医药行业周报：映恩生物：ADC赛道黑马，创新出海先锋

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperforming the Market" [1] Core Insights - The report highlights the strong growth potential in the innovative drug sector, particularly in areas such as ADC (Antibody-Drug Conjugates), dual antibodies, and self-immune therapies, supported by national policies and increasing funding [2][13] - The report emphasizes the importance of capturing opportunities in "hard technology" and "strong demand" within the domestic market amidst uncertainties in the US-China geopolitical landscape [2][12] Summary by Sections 1. Market Review - The pharmaceutical sector experienced a slight decline of 0.36% during the week of April 14-18, underperforming the CSI 300 index, which rose by 0.59% [5][6] - The market is gradually recovering from the impacts of tariff policies, with a shift in focus towards long-term investment opportunities [5][6] 2. Investment Strategy - The report suggests focusing on "hard technology" and "strong demand" sectors, particularly innovative drugs and high-end medical devices, which are expected to benefit from domestic market dynamics [12][13] - The innovative drug sector is identified as the most promising area for growth, with significant support from national policies and funding improvements expected by 2025 [13][14] 3. Company Spotlight: InnoCare Pharma - InnoCare Pharma is recognized as a leading player in the ADC space, with a robust pipeline of 12 self-developed ADC products, six of which are in clinical development [15][18] - The company's core product, DB-1303, is a third-generation HER2 ADC targeting endometrial cancer, with plans to submit for accelerated approval to the FDA in late 2025 [19][20] - InnoCare has established partnerships with major pharmaceutical companies, securing potential milestone payments exceeding $6 billion [18][19] 4. Future Catalysts - The report outlines several upcoming catalysts for InnoCare, including clinical trial advancements for DB-1303 and other ADC products, which are expected to generate significant market interest [28] - The company is also exploring collaborations with BioNTech for combined therapies, indicating a strategic focus on innovative treatment combinations [28][26]