Changjiang Securities·2025-05-25 13:20Investment Rating - The industry investment rating is "Positive" and maintained [8] Core Insights - DKK1, a new potential target for solid tumors, is a typical secretory antagonist of the Wnt signaling pathway, showing high expression in various cancers, including gastric cancer and colorectal cancer [2][5] - Multiple pharmaceutical companies globally are proactively positioning themselves around the DKK1 target, with Junshi Bioscience's JS015, Anjiesheng's AGA2118, and Eli Lilly's Sirexatamab leading in clinical development, all having entered Phase II trials [6][23] - The macro environment has changed significantly, with a focus on two main investment directions for 2025: innovation going global and domestic demand recovery [7] Summary by Sections DKK1 Target Overview - DKK1 is a secretory glycoprotein that acts as an antagonist in the Wnt signaling pathway, with high expression in cancer patients' serum, particularly in gastric and colorectal cancers [5][18] - The potential of DKK1 as a biomarker for gastric cancer screening is highlighted, with its high expression correlating with poor prognosis [22] Clinical Development Progress - Junshi Bioscience's JS015 has shown promising early clinical data, with an overall response rate (ORR) of 100% in the first-line treatment of colorectal cancer and 66.7% in gastric cancer [6][26] - The clinical progress of DKK1-targeted therapies includes several companies, with Junshi's JS015, Anjiesheng's AGA2118, and Eli Lilly's Sirexatamab all in Phase II trials, while Pfizer's RN564 is in Phase I [25][23] Investment Opportunities - The report emphasizes the importance of innovative drugs and their potential for international expansion, suggesting that domestic policies favoring high-quality innovation will drive growth [7][30] - The recovery of domestic demand is expected to benefit sectors such as traditional Chinese medicine and consumer healthcare, with a focus on companies with strong cash flow and innovative capabilities [30][31]