创新药重磅会议ESMO倒计时2天！中国药企将公布重磅数据

Core Insights - The 2025 European Society for Medical Oncology (ESMO) annual meeting is scheduled from October 17 to October 21 in Berlin, Germany, and is expected to showcase significant clinical research outcomes in oncology [1] - The focus of this year's ESMO is on innovative therapies and international presentations, with a notable increase in participation from Chinese pharmaceutical companies, featuring advanced pipelines such as PD-1 combination therapies and ADCs targeting prevalent cancers like non-small cell lung cancer and gastric cancer [1] - According to CICC, the business development (BD) collaborations of Chinese pharmaceutical companies around the meeting are worth monitoring, as previous large transactions, such as between 3SBio and Pfizer, have validated the potential for domestic innovative drugs to enter international markets [1] - The Hang Seng Pharmaceutical ETF (159892) has experienced a five-day adjustment following a previous surge, indicating that valuation concerns have been somewhat alleviated, and the upcoming ESMO meeting may lead to the announcement of significant data and BD transactions, potentially catalyzing the innovative drug sector [1] - In the upstream of innovative drugs, domestic CRO/CDMO companies are expected to maintain global competitiveness, as the trend of international division of labor and global pharmaceutical supply chains is unlikely to be reversed by short-term tariff policies [1] - The positive outlook for the innovative drug industry is anticipated to benefit CXO companies, with a focus on the CXO+AI medical sector, particularly the Hong Kong Stock Connect Medical ETF (520510) [1]