Guojin Securities: China's innovative drugs are in the early stage of realizing innovation achievements, and the tumor field continues to focus on two major directions.

Guojin Securities stated in a publication that Chinese innovative drugs are on the rise and are in the early stages of realizing their innovative achievements; there still remains a great opportunity for independent development success and large single-product BD authorization transactions. In the field of oncology, continue to focus on two main directions: observe the multidimensional iteration of ADC, and the innovation of target points, antibody structures, and toxin combinations; observe the combination changes of molecular components in immune therapy and the innovation of spatial structures, there will be breakthroughs in the new combination of ICI, TAA, cytokines, and TME-related chemotactic factors. We are focusing on potential heavyweights that may emerge in the next weight class, as well as sub-races such as TCE, other bispecific/multi-specific antibodies, and innovative ADCs and their clinically leading companies.