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Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [8]. Core Viewpoints - The report expresses strong confidence in the innovative drug sector, particularly highlighting the progress of the PD-1/VEGF bispecific antibody drug, Ivosidenib, in its international multicenter Phase III clinical trials for high PD-L1 expressing NSCLC [2][22]. - Ivosidenib has shown significant overall survival (OS) benefits in the HARMONi-A study, confirming its clinical value beyond progression-free survival (PFS) [2][23]. - The report suggests that Ivosidenib's efficacy and safety are consistent across different ethnicities and regions, enhancing its international market potential [2][23]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology index fell by 0.65%, underperforming the CSI 300 index by 3.37 percentage points [1][17]. - The Hong Kong Hang Seng Medical Health Index dropped by 3.41%, lagging behind the Hang Seng Index by 1.96 percentage points [1][17]. Company Updates - Recent clinical applications include new undertakings for AK152 injection by Kangfang Biopharma and 9MW3811 injection by Maiwei Biopharma [33]. - Ongoing Phase III clinical trials include HS-20094 by Hansoh Pharmaceutical and TaiTasi by Rongchang Biopharma [33]. Clinical Research Progress - Ivosidenib is expanding its clinical research into various tumor types, including first-line treatments for high-incidence cancers and immune-resistant indications [3][31]. - The report recommends focusing on innovative companies involved in VEGF bispecific antibodies, such as Sanofi, Rongchang Biopharma, Junshi Biosciences, and Innovent Biologics [3]. Investment Strategy for 2025 - The report emphasizes a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [3]. - Key recommendations include Heng Rui Medicine, Mindray Medical, United Imaging Healthcare, and Yuyue Medical [3].