国内乙肝创新药迎来重要突破，创新药景气度或将延续？

Core Viewpoint - The 76th AASLD conference showcased significant advancements in China's innovative drug sector, particularly in hepatitis B treatment, indicating a positive outlook for the industry moving forward [1][4][5]. Group 1: Performance of Chinese Innovative Drug Companies - Chinese research teams made notable contributions at the AASLD 2025 conference, presenting findings on hepatitis B and other liver diseases, with several experts receiving prestigious awards [4]. - Breakthrough drugs and clinical data were highlighted, including HepaPrax combined with interferon achieving "sterilizing cure" for hepatitis B, and AHB-137 showing a 39% sustained clearance rate post-treatment [4][5]. Group 2: Future Outlook for the Innovative Drug Sector - The innovative drug sector is benefiting from several positive industry trends, including a sustained "going global" momentum, with overseas licensing deals reaching $104.2 billion and upfront payments totaling $8.1 billion by October 2025 [8]. - The pharmaceutical sector reported a net profit of 40.51 billion yuan in Q3 2025, a 7.67% year-on-year increase, with expectations for continued growth in innovative drug commercialization and overseas deals [8]. - Ongoing policy support is anticipated, with upcoming insurance negotiations expected to enhance the accessibility and affordability of high-priced innovative drugs [8]. - The innovative drug sector has experienced a three-month adjustment period, which is viewed as healthy, with expectations for a new round of growth as market dynamics shift [8].