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Core Viewpoint - The innovative pharmaceutical sector in A-shares has shown significant strength, with Heng Rui Pharmaceutical leading the surge, indicating a positive market sentiment towards the industry [1][5]. Group 1: Heng Rui Pharmaceutical Developments - Heng Rui Pharmaceutical announced a deal with GSK, granting exclusive global rights to the HRS-9821 project and up to 11 additional projects, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [4][5]. - The company has accelerated its internationalization process, with expectations of 2-3 innovative drug authorizations annually, enhancing profit margins through upfront payments and substantial overseas sales revenue [6]. - Since 2018, Heng Rui has engaged in 13 licensing transactions with global partners, involving 16 molecular entities, with a total potential transaction value of around $14 billion and upfront payments totaling approximately $600 million [6]. Group 2: Market Reactions and Trends - The entire innovative pharmaceutical sector has been buoyed by Heng Rui's performance, with significant gains in various pharmaceutical stocks, including a notable increase in the domestic first drug ETF [9]. - Citigroup has raised target prices for several Chinese pharmaceutical companies, highlighting optimism for next-generation immuno-oncology therapies, which are expected to reshape treatment paradigms [4][10]. - The total addressable market for next-generation immunotherapy drugs is projected to exceed $62 billion, with specific companies like Kangfang Biotech and Innovent Biologics showing promising data [10].