特瑞思CD20-ADC获突破性疗法，DLBCL末线mOS或超预期，关注珍宝岛

Investment Rating - The report maintains a strong rating for the pharmaceutical and biotechnology sector, indicating it is expected to outperform the market [6]. Core Insights - The report highlights the breakthrough therapy of TRS005, an ADC targeting CD20, which shows potential to outperform existing treatments for DLBCL [4][40]. - The DLBCL market is projected to grow significantly, with the Chinese market expected to increase from RMB 58 billion in 2019 to RMB 186 billion by 2024, and further to RMB 369 billion by 2030, reflecting a CAGR of 26.2% [21][24]. - The report emphasizes the importance of innovative drugs and suggests focusing on companies with strong performance and potential catalysts in the upcoming quarters [4][5]. Summary by Sections 1. Market Review - The CITIC Pharmaceutical Index rose by 1.5% during the week of June 23-27, 2025, underperforming the CSI 300 Index by 0.5 percentage points [3][49]. - The top five performing stocks included Shenzhou Cell (+30.5%), Haooubo (+27.1%), and Huaren Health (+26.0%) [3][63]. 2. DLBCL and ADC Treatment - DLBCL accounts for approximately 30-40% of all NHL cases, with a significant portion of patients remaining untreated despite existing therapies [4][17]. - The report discusses the transition from traditional chemotherapy to targeted therapies, highlighting the introduction of ADCs as a promising treatment avenue [24][27]. - TRS005 has shown promising results in early trials, with an overall response rate (ORR) of 59.4% in the 1.8 mg/kg dosage group [42][46]. 3. Investment Recommendations - The report suggests a focus on innovative drugs as a long-term investment strategy, particularly in companies that are expected to report strong Q2 earnings [4][5]. - Recommended stocks include Innovent Biologics, Kintor Pharmaceutical, and Zhenbao Island, among others [5][13]. 4. Industry Trends - The report notes that the ADC sector is gaining traction, with TRS005 being a key focus due to its potential advantages over existing therapies [40][47]. - The overall pharmaceutical sector is experiencing a shift towards innovative treatments, driven by advancements in technology and an aging population [21][24].