国信证券：关注国产双抗、ADC等创新分子 看好差异化创新出海

Group 1 - The core viewpoint is that domestic innovative drugs are increasingly gaining global value, with a trend of going overseas for development [1][2] - The ASCO annual meeting is highlighted as a significant platform for showcasing high-quality research results of domestic innovative drugs, with several promising drug candidates expected to present data [1] - Companies such as Innovent Biologics, Kelun-Biotech, and others are mentioned as having innovative drugs with potential for first-in-class or best-in-class status [1] Group 2 - The report indicates that the collaboration between Innovent Biologics and Pfizer for the PD-1xVEGF bispecific antibody 707, with an upfront payment of $1.25 billion, sets a new record for domestic innovative drugs [2] - There is a noted increase in the number and value of licensing agreements for domestic innovative drugs since the beginning of the year [2] - The release of clinical data is crucial for determining the drug development potential and subsequent global commercialization of these innovative drugs [2]