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Core Insights - The innovative drug sector is experiencing a strong market trend, with potential growth opportunities driven by global business development (BD) authorizations and overseas licensing of innovative drugs [1][2] - Advanced technology platforms and significant academic conferences are catalyzing innovation in areas such as ADC, bispecific antibodies, and CAR-T therapies, positioning Chinese innovative drug companies favorably in the global market [1][2] - Upcoming major industry conferences, such as WCLC and ESMO, are expected to showcase the latest clinical research advancements from Chinese innovative drug companies, serving as potential catalysts for the industry [2] Industry Highlights - The global BD authorization and overseas licensing of innovative drugs are crucial for driving the next wave of market growth and revenue increases [1] - Chinese companies are leading in ADC technology, with a significant presence at ASCO, and are also at the forefront of bispecific antibody development, holding nearly 50% of the global pipeline [1] - The anticipated number of bispecific antibody products entering international markets in 2024 is around 14, with total transaction values exceeding $10 billion and upfront payments surpassing $2 billion, setting new historical records [1] Investment Strategy - The investment landscape for innovative drugs is becoming more favorable due to supportive policies, including optimization of medical insurance access and the introduction of new categories [2] - The innovative drug sector is viewed as having long-term investment potential, with recommendations for investors to consider the Guotai Innovative Drug ETF (517110), which includes a diverse range of innovative drug companies across A-shares and Hong Kong stocks [3]