Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [6] Core Insights - The ASCO conference showcased significant breakthroughs in both foreign and domestic innovative drugs, highlighting the competitive strength of domestic companies [4][9] - A total of 73 research data entries from domestic companies were included in this year's ASCO, marking a historical high [9][13] - The report emphasizes the potential of dual antibodies and antibody-drug conjugates (ADCs) in the treatment of non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC) [9][39] Summary by Sections Dual Antibodies - Domestic research is leading globally in dual antibodies, with products like PD-1/VEGF and PD-1/IL-2 showing promise as major drugs in the post-PD-1 era [9][10] - SSGJ-707 from Sanofi has shown impressive efficacy in treating advanced NSCLC, with a clinical data showing a cORR of 64.7% and DCR of 97.1% in specific patient groups [15][16] - IBI363, a first-in-class PD-1/IL-2 dual-specific antibody, has demonstrated significant efficacy in advanced NSCLC, with a median PFS of 9.3 months in squamous cell carcinoma patients [18][19] Antibody-Drug Conjugates (ADCs) - ADCs are expected to gradually replace existing standard of care (SOC) treatments, with domestic products poised to take a significant market share [10][39] - The TROP2 ADC combined with PD-(L)1 therapy has shown promising results in first-line treatment of advanced NSCLC, with an ORR of 55% and mPFS of 11.2 months [27][28] - Sac-TMT from Kelun Biotech has demonstrated superior efficacy compared to Dato-DXd, particularly in patients with high PD-L1 expression [30][31] Small Cell Lung Cancer (SCLC) - DLL3-targeted therapies have made significant progress, with domestic products showing international competitiveness [9][39] - Tarlatamab has achieved breakthroughs in both second-line and first-line maintenance treatment for SCLC, with promising clinical data [9][39] - The report highlights the potential of DLL3-targeted therapies to evolve from dual antibodies to ADCs, enhancing treatment options for SCLC patients [9][39]