医药行业2026年投资策略报告：寻找医药硬科技从新出发

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HR 0.68 HR g.71

Primaryendpoint:PFSbyIRC

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DLLI3(R &

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2019 2024

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2009

4B

2014

2019

395

496 g$$

2024

U.S. Europe japan China SouthKorea Allothers

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HR+/HER2-F%

ORR35%,mPFS5.6m,mOS12.Inn

FßF‹%ORR46.1%,mPFS5.7m;41%ORR41.8%,mPFS6.2m

ORR36.4%,mPFS6.9m

K13:CLDN 2 ADCOff

ATJ022 MMŒÛ BTD)

(NMPA

6.97m

Ö(NMPABTD

IB1343 IŃIR %, %FDA)

XNW27011 IiSZXÚ Ö(NMPABTD

BTD)

SHR-A1904 IYXĞ Ö

ORR46.7%,DCR88.0%

& ORR65.9%,DCR85.4%

ORR35.1%,mPFS5.6m fi3&ïfi

%mWÚORR35%,DCR70%,mPFS

4.8m

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ORR47.1%,DCR76.5%,mPFS3.9m /

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YL201 Ö(NMPA, BTD, ')íŃšß&% ORR73.7%,DCR98.2%

exagamglogene

11

autotemce

delandistrogene

12

moxeparvovec

13

2023

US.

EU

2023

US

2023 China

H SareptaCASI

Pharmaceuticals s

CDl9

DMD

CAR—T

omidubicel

2023 US

GamidaCell

AURN001

2023

Japan

Aurion

ROCK

(WT

/

16

donis1ece1

2023

US

etranacogene

17 2022

US,EU CSL

18

dezaparvovec

nadofaragene

2022

US

FKD,FerGene.lAv

firadenovec

19

tabelecleuce1

2022

EU

Atara.&Jfi'/t(8

20

2022

US,EU

BCMA

CAR—T

valoctocogene

21 2022

EU

BioMarin

FVIII

&@

roxaparvovec

22

exuparvovec

2022

EU

23

elivaldogene

2021

US

tavalentivec

idecabtagene

24

2021

US,EU,Japan

vicleucel

23

StrataGraft

2021

US

26

2021

China

27

Rethymic

2021

US

28

teserpaturev

2021

Japan

1isocabtagene

29

maraleuce1(Liso-

2021

US,Japan,EU

Cel)(Breyanzi)

eladocagene

@ XN PTC

Therapeutics

DDC

ABCD1 &@

BCMA CAR—T

Duke UniversityEnzyvantSciencesDaiichiSankyo

FredHutchinson,Juno

Therapeutics(Bristol-Myers Squibb)

41? B‹W]B]; CDl9

%ñBñ]

CAR—T

CAR—T

2024 3 26

2024

3

26

适应症

临床前

申报临床

分期未知

I期临床

II期临床

III期临床

申请上市

批准上市

晚期实体瘤

6

5

2

66

16

32

1

0

非霍奇金淋巴瘤

15

3

6

6

12

4

0

0

B细胞淋巴瘤

8

1

5

32

29

1

0

1

急性B淋巴细胞白血病

6

4

1

41

20

1

0

1

多发性骨髓瘤

0

1

0

27

20

0

2

3

急性髓系白血病

1

2

10

34

19

0

0

0

弥漫性大B细胞淋巴瘤

6

2

3

19

12

2

0

4

肝细胞癌

4

0

0

26

1

0

0

0

实体瘤

4

9

6

20

4

0

0

0

未知疾病

3

34

0

0

0

0

0

0

急性淋巴细胞白血病

0

0

0

12

9

0

0

0

滤泡性淋巴瘤

6

2

0

12

6

1

0

4

套细胞淋巴瘤

3

0

0

11

9

0

0

0

宫颈肿瘤

4

2

2

12

6

0

0

0

转移性非小细胞肺癌

4

0

0

12

7

0

0

0

转移性胃癌

3

0

0

14

6

0

0

0

套细胞淋巴瘤

4

0

0

19

6

1

0

3

转移性结直肠癌

3

0

0

13

6

2

0

0

恶性肿瘤

6

6

0

10

5

0

0

0

血液肿瘤

6

0

3

3

6

0

0

0

BBM—H901

sipuleucel—Ttîsagenlecleucel

p53

CD19

CD19BCMABCMA

CAR—T

CAR—T

CAR—T

CAR—T

&?ffi,KîtePharma

CD19

CAR—T

@ÎEIR,CASIPharmaceutîcals

BCMA

CAR—T

CD19

CAR—T

HGFCD19

factorIXPAP;GM—CSFCD19

CAR—T

CAR—T

ReyonPharmaceutîcal,io

1;%

Dendreon(§ă)

Novartis,Universîtyof Pennsylvania

onasemnogeneabeparvovec SMN1 NatîonwideChîldren'sHospital

III911%

III911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

III

911%

E10A endostatin &fi '/1

ADV—TK

pexastimogenedevacirepvec

mRNA—DC—CTL

pUDK-HGF

CIKcells

autologousCIKcells

anti-BCMACAR-Tcells

thymidinekinase

GM—CSF

HGF

BCMA

HfiÜfl

CAR—T

HÚÜT,Transgene

esonadogeneimvoparvovec MT-ND4

SA101

LX101

allogeneicUC-MSC

CD19

RPE65

CAR—T

III911%

QLF31907

4-

IBB;PDL

QLS319 CD3;CLD

05 N18.2

QLS320 CD3;GPR

CAD

4-

LBL-024

IBB’PDL

LBL— CD3;GPR

034 CAD

LBL— TGF—

015 b;PDI

PM102 PDL1;TI

2 GIT

4—

PM100

IBB;PDL

(BioNTech)(fiQ

) I/II8ll I/II8ll 4/22

PM103

4-IBBCLDN18.2

(BioNTech)(fiQ

HB003 PDL1;TI

6 GIT

IBI129IBI133

IBI3014

IBI3001

IBI3005IBI3020IBI3010

BGB-C354BG-C477BG-C137

ADAM9ADC

EGFR/MET/METADC

anti-B7-H4/HER3ADC

SYS6010SYS6023

SYS6043SYS6041SYS6040HS-20124

HS-20110HS-20108

HDM2005

HDM2012HDM2020HDM2017

TQB2102

TQB2101BL-MIIDI

BL-B16D1

SKB518SKB500SKB445

I

anti-B7-H3/EGFRŃiAI$ŃH

anti-EGFR/HER3ŃiAI$ H;

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anti-EGFR/HER3fiŃw‘l)ŃiA

7/40

5/27

1/3

4/14

4/12

2/5

11/40

3/12

2/8

2/3

2/24

9/27

12/40

9/20

6/15

4/6

5/20

2/2

2/23

ł/ł4/8

9/20

2/8

5/14

ł/9ł3/402/4

$000

1500

1000

500

0

iiIII IIi

3000

00

2000

0

0

300

200

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... iiI IIi

1000

500

0

2023

2024

24Q3

25Q2

25Q3

Q3Č

Q3ITŒ

2023

2024

24Q3

25Q2

25Q3

Q3ÄŒQ3ITŒ

ÜÑ

56.42

50.10

11.99

12.91

12.75

6.39X

-1.23%

6.00

1.94

0.39

0.49

0.86

Æ

68.53

58.30

13.42

13.34

14.79

10.17X

10.83°Æ

3.17

—4.53

—1.05

—0.62

0.97 ŒIÚ ŒIŃ

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27.70

28.84

7.29

6.15

6.29

—13.75°Æ

2.23%

0.73

0.13

0.05

0.03

0.01

NOT 4.03

5.34

1.39

1.45

1.69

16.25°A

0.86

0.99

0.25

0.30

0.29

@ÎÏfjĞ

2.43

2.97

0.72

0.94

0.94

—0.31°A

0.54

0.21

0.03

0.05

0.12

@tțÏ@

5.87

7.82

2.10

2.25

2.57

14.27°A

0.69

0.83

—0.03

0.28

0.44

@1MXW

18.80

22.70

5.64

7.05

7.48

6.14%

1.27

2.02

0.73

0.54

0.85

VïÑW

10.92

11.02

2.79

3.31

3.52

6.17%

1.10

1.17

0.32

0.26

0.46

ÃĘ

12.86

13.78

3.37

3.21

3.46

2.84%

7.76%

—0.71

—0.18

0.02

0.11

0.03

B’mM

5.44

6.45

L64

2.01

2.26

12.32%

1.54

L24

0.27

0.26

0.49

l WłË

6.46

6.14

1.59

1.69

1.87

17.39%

10.54Å

2.60

1.22

0.28

0.27

0.42

imÃTØ

4.63

5.59

1.55

1.44

1.30

—15.87°Æ

—9.89%

0.35

0.72

0.20

0.22

0.11

ÅÜ

224.09

219.04

53.49

55.76

58.91

10.14°Æ

5.64%

18.13

5.76

1.46

2.19

5.06

⁻⁸

2021

2022

2023

2024

I

Gardasil

56.73

68.97

88.86

85.83

2

Prevnarl3/20

52.72

63.37

64.4

64.11

3

Shingrix

22.37

32

43.59

42.16

4

PPH

23.27

24.63

23.33

28.56

28.32

32.09

28.76

26.62

6

MMRV

21.35

22.41

23.68

24.85

7

Bexsero

82

9.5

10.71

12.66

8

Heplisav

58

7.2

7.71

8.67

9

Boostrix

6.57

7.49

7.74

8.53

10

Vaxneuvance

15NIH@@

'Ffifi

1.7

6.65

6.65

6.65

11

Abrysvo

RSV

filN

8.9

7.55

12

Arexvy

RSV

15.5

7.4

13

7.09

7.58

7.6

7.6

14

Rotarix

6.82

6.65

7.74

7.36

15

RotaTeq

8.07

7.83

7.69

7.11

16

Infanrix,Pediarix

6.85

7.49

6.99

6.42

17

Fluarix,FluLaval

1?, éi

fiBfi

8.56

9.01

6.36

5.11

18

Menveo

I

fiBfi

3.43

4.35

4.79

4.85

19

Priorix,Varilrix

M éL)4

é'i

fiBH

3.28

2.37

3.34

4.05

20

Synflorix

3.85

3.47

2.83

21

FSME-

185

2

2.68

28

IMMUN/TicoVac

8.93

6.02

412

2.63

1.74

1.48

151

0.9

1.74

1.73

1.8

0.9

1.93

2.68

1.79

26

Trumenba

118

1.23

126

27

Comirnaty

fiH/BioNTech

367.81

378.06

1122

53.53

Moderna

176.75

184.35

66.71

30