REMEGEN(SH:688331) Orient Securities·2026-01-14 13:12Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical and biotechnology industry in China [5] Core Insights - Domestic innovative drugs are expected to lead the tumor immunotherapy 2.0 era, with bispecific antibodies becoming a global focus and business development (BD) transaction volumes reaching new highs. The global value of Chinese innovative drugs is being rapidly uncovered [3][6] - A significant collaboration was established between Rongchang Biopharma and AbbVie, involving the PD-1/VEGF bispecific antibody (RC148), which includes a $650 million upfront payment and potential milestone payments of up to $4.95 billion, along with double-digit royalties on net sales outside Greater China. This partnership accelerates the internationalization of RC148 and highlights the potential of the tumor pipeline [6] - The report emphasizes the increasing interest from multinational pharmaceutical companies in domestic bispecific antibody drugs, indicating that these innovative drugs will be a key growth engine in the tumor immunotherapy 2.0 era [6] Summary by Sections Industry Overview - The pharmaceutical and biotechnology industry is positioned for growth, particularly in the area of innovative drugs and tumor immunotherapy [5] Investment Recommendations and Targets - Key investment targets include Rongchang Biopharma (688331), 3SBio (01530), 3SBio Guojian (688336), Innovent Biologics (01801), CanSino Biologics (09926), Kintor Pharmaceutical (06990), and Eucure Biopharma (09606), all of which are not rated yet [3] Recent Developments - The collaboration between Rongchang Biopharma and AbbVie is a pivotal event, marking a significant step in the global commercialization of innovative drugs [6]