医药与健康护理月报及专题：第二大肿瘤结直肠癌，免疫治疗曙光初现

Investment Rating - The report indicates a neutral investment rating for the pharmaceutical sector, with expectations of industry returns being between -10% and 10% relative to benchmark indices [33]. Core Insights - Colorectal cancer is the second most common cancer in China, with 517,000 new cases in 2022. Over 90% of patients have the pMMR/MSS type, which shows little response to PD-1 therapies [2][5]. - Recent studies, particularly the CAPability-01 trial, demonstrate significant potential for a combination therapy of Sitravatinib, Sintilimab, and Bevacizumab in treating pMMR colorectal cancer, achieving an ORR of 44% and a median PFS of 7.3 months [10][12]. - The pharmaceutical sector experienced a decline in March 2024, with the SW Pharmaceutical and Biological Index falling by 2.3%, ranking 26th among 28 sectors [23][25]. Summary by Sections Colorectal Cancer Insights - The report highlights the challenges of treating pMMR/MSS colorectal cancer with existing immunotherapies, emphasizing the need for new strategies to enhance immune infiltration [5][6]. - The combination of Sitravatinib with immunotherapy has shown promising results, with the CAPability-01 study published in Nature Medicine indicating a significant improvement in treatment outcomes for previously difficult-to-treat patients [10][11]. Market Performance - In March 2024, the overall performance of the pharmaceutical sector was negative, with a notable decline in the average stock prices of key companies, including a 5.2% drop in the report's selected portfolio [20][22]. - The report identifies specific companies to watch in the Hong Kong market, including HCG, Tigermed, and CR Pharmaceutical, suggesting potential investment opportunities [4]. Clinical Research Developments - The report discusses ongoing clinical trials and the potential for Sitravatinib to enhance the efficacy of existing treatments, with ongoing studies exploring its use in various cancers beyond colorectal [12][18]. - The report also notes the importance of further evidence to validate the clinical value of the combination therapies being studied, particularly in light of the small sample sizes and potential biases in the trials [19].