FOSUNPHARMA(SH:600196) Century Securities·2025-06-03 02:13Investment Rating - The report provides a positive outlook on the pharmaceutical and biotechnology sector, highlighting a 2.21% increase in the sector, outperforming the Wind All A index and the CSI 300 index [2][7]. Core Insights - The report emphasizes the impressive performance of domestic innovative drugs at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, with over 70 oral presentations and more than 10 significant studies, indicating a growing participation of domestic innovative drugs [2][10]. - The report recommends focusing on early differentiated directions in anti-tumor drugs and long-term investments in biotech and traditional pharmaceutical companies that are deeply engaged in bispecific antibodies and antibody-drug conjugates (ADCs) [2][10]. - The report discusses the successful results of the global multicenter Phase III clinical trial HARMONi for the dual antibody Ivorasi, which achieved its primary endpoint of progression-free survival (PFS) and showed a significant trend in overall survival (OS) benefits [2][10]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 2.21% from May 26 to May 30, outperforming the Wind All A index (-0.02%) and the CSI 300 index (-1.08%) [7][9]. - The best-performing sub-sectors included other biological products (4.65%), chemical preparations (4.27%), and medical research outsourcing (4.0%), while offline pharmacies saw a decline of 2.69% [7][8]. - Notable individual stock performances included Shuyou Shen (60.4%), Huason Pharmaceutical (42%), and Changshan Pharmaceutical (35.9%) with declines seen in Haichen Pharmaceutical (-19.3%), Haishen Pharmaceutical (-11.9%), and Yixintang (-11.2%) [7][10]. Industry News and Key Company Announcements - The report highlights significant industry events, including the announcement by Summit Therapeutics regarding the successful results of the HARMONi study for Ivorasi, which is expected to support its application for a biological product license in the treatment of EGFR mutation non-small cell lung cancer [10][11]. - It also notes the collaboration between Innovent Biologics and AstraZeneca for the development of a new generation antibody-drug conjugate targeting CLDN18.2, with an upfront payment of $130 million and potential milestone payments totaling up to $1.34 billion [12][13]. - The report mentions various company announcements, including the conditional approval of innovative drugs by companies like Hengrui Medicine and the successful completion of clinical trials for several new therapies [13][14].