Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [3][27] Core Viewpoints - The report highlights that the global oncology immunotherapy research has entered a new phase with the combination of dual antibodies and ADCs, particularly focusing on the collaboration between Summit Therapeutics and Pfizer for clinical exploration of PD-1/VEGF dual antibodies combined with ADCs [2][10][12] - The report emphasizes the importance of innovation, international expansion, and the aging population as key themes for investment, suggesting that the industry is showing signs of recovery after a prolonged downturn [16][27][28] Summary by Sections Global Oncology Immunotherapy Development - The collaboration between Summit Therapeutics and Pfizer aims to explore the clinical potential of PD-1/VEGF dual antibodies combined with ADCs, with trials expected to start in mid-2025 [10][12] - The report recommends focusing on companies like 康方生物 (Kangfang Biologics) due to the potential expansion of AK112's clinical value [12][14] Industry Perspective - The pharmaceutical index has shown a decline of 2.72% from February 24 to February 28, 2025, with a total of 117 stocks rising and 372 falling during this period [16][19] - The report suggests that the pharmaceutical sector is at a historical low in terms of valuation, with a PE ratio of 30.88X as of February 28, 2025, indicating potential for recovery [22][27] Investment Recommendations - The report advises focusing on innovative pharmaceuticals and medical devices, particularly those with significant growth potential and low valuations, such as 恒瑞医药 (Hengrui Medicine), 科伦药业 (Kelun Pharmaceutical), and 康方生物 (Kangfang Biologics) [28][30] - It also highlights the importance of international market expansion and the growing demand driven by an aging population, recommending companies like 迈瑞医疗 (Mindray Medical) and 鱼跃医疗 (Yuyue Medical) [30][31]