Open Source Securities: All subtypes of blood tumors have the potential to hatch "heavy bomb" drugs, pay attention to innovative drug companies.

Open-source securities released a research report stating that there are many subtypes of hematologic tumors, and there are still significant unmet clinical needs in various subtypes, presenting a large market opportunity. Targeted therapy and immunotherapy are expected to bring new hope for treatment. At the same time, hematologic tumor subtypes, including chronic leukemia and indolent lymphoma, have low invasiveness and long treatment cycles, generally requiring long-term medication, resulting in relatively high patient stickiness, with the potential to give rise to "blockbuster" drugs. Key points from Open-source securities: There are many subtypes of hematologic tumors, and targeted therapy and immunotherapy are expected to bring new hope for treatment. According to the origin of the abnormal cells, the degree of differentiation, and the different locations of the lesions, hematologic tumors have various subtypes, which can generally be divided into three major categories: leukemia, multiple myeloma, and lymphoma. According to WHO data, as of the end of 2022, there were approximately 4 million patients with hematologic tumors globally (patients with a duration of 5 years or more), with leukemia/multiple myeloma/lymphoma patients accounting for approximately 36%/13%/51%, respectively. There are still significant unmet clinical needs in various hematologic tumor subtypes, with significant differences in standard treatment regimens; compared to chemotherapy, targeted therapy and immunotherapy have better efficacy and safety, gradually replacing chemotherapy and HSCT in some hematologic tumor subtypes, becoming the gold standard for treatment. Leukemia: Chronic needs to resolve drug resistance, acute needs to prolong long-term survival rates Leukemia is the most common hematologic tumor, with cancerous cells mainly occurring in the bone marrow and blood of the body. According to the origin of the cells and the speed of disease progression, leukemia can generally be divided into 4 subtypes; among them, chronic lymphocytic leukemia (CLL) and chronic myeloid leukemia (CML) have a relatively long course and better prognosis. Currently, they are primarily treated with BTK inhibitors and TKI class drugs targeting BCR-ABL fusion protein, respectively. Acute lymphoblastic leukemia (ALL) and acute myeloid leukemia (AML) progress rapidly and require urgent treatment, with a significant need for improvement in clinical efficacy. Multiple myeloma: Large patient base, CD38 monoclonal antibody as core first-line treatment Multiple myeloma is a malignant disease characterized by the abnormal proliferation of clone plasma cells, and currently, there is no cure. Daratumumab, a monoclonal antibody developed by Johnson & Johnson, is the core of current first-line treatment and has been included in multiple clinical guidelines domestically and internationally. Second-line and above treatment drugs mainly include BCMACAR-T, CD3/BCMA bispecific antibodies, CD3/GPRC5D bispecific antibodies, among which CAR-T therapy has a relatively high response rate, helping patients achieve a longer mPFS. Lymphoma: Originating from lymphatic tissue, significant differences in treatment options among subtypes Lymphoma is a malignant tumor originating from lymphatic tissue, forming tumors in lymph nodes and spreading to other parts of the body, mainly including Hodgkin lymphoma (HL) and non-Hodgkin lymphoma (NHL). NHL can be divided into aggressive NHL and indolent NHL: aggressive NHL has rapid tumor cell proliferation, rapid disease progression, requiring prompt intervention and treatment, including DLBCL, MCL, and BL; indolent NHL has slow tumor cell proliferation, relative insensitivity to chemotherapy, including FL, SLL, MZL, and WM. The various subtypes of lymphoma have strong heterogeneity, with significant differences in treatment options. Investment Recommendations: There are many subtypes of hematologic tumors, with significant unmet clinical needs in various subtypes, presenting a large market opportunity. Additionally, hematologic tumor subtypes, including chronic leukemia and indolent lymphoma, have low invasiveness, long treatment cycles, generally requiring long-term medication, resulting in relatively high patient stickiness, with the potential to give rise to "blockbuster" drugs. Recommended targets: INNOCARE-U(688428.SH), KEYMED BIO-B(02162), Chongqing Genrix Biopharmaceutical(688443.SH); Benefiting targets: ASCENTAGE-B(06855), BEIGENE-U(688235.SH), Dizal Pharmaceutical(688192.SH), Shenzhen Chipscreen Biosciences(688321.SH), CARSGEN-B(02171),etc. Risk warning: Decline in innovation drug research and development enthusiasm, drug clinical research and development failures, drug safety risks, etc.