ADC行业：中国力量，大有可为

Investment Rating - The report gives an "Overweight" rating for the antibody-drug conjugate (ADC) industry in China, with specific "Buy" ratings for companies such as Kolon Biotech, Hengrui Medicine, and WuXi AppTec [1][16][22]. Core Insights - The ADC market is expected to grow rapidly, with the global market projected to increase from $7.9 billion in 2022 to $64.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 30% [13][50]. - China has become a key player in the ADC sector, with domestic ADC drugs accounting for approximately 40% of the global pipeline, and the market is anticipated to reach 66.2 billion RMB by 2030, growing from 800 million RMB in 2022, corresponding to a CAGR of 72.8% [14][15][51]. Summary by Sections ADC Industry: China's Strength and Potential - ADCs combine the targeting ability of antibodies with the cytotoxic effects of drugs, showing significant efficacy in cancer treatment [21]. - The global ADC market has seen a substantial increase, with 15 ADC drugs approved, and the market is expected to grow significantly in the coming years [50][54]. Market Size and Current Status - The ADC market size in China is projected to grow explosively, with expectations of reaching 66.2 billion RMB by 2030 [15][51]. - The report highlights that the ADC market's growth is driven by the increasing number of domestic candidates entering late-stage trials and the approval process [15][21]. Future Development Trends and Outlook - The report identifies three types of players likely to benefit from the ADC wave: leading biotech firms with strong ADC technology platforms, innovative large pharmaceutical companies with robust R&D capabilities, and global leading ADC outsourcing service providers [22]. - The report emphasizes the potential for ADCs to replace a portion of the chemotherapy market, which is valued at approximately 140 billion RMB [51]. Investment Recommendations - Kolon Biotech (6990.HK) is highlighted as a top pick in the ADC sector, with a target price of 230 HKD, representing a potential upside of 34% [16][18]. - Hengrui Medicine (600276.CH) is noted for its strong pipeline and innovative capabilities, with a target price of 61 RMB, indicating a potential upside of 21% [16][18]. - WuXi AppTec (2268.HK) is recognized for its leading position in ADC outsourcing services, with a target price of 35 HKD, suggesting a potential upside of 33% [16][18].