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创新药盈利拐点!百济神州首度全面盈利引爆千亿赛道​

发布于 2025-09-16

<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以下是兴业证券2025年9月医药生物行业投资月度报告的核心内容总结:</span></span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="e9BuTWvcZn" data-dir-key="e9BuTWvcZn"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">一、市场表现回顾(2025年8月)</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">板块表现</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">医药生物板块上涨2.79%,跑输沪深300指数(+10.33%)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">年初至今医药板块累计涨幅26.28%,位列一级行业第9位。&nbsp;</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">子领域分化</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">创新药及产业链(如CXO)表现突出,医疗器械部分公司环比改善(如迈普医学、爱博医疗)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">医疗服务、中药、药店等领域终端需求承压,但下半年基数下降后或迎改善。&nbsp;</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="iVq46HyTm8" data-dir-key="iVq46HyTm8"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">二、9月投资策略:继续聚焦“创新药+创新药产业链”</span></span></strong></span></span></h3><h4 data-slate-node="element" data-block-id="iAQPndWpwE" data-dir-key="iAQPndWpwE"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">核心逻辑</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></h4><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">创新药板块</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">景气度可持续</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:政策支持“创新+国际化”,商业化盈利持续兑现。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">估值空间</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:当前估值(中性3倍PS)显著低于2020-2021年水平,出海进展(如BD、海外三期、销售放量)将带来弹性。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">催化剂</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">下半年行业大会(WCLC、ESMO)数据读出;&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">医保目录调整及商保政策推进;&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">潜在重磅对外授权交易(License-out)。</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">创新药产业链(CXO)</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">订单复苏</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:海外业务订单恢复(如药明康德2024年订单同比+47%),国内生命科学上游国产替代加速。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">业绩改善</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:2025年CDMO业绩持续复苏,生命科学上游(百普赛斯、皓元医药)表现强劲。&nbsp;</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">其他机会</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">医疗器械</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:关注下半年基本面回升的龙头(迈瑞医疗、联影医疗)、海外高增长企业(南微医学、安杰思)及新业务放量标的(艾德生物、先健科技)。&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">消费医疗</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:若经济预期转好,需求有望复苏。&nbsp;</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="CcQ4FAGgmp" data-dir-key="CcQ4FAGgmp"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">三、重点推荐标的</span></span></strong></span></span></h3><h4 data-slate-node="element" data-block-id="VpX50BwCzc" data-dir-key="VpX50BwCzc"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">(一)稳健组合</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></h4><table style="min-width:135px;"><tbody><tr style=""><th data-colwidth="110" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">公司</span></span></strong></span></span></p></th><th style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">逻辑</span></span></strong></span></span></p></th></tr><tr style=""><td data-colwidth="110" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">恒瑞医药</span></span></strong></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">创新药龙头,国内销售加速放量,国际化BD质量提升。&nbsp;</span></span></span></span></p></td></tr><tr style=""><td data-colwidth="110" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">华东医药</span></span></strong></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">工业板块高增长,创新药进入商业化期。</span></span></span></span></p></td></tr><tr style=""><td data-colwidth="110" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">百济神州</span></span></strong></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">国际化龙头,泽布替尼持续放量,2025年实现全面盈利。&nbsp;</span></span></span></span></p></td></tr><tr style=""><td data-colwidth="110" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">信达生物</span></span></strong></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">IBI363数据优异,国内商业化突破,2025年多个管线读出PoC数据。&nbsp;</span></span></span></span></p></td></tr></tbody></table><h4 data-slate-node="element" data-block-id="JsVutMf3vN" data-dir-key="JsVutMf3vN"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">(二)进取组合</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:</span></span></span></span></h4><table style="min-width:144px;"><tbody><tr style=""><th data-colwidth="119" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">公司</span></span></strong></span></span></p></th><th style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">逻辑</span></span></strong></span></span></p></th></tr><tr style=""><td data-colwidth="119" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">科伦博泰</span></span></strong></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">SKB264国内商业化元年,ADC管线国际化潜力大。&nbsp;</span></span></span></span></p></td></tr><tr style=""><td data-colwidth="119" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">迪哲医药</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">舒沃替尼海外获批在即,四代EGFR/BTK双靶数据持续验证。&nbsp;</span></span></span></span></p></td></tr><tr style=""><td data-colwidth="119" style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">药明合联</span></span></strong></span></span></p></td><td style="max-width: 427px;min-width: 427px;"><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ADC行业高景气,2025年迎商业化项目,收入高增长。&nbsp;</span></span></span></span></p></td></tr></tbody></table><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="9ilfsCfo1o" data-dir-key="9ilfsCfo1o"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">四</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">、行业数据与事件</span></span></strong></span></span></h3><ol class="list-paddingleft-1" start="1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">中报业绩</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">医药板块整体平稳,创新药及产业链(药明康德、康方生物)业绩亮眼,器械部分公司环比改善。&nbsp;</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">原料药价格</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">维生素价格分化,抗生素中间体价格下降,成本端压力缓解。&nbsp;</span></span></span></span></li></ul><ol class="list-paddingleft-1" start="3"><li><span data-marker="3."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-zero-width="z" data-slate-length="0"></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">催化剂事件</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">:&nbsp;</span></span></span></span></li></ol><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">9月多场股东大会(恒瑞医药、云南白药等);&nbsp;</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">WCLC/ESMO会议数据、医保目录调整进展。&nbsp;</span></span></span></span></li></ul><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="n" data-slate-length="0"></span></span></span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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