国金证券：中国创新药处于创新成果兑现初期，肿瘤领域继续关注两大方向

Core Insights - The Chinese innovative drug sector is on the rise and is currently in the early stages of realizing innovation成果 [1] - There remains a significant opportunity for independent development success and large-scale BD authorization transactions in the future [1] Industry Focus - In the oncology field, two main directions are highlighted: 1. The multidimensional iteration of ADCs (Antibody-Drug Conjugates), focusing on innovations in targets, antibody structures, and toxin combinations [1] 2. Innovations in the molecular components and spatial structures of immunotherapy, which may lead to breakthroughs with new combinations of ICI, TAA, cytokines, and TME-related chemotactic factors [1] Potential Products - The next potential blockbuster products may emerge from specific segments such as TCE (T-cell engagers), other bispecific/multispecific antibodies, and innovative ADCs, along with leading clinical enterprises in these fields [1]