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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>创新药双抗 - 深度行业研究报告</title>
<script src="https://cdn.tailwindcss.com"></script>
<link href="https://cdn.jsdelivr.net/npm/daisyui@4.10.1/dist/full.min.css" rel="stylesheet" type="text/css" />
<script defer src="https://cdn.jsdelivr.net/npm/alpinejs@3.x.x/dist/cdn.min.js"></script>
<script src="https://cdn.jsdelivr.net/npm/echarts@5.5.0/dist/echarts.min.js"></script>
<style>
@import url('https://fonts.googleapis.com/css2?family=Poppins:wght@300;400;500;600;700&display=swap');
:root {
--glow-color: hsl(180, 100%, 50%);
--glow-spread-color: hsla(180, 100%, 50%, 0.781);
--enhanced-glow-color: hsl(180, 100%, 60%);
--red-glow-color: hsl(0, 100%, 50%);
}
body {
font-family: 'Poppins', sans-serif;
background-color: #00000a;
color: #e0e0e0;
overflow-x: hidden;
}
.space-bg {
position: fixed;
top: 0;
left: 0;
width: 100%;
height: 100%;
z-index: -1;
background: radial-gradient(ellipse at bottom, #1b2735 0%, #090a0f 100%);
overflow: hidden;
}
.glow-point {
position: absolute;
box-shadow: 0 0 0 2px var(--glow-spread-color),
0 0 20px 5px var(--glow-color),
0 0 40px 10px var(--enhanced-glow-color);
border-radius: 100%;
animation: pulse 5s ease-in-out infinite alternate;
}
.glass-card {
background: rgba(16, 18, 38, 0.4);
backdrop-filter: blur(12px);
-webkit-backdrop-filter: blur(12px);
border: 1px solid rgba(118, 184, 255, 0.2);
border-radius: 1.5rem; /* 极致圆角 */
transition: all 0.3s ease;
}
.glass-card:hover {
transform: translateY(-5px) scale(1.01);
box-shadow: 0 0 30px rgba(0, 255, 255, 0.2);
border-color: rgba(0, 255, 255, 0.4);
}
.bento-grid {
display: grid;
gap: 1.5rem;
grid-template-columns: repeat(12, 1fr);
grid-auto-rows: minmax(100px, auto);
}
.bento-item {
grid-column: span 12;
}
@media (min-width: 1024px) {
.bento-item-main { grid-column: span 8; grid-row: span 3; }
.bento-item-side-1 { grid-column: span 4; }
.bento-item-side-2 { grid-column: span 4; grid-row: span 2;}
.bento-item-mid-1 { grid-column: span 6; }
.bento-item-mid-2 { grid-column: span 6; }
}
h1, h2, h3 {
text-shadow: 0 0 8px rgba(0, 255, 255, 0.7);
}
.timeline {
position: relative;
padding-left: 2.5rem;
}
.timeline::before {
content: '';
position: absolute;
left: 0.5rem;
top: 0;
bottom: 0;
width: 2px;
background: linear-gradient(to bottom, rgba(0, 255, 255, 0.5) 0%, rgba(0, 255, 255, 0) 100%);
}
.timeline-item {
position: relative;
}
.timeline-item::before {
content: '';
position: absolute;
left: -2.25rem;
top: 0.25rem;
width: 1rem;
height: 1rem;
border-radius: 50%;
background: hsl(180, 100%, 50%);
border: 2px solid white;
box-shadow: 0 0 10px hsl(180, 100%, 50%);
}
/* DaisyUI Collapse Customization */
.collapse-title {
font-weight: 600;
}
.collapse {
background-color: rgba(0, 255, 255, 0.05);
border-radius: 1rem;
}
.table th, .table td {
border-color: rgba(118, 184, 255, 0.2);
}
.table th {
background-color: rgba(0, 255, 255, 0.1);
color: #c5f6fa;
}
</style>
</head>
<body class="min-h-screen">
<div class="space-bg">
<div class="glow-point" style="top: 10%; left: 5%; width: 200px; height: 200px; animation-duration: 7s;"></div>
<div class="glow-point" style="top: 50%; left: 80%; width: 300px; height: 300px; background: hsla(260, 100%, 50%, 0.781); --glow-color: hsl(260, 100%, 50%); --enhanced-glow-color: hsl(260, 100%, 60%); animation-duration: 9s;"></div>
<div class="glow-point" style="bottom: 5%; right: 5%; width: 150px; height: 150px; background: hsla(300, 100%, 50%, 0.781); --glow-color: hsl(300, 100%, 50%); --enhanced-glow-color: hsl(300, 100%, 60%); animation-duration: 6s;"></div>
</div>
<div class="container mx-auto p-4 sm:p-6 lg:p-8">
<header class="text-center my-12">
<h1 class="text-4xl md:text-6xl font-bold text-cyan-300 tracking-wider">创新药双抗</h1>
<p class="text-lg text-cyan-100 mt-4 max-w-3xl mx-auto opacity-80">Bispecific Antibodies: The Next Generation of Immuno-Oncology</p>
<div class="mt-4 text-xs text-gray-400">北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现 | 本报告为AI合成数据，投资需谨慎。</div>
</header>
<main class="bento-grid">
<!-- Main Insight Card -->
<section class="bento-item bento-item-main glass-card p-6 md:p-8 overflow-y-auto" style="max-height: 100vh;">
<h2 class="text-2xl font-bold mb-6 text-cyan-200">核心洞察：从技术叙事到价值验证</h2>
<div x-data="{ tab: 'timeline' }" class="space-y-6">
<div class="tabs tabs-boxed bg-black/20">
<a class="tab" :class="{'tab-active': tab === 'timeline'}" @click="tab = 'timeline'">概念事件</a>
<a class="tab" :class="{'tab-active': tab === 'logic'}" @click="tab = 'logic'">核心逻辑</a>
<a class="tab" :class="{'tab-active': tab === 'catalyst'}" @click="tab = 'catalyst'">发展路径</a>
<a class="tab" :class="{'tab-active': tab === 'chain'}" @click="tab = 'chain'">产业链剖析</a>
<a class="tab" :class="{'tab-active': tab === 'risk'}" @click="tab = 'risk'">风险挑战</a>
<a class="tab" :class="{'tab-active': tab === 'conclusion'}" @click="tab = 'conclusion'">综合结论</a>
</div>
<div x-show="tab === 'timeline'">
<h3 class="font-semibold text-lg mb-4 text-cyan-300">概念事件与时间轴</h3>
<p class="mb-4 text-sm opacity-80">创新药“双抗”已从技术叙事阶段迈入商业价值验证的核心阶段。中国企业在全球双抗研发管线占比已超50%，正进入全球化加速期。</p>
<div class="timeline">
<div class="timeline-item mb-6">
<h4 class="font-semibold text-cyan-400">2023年至今：技术突破与趋势确立</h4>
<ul class="list-disc pl-5 mt-2 text-sm space-y-2 opacity-90">
<li><strong class="text-white">治疗范式迭代：</strong>市场共识形成，“二代IO（双抗）+ADC”将取代PD-1+化疗，双抗市场空间有望超越500亿美金。</li>
<li><strong class="text-white">ASCO高光表现：</strong>中国双抗研究在2024/2025 ASCO大放异彩，信达IBI363等数据惊艳。</li>
</ul>
</div>
<div class="timeline-item mb-6">
<h4 class="font-semibold text-cyan-400">2024年-2025年：商业化验证与BD浪潮</h4>
<ul class="list-disc pl-5 mt-2 text-sm space-y-2 opacity-90">
<li><strong class="text-white">商业化里程碑：</strong>康方生物卡度尼利单抗2023年销售额达13.58亿元（+149%）。</li>
<li><strong class="text-white">“扫货式BD”开启：</strong>MNC密集引进中国双抗资产。
<ul class="list-circle pl-5 mt-1 text-xs">
<li>2024.11.14: 默沙东(MSD) 33亿美元引进礼新医药PD-1/VEGF双抗。</li>
<li>2025.05.22: 三生制药/辉瑞就PD-1/VEGF双抗达成超60亿美元合作。</li>
<li>2025.06.10: BioNTech/BMS与普米斯生物就PD-L1/VEGF-A双抗达成超90亿美元合作。</li>
</ul>
</li>
</ul>
</div>
<div class="timeline-item">
<h4 class="font-semibold text-cyan-400">2025年起：新蓝海开拓</h4>
<ul class="list-disc pl-5 mt-2 text-sm space-y-2 opacity-90">
<li><strong class="text-white">自免领域成新热点：</strong>市场提出“自免疗法迈向双抗/多抗时代”，有望复制肿瘤“国产替代+出海”路径。</li>
<li><strong class="text-white">TCE技术应用拓展：</strong>T细胞衔接器（TCE）在实体瘤取得突破，并开始探索在自免疾病中的应用，潜力巨大。</li>
</ul>
</div>
</div>
</div>
<div x-show="tab === 'logic'">
<h3 class="font-semibold text-lg mb-4 text-cyan-300">核心逻辑与市场认知分析</h3>
<div class="prose prose-invert max-w-none text-gray-300">
<h4>核心驱动力:</h4>
<ol>
<li><strong>技术迭代带来的临床价值跃迁：</strong>双抗通过协同增效解决单抗的耐药性和“冷肿瘤”无应答等核心痛点。这是概念最坚实的科学基础。</li>
<li><strong>全球商业化验证与价值重塑：</strong>以三生/辉瑞、礼新/默沙东为代表的重磅BD交易，是驱动价值重估的最强催化剂，标志着中国双抗资产从“中国定价”转向“全球定价”。</li>
<li><strong>产业政策与资本支持：</strong>宏观政策提供沃土，成功的BD交易带来充裕现金流，形成“研发-授权-再研发”的正向循环。</li>
</ol>
<h4>市场热度与情绪:</h4>
<p>市场热度极高，情绪整体高度乐观。“弯道超车”、“全球化加速期”、“开启license-out新浪潮”等词汇频繁出现，渲染了强烈的乐观和自豪情绪。</p>
<h4>预期差分析:</h4>
<ul>
<li><strong>成功的集中度 vs 普惠的广度：</strong>市场可能将头部公司的成功泛化，但现实是技术、临床和BD能力差距将导致<strong>赢家通吃</strong>。</li>
<li><strong>热门靶点“内卷”风险被低估：</strong>PD-1/VEGF等靶点竞争激烈，市场可能低估了后续同质化竞争和价格压力。</li>
<li><strong>自免蓝海的“时间差”：</strong>自免双抗尚处产业爆发临界点，从临床早期到商业化成功仍需<strong>3-5年</strong>，市场短期可能过于乐观。</li>
</ul>
</div>
</div>
<div x-show="tab === 'catalyst'">
<h3 class="font-semibold text-lg mb-4 text-cyan-300">关键催化剂与未来发展路径</h3>
<div class="prose prose-invert max-w-none text-gray-300">
<h4>近期催化剂（未来3-6个月）:</h4>
<ol>
<li><strong>重磅BD交易落地：</strong>康方生物AK112的BD合作预期在2025年下半年落地，可能再次点燃板块情绪。</li>
<li><strong>关键临床数据公布：</strong>信达生物IBI363（PD-1/IL-2）的后续OS数据将是验证其“PD-1 2.0”潜力的关键。</li>
<li><strong>自免双抗里程碑事件：</strong>国内首批进入后期的自免双抗（如康诺亚TSLP/IL-13）数据读出或IND获批。</li>
</ol>
<h4>长期发展路径:</h4>
<ul>
<li><strong>第一阶段 (当前-2026年): 肿瘤领域全面商业化。</strong>第一梯队双抗全面入市，诞生2-3款年销超10亿美元的国产双抗。</li>
<li><strong>第二阶段 (2026-2028年): 差异化靶点与自免领域接力。</strong>差异化肿瘤双抗进入收获期，首款国产自免双抗获批，开启第二增长曲线。</li>
<li><strong>第三阶段 (2028年以后): 技术平台化与多抗时代。</strong>双抗与ADC结合，或向三抗/多抗演进，拥有强大技术平台的公司将建立长期护城河。</li>
</ul>
</div>
</div>
<div x-show="tab === 'chain'">
<h3 class="font-semibold text-lg mb-4 text-cyan-300">产业链与核心公司深度剖析</h3>
<div class="prose prose-invert max-w-none text-gray-300">
<h4>产业链图谱:</h4>
<ul class="!list-none !p-0">
<li><strong>上游: 研发外包与技术平台 (CRO/CDMO)</strong> - “卖水者”，受益于行业研发投入增长。代表: 益诺思, 康龙化成。</li>
<li><strong>中游: 双抗药物研发与生产</strong> - 产业链核心，Biotech和Pharma公司。代表: 康方生物, 信达生物, 三生国健。</li>
<li><strong>下游: 商业化与应用</strong> - 医院、药店、患者。商业化能力是放量关键。</li>
</ul>
<h4>核心玩家对比:</h4>
</div>
<div class="overflow-x-auto mt-4">
<table class="table table-sm">
<thead>
<tr>
<th>公司</th>
<th>核心逻辑</th>
<th>竞争优势</th>
<th>验证</th>
<th>潜在风险</th>
</tr>
</thead>
<tbody>
<tr>
<td class="font-semibold text-cyan-400">康方生物</td>
<td>进度领先的领导者</td>
<td>全球首个获批PD-1/CTLA-4双抗，PD-1/VEGF进度最快</td>
<td>卡度尼利年销13.58亿</td>
<td>PD-1/VEGF赛道内卷</td>
</tr>
<tr>
<td class="font-semibold text-cyan-400">信达生物</td>
<td>差异化创新的挑战者</td>
<td>聚焦全新机制PD-1/IL-2，针对冷肿瘤，出海空间大</td>
<td>IBI363数据惊艳</td>
<td>新机制商业化确定性稍弱</td>
</tr>
<tr>
<td class="font-semibold text-cyan-400">三生制药</td>
<td>大额BD背书的价值派</td>
<td>PD-1/VEGF获辉瑞天价BD，价值已被验证</td>
<td>与辉瑞合作加速全球开发</td>
<td>后续管线造血能力待观察</td>
</tr>
<tr>
<td class="font-semibold text-cyan-400">科兴制药</td>
<td>自免蓝海的先行者</td>
<td>战略布局自免双抗，卡位未来核心赛道</td>
<td>符合行业新趋势</td>
<td>研发周期长，早期失败风险高</td>
</tr>
</tbody>
</table>
</div>
</div>
<div x-show="tab === 'risk'">
<h3 class="font-semibold text-lg mb-4 text-cyan-300">潜在风险与挑战</h3>
<div class="prose prose-invert max-w-none text-gray-300">
<h4>技术风险:</h4>
<ul>
<li><strong>TCE的安全性瓶颈：</strong>细胞因子释放综合征(CRS)等安全性风险仍是实体瘤应用的主要限制，新技术平台仍需大规模临床验证。</li>
<li><strong>未知靶点组合的失败风险：</strong>First-in-class靶点组合临床前数据优秀不代表临床成功，失败风险较高。</li>
</ul>
<h4>商业化风险:</h4>
<ul>
<li><strong>热门靶点“内卷化”：</strong>PD-1/VEGF等靶点已成红海，未来大概率面临激烈价格竞争和医保谈判压力。</li>
<li><strong>海外商业化挑战：</strong>成功BD出海后，国产药企话语权有限，且面临里程碑付款无法完全兑现的风险。</li>
</ul>
<h4>政策与竞争风险:</h4>
<ul>
<li><strong>医保控费压力：</strong>国家医保目录的“灵魂砍价”将直接影响产品在国内的定价和盈利空间。</li>
<li><strong>全球技术快速迭代：</strong>三抗、双抗ADC等新技术可能迅速取代现有优势产品，对持续创新能力提出极高要求。</li>
</ul>
</div>
</div>
<div x-show="tab === 'conclusion'">
<h3 class="font-semibold text-lg mb-4 text-cyan-300">综合结论与投资启示</h3>
<div class="prose prose-invert max-w-none text-gray-300">
<h4>最终看法:</h4>
<p>“创新药双抗”概念已<strong>渡过纯粹的主题炒作阶段，进入基本面驱动阶段</strong>。这是一个高景气度、高成长性且具备全球竞争力的黄金赛道，但内部结构分化将极其剧烈。</p>
<h4>最具投资价值的细分环节:</h4>
<ol>
<li><strong>差异化靶点/机制的头部Biotech (如信达生物)：</strong>具备最高的“赔率”和想象空间。</li>
<li><strong>“自免蓝海”赛道的先行布局者 (如科兴制药、康诺亚)：</strong>长期潜力巨大，适合风险偏好较高的前瞻性布局。</li>
<li><strong>业绩确定性高的上游CRO龙头 (如康龙化成)：</strong>分享行业红利且风险相对分散。</li>
</ol>
<h4>需重点跟踪的关键指标:</h4>
<ul>
<li>核心产品III期临床的<strong>PFS和OS数据</strong> (金标准)。</li>
<li>License-out交易的<strong>“首付款”金额</strong> (真实信心指标)。</li>
<li>已上市产品的<strong>季度销售额增长曲线</strong>及医保进展 (商业化能力)。</li>
<li>在研管线的<strong>IND获批数量</strong>和进入后期临床的比例 (研发效率)。</li>
</ul>
</div>
</div>
</div>
</section>
<!-- Side Card 1: Market Dynamics -->
<section class="bento-item bento-item-side-1 glass-card p-6">
<h2 class="text-xl font-bold mb-4 text-cyan-200">市场动态与前沿趋势</h2>
<div class="join join-vertical w-full space-y-2">
<div class="collapse collapse-arrow">
<input type="radio" name="market-dynamics" checked="checked" />
<div class="collapse-title text-md font-medium text-cyan-300">新闻速览：全球化加速</div>
<div class="collapse-content">
<ul class="list-disc pl-5 text-sm space-y-2 text-gray-300">
<li><strong>治疗模式迭代：</strong>PD-1+化疗正被二代IO（双抗）+ADC取代。</li>
<li><strong>全球升温：</strong>近三年双抗密集获批，单品销售额已超45亿美元。</li>
<li><strong>中国引领：</strong>中国双抗和ADC占全球技术比例超50%，实现“弯道超车”。</li>
<li><strong>自免新热点：</strong>自免双抗成为下一热门BD领域，MNC纷纷布局。</li>
<li><strong>BD浪潮：</strong>中国双抗/TCE开启license-out新浪潮，“扫货式BD”趋势显著。</li>
</ul>
</div>
</div>
<div class="collapse collapse-arrow">
<input type="radio" name="market-dynamics" />
<div class="collapse-title text-md font-medium text-cyan-300">路演精粹：技术平台多样化</div>
<div class="collapse-content">
<ul class="list-disc pl-5 text-sm space-y-2 text-gray-300">
<li><strong>TCE突破：</strong>Janux的TRACTr平台验证了实体瘤TCE的潜力，安全性更佳。</li>
<li><strong>肿瘤双抗：</strong>强生EGFR/c-MET双抗已获批，康方AK112、信达IBI318等国产双抗数据优异。</li>
<li><strong>IL-2赛道：</strong>被视为二代IO药物，有望解决PD-1耐药和冷肿瘤问题，市场潜力巨大。</li>
<li><strong>自免时代：</strong>路演明确提出“自免疗法迈向双抗/多抗时代”，有望复制肿瘤领域成功路径。</li>
</ul>
</div>
</div>
<div class="collapse collapse-arrow">
<input type="radio" name="market-dynamics" />
<div class="collapse-title text-md font-medium text-cyan-300">研报掘金：价值获全球认可</div>
<div class="collapse-content">
<ul class="list-disc pl-5 text-sm space-y-2 text-gray-300">
<li><strong>FIC药物：</strong>Merus的EGFR/LGR5双抗(MCLA-158)临床数据优异，为全球首创。</li>
<li><strong>三生/辉瑞合作：</strong>SSGJ-707获12.5亿美元首付款，验证国产双抗国际竞争力。</li>
<li><strong>普米斯/BMS合作：</strong>PD-L1/VEGF-A双抗(PM8002)达成超90亿美元合作。</li>
<li><strong>泽璟制药：</strong>全球领先的双/三抗管线布局，ZG006（CD3×DLL3×DLL3）为全球首创。</li>
</ul>
</div>
</div>
</div>
</section>
<!-- Side Card 2: Stock Logic Chart -->
<section class="bento-item bento-item-side-2 glass-card p-6 flex flex-col">
<h2 class="text-xl font-bold mb-4 text-cyan-200">概念股逻辑分布</h2>
<div id="stock-logic-chart" class="flex-grow w-full h-full min-h-[300px]"></div>
</section>
<!-- Mid Card 1: Recent Performance -->
<section class="bento-item bento-item-mid-1 glass-card p-6">
<h2 class="text-xl font-bold mb-4 text-cyan-200">近期异动分析</h2>
<div class="space-y-4 max-h-80 overflow-y-auto pr-2">
<div class="p-4 rounded-xl bg-slate-900/50 border border-cyan-500/30">
<div class="flex justify-between items-center">
<h3 class="font-bold text-lg text-cyan-300">热景生物 (688068)</h3>
<span class="badge badge-accent">+20.0%</span>
</div>
<p class="text-sm mt-2 text-gray-300">创新药政策催化+公司SGC001数据揭盲在即+IO双抗IND临近，三因素共振引爆资金抢筹。</p>
</div>
<div class="p-4 rounded-xl bg-slate-900/50 border border-cyan-500/30">
<div class="flex justify-between items-center">
<h3 class="font-bold text-lg text-cyan-300">海正药业 (600267)</h3>
<span class="badge badge-accent">+10.02%</span>
</div>
<p class="text-sm mt-2 text-gray-300">政策催化与基本面拐点共振，PD-1/CTLA-4双抗Ⅲ期完成即将报产，触发机构抢筹。</p>
</div>
<div class="p-4 rounded-xl bg-slate-900/50 border border-cyan-500/30">
<div class="flex justify-between items-center">
<h3 class="font-bold text-lg text-cyan-300">*ST海华 (600243)</h3>
<span class="badge badge-accent">+5.02%</span>
</div>
<p class="text-sm mt-2 text-gray-300">PD-L1/VEGF双抗HB0025优异临床数据公布，券商评价为“同类最佳”，BD潜力巨大，引发价值重估。</p>
</div>
</div>
</section>
<!-- Mid Card 2: Core Company Analysis -->
<section class="bento-item bento-item-mid-2 glass-card p-6">
<h2 class="text-xl font-bold mb-4 text-cyan-200">核心玩家速览</h2>
<div class="space-y-4 max-h-80 overflow-y-auto pr-2">
<div class="p-4 rounded-xl bg-slate-900/50 border border-cyan-500/30">
<h3 class="font-bold text-lg text-cyan-300">康方生物</h3>
<p class="text-sm mt-2 text-gray-300"><strong>定位: </strong>进度领先的领导者<br><strong>核心管线: </strong>卡度尼利 (PD-1/CTLA-4, 已上市), AK112 (PD-1/VEGF, 进度最快)<br><strong>亮点: </strong>已验证的商业化能力，极强的BD预期。</p>
</div>
<div class="p-4 rounded-xl bg-slate-900/50 border border-cyan-500/30">
<h3 class="font-bold text-lg text-cyan-300">信达生物</h3>
<p class="text-sm mt-2 text-gray-300"><strong>定位: </strong>差异化创新的挑战者<br><strong>核心管线: </strong>IBI363 (PD-1/IL-2)<br><strong>亮点: </strong>针对冷肿瘤和PD-1耐药，全新机制，出海想象空间巨大，数据超预期。</p>
</div>
<div class="p-4 rounded-xl bg-slate-900/50 border border-cyan-500/30">
<h3 class="font-bold text-lg text-cyan-300">三生制药</h3>
<p class="text-sm mt-2 text-gray-300"><strong>定位: </strong>大额BD背书的价值派<br><strong>核心管线: </strong>SSGJ-707 (PD-1/VEGF)<br><strong>亮点: </strong>获辉瑞天价BD，产品价值被全球顶级MNC验证，确定性高。</p>
</div>
</div>
</section>
<!-- Stock List Card -->
<section class="bento-item glass-card p-6 md:p-8 col-span-12">
<h2 class="text-2xl font-bold mb-6 text-cyan-200">核心关联标的</h2>
<div class="overflow-x-auto">
<table class="table w-full">
<thead>
<tr>
<th class="w-1/6">股票名称</th>
<th class="w-1/12">代码</th>
<th class="w-2/5">核心逻辑</th>
<th class="w-1/4">逻辑/靶点</th>
</tr>
</thead>
<tbody>
<tr><td>益诺思</td><td><a href="https://valuefrontier.cn/company?scode=688710" target="_blank" class="link link-hover text-cyan-400">688710</a></td><td>为国内首个获批临床的CD3/EGFR双抗、首款SIRPα/PD-L1双抗等提供安评和药代服务。</td><td><div class="badge badge-info badge-outline">CRO</div></td></tr>
<tr><td>康方生物</td><td>N/A</td><td>拥有全球首个获批上市的PD-1/CTLA-4双抗(卡度尼利)，及进度最快的PD-1/VEGF双抗(AK112)。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">PD-1/CTLA-4</div></td></tr>
<tr><td>信达生物</td><td>N/A</td><td>聚焦全新机制的PD-1/IL-2双抗(IBI363)，针对PD-1耐药和冷肿瘤，出海想象空间大。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">PD-1/IL-2</div></td></tr>
<tr><td>三生国健</td><td><a href="https://valuefrontier.cn/company?scode=688336" target="_blank" class="link link-hover text-cyan-400">688336</a></td><td>三生制药宣布与辉瑞就PD-1/VEGF双特异性抗体SSGJ-707达成全球授权协议。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">PD-1/VEGF</div></td></tr>
<tr><td>荣昌生物</td><td><a href="https://valuefrontier.cn/company?scode=688331" target="_blank" class="link link-hover text-cyan-400">688331</a></td><td>RC148是一种靶向PD-1和VEGF的双特异性抗体，正在中国进行II期临床研究。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">PD-1/VEGF</div></td></tr>
<tr><td>君实生物</td><td><a href="https://valuefrontier.cn/company?scode=688180" target="_blank" class="link link-hover text-cyan-400">688180</a></td><td>在研JS207(PD-1/VEGF双抗)、JS212(EGFR/HER3双抗)等多个双抗管线。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">多靶点</div></td></tr>
<tr><td>百利天恒</td><td><a href="https://valuefrontier.cn/company?scode=688506" target="_blank" class="link link-hover text-cyan-400">688506</a></td><td>SI-B001(EGFR×HER3双抗)全球独家，SI-B003(PD-1×CTLA-4)在研。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">EGFR/HER3</div></td></tr>
<tr><td>科兴制药</td><td><a href="https://valuefrontier.cn/company?scode=688136" target="_blank" class="link link-hover text-cyan-400">688136</a></td><td>战略布局自免双抗，GB12(IL-4R/IL-31)、GB24(TL1A/LIGHT)具备出海潜力。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">自免</div></td></tr>
<tr><td>智翔金泰</td><td><a href="https://valuefrontier.cn/company?scode=688443" target="_blank" class="link link-hover text-cyan-400">688443</a></td><td>自主研发重组CD3×pMHC、抗BCMA×CD3等多个TCE双抗产品。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">TCE</div></td></tr>
<tr><td>神州细胞</td><td><a href="https://valuefrontier.cn/company?scode=688520" target="_blank" class="link link-hover text-cyan-400">688520</a></td><td>SCTB14(多瘤种实体瘤)已启动II期临床，SCTB35(CD20xCD3)在研。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">CD20/CD3</div></td></tr>
<tr><td>贝达药业</td><td><a href="https://valuefrontier.cn/company?scode=300558" target="_blank" class="link link-hover text-cyan-400">300558</a></td><td>MCLA-129是一款针对EGFR和c-Met双靶点的双特异性抗体。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">EGFR/c-Met</div></td></tr>
<tr><td>华海药业</td><td><a href="https://valuefrontier.cn/company?scode=600521" target="_blank" class="link link-hover text-cyan-400">600521</a></td><td>HB0025(PD-L1/VEGF双抗)联合化疗治疗晚期实体瘤的Ib/II期临床首例入组。</td><td><div class="badge badge-primary badge-outline">研发产品</div> <div class="badge badge-ghost">PD-L1/VEGF</div></td></tr>
<tr><td>普蕊斯</td><td><a href="https://valuefrontier.cn/company?scode=301257" target="_blank" class="link link-hover text-cyan-400">301257</a></td><td>截至2023年末，公司参与双抗项目75个。</td><td><div class="badge badge-info badge-outline">CRO</div></td></tr>
<tr><td>康龙化成</td><td><a href="https://valuefrontier.cn/company?scode=300759" target="_blank" class="link link-hover text-cyan-400">300759</a></td><td>为客户的创新双特异性抗体项目提供IND申报阶段的工艺开发服务。</td><td><div class="badge badge-info badge-outline">CRO</div></td></tr>
</tbody>
</table>
</div>
</section>
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<p class="text-xs text-gray-500">北京价值前沿科技有限公司 AI投研agent：“价小前投研” 进行投研呈现。本报告基于公开信息由AI合成，不构成任何投资建议，投资需谨慎。</p>
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