> 数据图表如何了解2025年创新药板块复盘2025-12-22025年创新药板块复盘A/港股创新药指数年度涨跌幅 2015-2025，A股创新药指数有7年跑赢大盘，港股创新药指数有6年跑赢大盘。 今年以来，A股创新药、港股创新药涨幅分别为54.8%/145.0%，分别跑赢大盘38.3pp/115pp。其中港股创新药18A公司指数和港股创新药制剂公司指数分别涨幅分别为173.4%/72.8%，分别跑赢大盘143.4pp/42.8pp。A/港股创新药指数年度涨跌幅涨跌幅%沪深30020152016201720182019202020212022202320242025至今5.6%-11.3%21.8%-25.3%36.1%27.2%-5.2%-21.6%-11.4%14.7%16.5%申万医药56.7%-13.5%3.6%-27.7%36.8%51.1%-5.7%-20.3%-7.0%-14.3%15.9%A股创新药指数85.4%18.4%19.2%-26.1%43.0%13.4%-4.4%-5.2%26.6%-12.9%54.8%恒生指数-7.2%0.4%36.0%-13.6%9.1%-3.4%-14.1%-15.5%-13.8%17.7%30.0%恒生医疗保健-3.2%-11.1%43.2%-25.5%34.2%41.8%-29.6%-19.3%-24.5%-18.9%72.2%港股创新药指数9.6%-13.9%43.7%-24.7%13.9%13.4%-9.4%-22.6%-17.9%-11.3%145.0%港股创新药18A公司指数-13.8%-34.1%10.8%-7.9%-14.3%21.7%-18.4%-32.9%-20.8%-15.5%173.4%港股创新药制剂公司指数8.9%-10.3%36.9%-24.8%28.1%2.3%5.9%-2.3%-10.4%-0.7%72.8%纳斯达克医疗保健指数6.9%-16.9%21.3%-4.2%25.8%30.0%-3.5%-20.4%6.5%-0.9%纳斯达克生物科技指数11.4%-21.7%21.1%-9.3%24.4%25.7%-0.6%-10.9%3.7%-1.4%数据来源：Wind，西南证券整理。注：A股和港股创新药标的各自选取了75家创新药公司，港股创新药样本中，18A公司54家，制剂公司21家，数据截至2025.12.524.3%33.1%36西南证券健康医疗
