Core Viewpoint - The Chinese biotechnology sector is entering a turning point this year, with stabilizing fundamentals and resilient innovation foundations, while financing activities are recovering [1] Group 1: Market Conditions - The report indicates that the biotechnology sector in China will experience range-bound fluctuations in the first half of the year due to a scarcity of catalysts and limited high-conviction investment themes [1] - Risk appetite remains unstable, impacting the overall market sentiment in the sector [1] Group 2: Future Outlook - The next growth phase is expected to begin with significant data releases, increased business development activities, and visible licensing transactions [1] - Most of these events are concentrated around the second half of 2026, suggesting that further industry re-evaluation should be delayed rather than interrupted [1] Group 3: Company Coverage - Morgan Stanley has resumed coverage of Innovent Biologics, assigning an "Overweight" rating with a target price of HKD 130 [1]