Guoxin Securities·2025-05-23 15:16Investment Rating - The investment rating for the pharmaceutical industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The 2025 ASCO Annual Meeting will showcase significant research results from various domestic innovative drugs, indicating a growing competitive edge in global clinical data [3] - The report highlights several innovative drug candidates with first-in-class or best-in-class potential, including IBI363 from Innovent Biologics, SKB264 from Kelun Biotech, BL-B01D1 from Baiyi Tianheng, and others [3] - Investment recommendations focus on companies with high-quality innovation capabilities, such as Innovent Biologics, Kelun Biotech, and others [3] Summary by Relevant Sections ASCO Annual Meeting Insights - The ASCO Annual Meeting is one of the largest and most authoritative clinical oncology conferences globally, scheduled for May 30 to June 3, 2025, in Chicago [3] - Multiple domestic innovative drugs will present high-quality research results, showcasing advancements in clinical trials [3] Key Clinical Data - Innovent's IBI363 demonstrated an overall response rate (ORR) of 36.7% and a median progression-free survival (mPFS) of 7.3 months in squamous non-small cell lung cancer (sqNSCLC) patients [4] - Kelun Biotech's sac-TMT combined with A167 showed an ORR of 59.3% and mPFS of 15.0 months in non-squamous NSCLC patients [4] - Baiyi Tianheng's BL-B01D1 achieved an ORR of 44.8% and mPFS of 4.0 months in small cell lung cancer (SCLC) patients [4] - Zai Lab's ZG006 reported an ORR of 66.7% in SCLC patients [4] Investment Recommendations - The report suggests focusing on companies with strong innovative capabilities, including Innovent Biologics, Kelun Biotech, and others, as they are expected to lead in the development of innovative drugs [3]