Investment Rating - Investment Rating: Positive [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 3.36%, ranking 6th among 31 primary industries, outperforming the CSI 300 index, which decreased by 0.21% [5][17] - The valuation of the pharmaceutical and biotechnology industry as of June 6, 2025, is 28.24x (TTM, excluding negative values), up from 27.60x in the previous period, indicating an upward trend but still below the average [5][23] - Notable sub-industry performance includes chemical preparations and other biological products, with increases of 5.77% and 4.68% respectively, while offline pharmacies saw a decline of 1.15% [5][17] Industry Review - The report highlights three major investment opportunities: 1) Companies with dual-antibody/multi-antibody technology platforms that have differentiated target design capabilities and clinical advancement efficiency are likely to attract international giants [9] 2) Areas with unmet clinical needs, such as advanced liver cancer and non-small cell lung cancer, are promising for dual-antibody therapy development [9] 3) Potential license-out candidates, as domestic innovative pharmaceutical companies continue to engage in global collaborations [9] Important Industry News - CDE launched the "Star Plan" to encourage the development of pediatric anti-cancer drugs, addressing significant unmet clinical needs in this area [7][32] - Alcon's dry eye medication "Tryptyr" received FDA approval, marking it as the first of its kind globally [39] - Hansoh Pharmaceutical's third-generation EGFR-TKI "Amivantamab" was approved in the UK for first-line treatment of NSCLC, becoming the first domestically developed EGFR-TKI approved overseas [42] - BMS and BioNTech entered a collaboration for the dual-antibody candidate BNT327, with an upfront payment of $1.5 billion and potential milestone payments of $7.6 billion [51] Company Dynamics - Stone Pharmaceutical is negotiating three potential deals totaling $5 billion, involving several products including EGFR ADCs [49] - BMS's "Rotecip" was approved for treating lower-risk myelodysplastic syndromes, marking a significant innovation in this therapeutic area [45] - AbbVie’s JAK inhibitor "Upadacitinib" was approved for treating giant cell arteritis, becoming the first approved treatment for this condition in China [48]