77%）。图1：申万一级行业一周涨跌幅（%）表24：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哈药股份58.16%欧林生物-31.48%万邦医药47.45%*ST 香雪-29.99%九安医疗34.69%华康洁净-26.20%陇神戎发33.73%前沿生物-U-23.26%迪哲医药-U31.35%科源制药-21.44%生物谷30.09%康众医疗-20.41%新赣江26.79%纳微科技-19.45%珍宝岛26.15%迈得医疗-19.09%片仔癀25.27%皓元医药-18.89%博瑞医药23.37%诺思兰德-18.63%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）32.27x，全部A 股（申万A 股指数）市盈率22.15x。分板块来看，化学制药40.19x，生物制品41.65x，医疗服务27.68x，医疗器械35.89x，医药商业17.67x，中药23.75x。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。凯莱英：公司是全球领先、技术驱动型的一站式CDMO 综合服务商，为中国第二大化学药物CDMO 企业。公司以化学小分子CDMO 业务为基石，逐步拓展业务边界，技术创新能力行业领先，研发费用率长期居于行业领先水平，服务辉瑞、默沙东等全球超1100 家客户。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。美好医疗：公司作为快速崛起的器械组件龙头，已具备提供医疗器械组件及产品开发的全流程服务的能力，目前基石业务为家用呼吸机组件和人工植入耳蜗组件，作为平台型企业，公司业务拓展能力突出，已拓展至其他医疗器械产品组件和家用及消费电子组件。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。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。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。泽璟制药：公司是一家集合创新药研发、生产和商业化能力于一体的生物医药企业，拥有小分子药物、重组蛋白生物新药、抗体新药研发平台，基于平台的研发优势，共有4 款产品获批上市，十余款产品在研。在研产品主要布局在肿瘤、出血及血液疾病、免疫炎症性疾病和肝胆疾病等领域。核心产品ZG006 在后线SCLC 中推进至注册性临床阶段，并与艾伯维达成超过10 亿美金的全球合作协议，仍有多款创新分子处于临床及临床前研发阶段。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。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，三个适应症于2025 年进入医保。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。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）25A26E27E28E25A26E27E28E25A26E300760.SZ迈瑞医疗医疗器械1,81281.483.394.3107.622.321.819.216.821.4%2.2300832.SZ新产业医疗器械16.218.221.124.421.919.516.814.517.7%1.3688212.SH
澳华内镜医疗器械0.10.71.0-315.153.135.4-0.9%-688161.SH
威高骨科医疗器械2.73.23.84.532.427.222.719.46.5%1.5688271.SH联影医疗医疗器械18.724.328.033.148.737.432.527.58.7%1.8688050.SH
爱博医疗医疗器械2.74.15.05.929.819.616.013.69.6%0.7301363.SZ美好医疗医疗器械2.84.04.75.648.234.028.924.47.6%1.3688236.SH
春立医疗医疗器械2.73.74.5-18.113.511.0-9.1%-300049.SZ
福瑞医科医疗器械1.52.83.6-68.937.929.4-7.8%-300463.SZ
迈克生物医疗器械(0.4)3.54.2-(153.1)15.512.9--0.6%-300685.SZ艾德生物医疗器械3.63.84.5-19.018.015.2-17.6%-688358.SH
祥生医疗医疗器械1.21.82.0-27.718.316.0-8.4%-688029.SH
南微医学医疗器械5.76.77.89.424.521.018.014.913.8%1.2603301.SH
振德医疗医疗器械2.65.05.7-85.745.139.1-4.6%-688626.SH
翔宇医疗医疗器械0.81.31.7-89.553.841.4-3.8%-605369.SH
拱东医疗医疗器械0.51.92.1-70.819.317.1-3.1%-300633.SZ开立医疗医疗器械2.03.34.25.340.724.719.315.16.0%0.6688617.SH惠泰医疗医疗器械8.210.914.017.535.226.520.716.526.6%0.9688114.SH华大智造医疗器械(2.2)1.52.9-(90.1)133.568.1--2.9%-002223.SZ鱼跃医疗医疗器械14.823.727.8-18.511.59.9-11.2%-300677.SZ英科医疗医疗器械10.123.629.634.527.811.99.58.15.5%0.2002653.SZ海思科化学制药2.64.98.211.5307.5163.297.569.26.1%2.5000513.SZ丽珠集团化学制药20.220.823.727.612.311.910.59.014.6%1.1688266.SH泽璟制药-U化学制药(1.6)3.52.42.9(211.4)98.1142.9118.8-15.1%-0.4688443.SH智翔金泰-U生物药(5.4)(3.6)(0.2)1.3(16.2)(23.9)(435.1)65.4-33.8%0.1688278.SH特宝生物生物药10.312.917.222.022.818.213.610.729.9%0.6000999.SZ华润三九中药34.240.848.6-12.210.38.6-15.4%-688046.SH药康生物生命科学与工业上游1.41.92.42.566.751.440.038.86.4%2.6301080.SZ百普赛斯生命科学与工业上游1.72.53.13.749.033.026.022.06.2%1.1688293.SH奥浦迈生命科学与工业上游0.40.71.01.2176.799.674.460.42.0%2.3603259.SH药明康德CXO3,592191.9167.0196.8223.018.721.518.316.124.0%4.2000739.SZ普洛药业CXO8.910.311.512.925.622.119.817.714.1%1.7603127.SH昭衍新药CXO3.04.54.87.2109.773.467.645.63.6%2.2301096.SZ百诚医药CXO(0.9)0.91.2-(50.3)52.839.2--3.6%-688222.SH成都先导CXO1.11.52.02.4108.782.160.749.87.3%2.8002821.SZ凯莱英CXO11.313.716.820.050.141.633.928.46.4%2.0300015.SZ爱尔眼科医疗服务32.438.244.451.424.921.118.215.714.7%1.3603939.SH益丰药房医药商业16.819.622.625.415.012.911.29.914.4%0.9603233.SH大参林医药商业12.414.817.119.717.114.312.410.816.8%0.91066.HK威高股份医疗器械16.116.818.019.58.58.27.67.16.7%1.21789.HK爱康医疗医疗器械3.44.14.75.316.814.012.210.711.6%0.90512.HK远大医药化学制药11.213.615.817.814.211.710.08.97.3%0.70013.HK和黄医药化学制药32.13.66.08.84.136.621.815.136.9%-1.02162.HK康诺亚-B生物药(5.2)8.00.74.3(40.4)26.3315.449.4-18.8%-0.19926.HK康方生物生物药(11.1)4.411.423.9(63.4)161.461.929.6-12.3%-0.71530.HK三生制药生物药84.824.526.627.94.214.513.312.731.2%-0.56990.HK科伦博泰生物生物药1,007(3.8)(1.9)4.615.1(263.7)(541.6)221.466.8-7.8%2.12659.HK宝济药业-B生物药(4.0)(2.7)(1.8)(0.0)(12.4)(18.4)(27.3)(1223.7)-24.8%0.22268.HK药明合联CXO14.814.019.226.039.541.830.522.513.8%2.02273.HK固生堂医疗服务3.54.24.95.717.414.712.610.816.3%0.92666.HK环球医疗医疗服务21.622.423.124.03.93.73.63.511.2%1.0数据来源：Wind，国信证券经济研究所整理、预测注：总市值以2026/7/17 股价计算