Investment Rating - The report maintains a "Positive" investment rating for the autoimmune dual-antibody sector [1]. Core Insights - The dual-antibody technology platform in the autoimmune disease field shows significant potential, with real-world clinical data validating its effectiveness. The focus should be on target selection and preclinical optimization, which are critical for determining clinical efficacy [3]. - The TCE (T-cell engagers) field is recommended to focus on combinations of CD3 with CD19/BCMA targets, while also being cautious of infection and low immunoglobulin levels as potential risks [3]. - There is a growing market for autoimmune diseases, with the global treatment market expected to exceed $220 billion by 2035, driven by increasing patient numbers in conditions like rheumatoid arthritis and psoriasis [19][21]. Summary by Sections 1. Autoimmune Disease Market Overview - There are over 150 types of autoimmune diseases, categorized into organ-specific and systemic types, with a significant patient population globally [13][15]. - The market for autoimmune disease treatments is projected to grow from $40 billion in 2023 to $263 billion by 2032 in China, reflecting a compound annual growth rate (CAGR) of 23.3% [21][19]. 2. Rise of Bispecific and Multispecific Antibodies - Bispecific antibodies (BsAbs) are emerging as a future direction for antibody drugs, with a market size expected to reach $484.8 billion by 2034, growing at a CAGR of 44.2% [31]. - The report highlights the rapid growth in sales of approved bispecific antibody drugs, with 19 products currently on the market [31]. 3. TCE Clinical Potential in Autoimmune Diseases - TCE therapies have shown significant clinical effects in various autoimmune diseases, with products like Teclistamab demonstrating strong B-cell clearance capabilities [3][19]. - The report emphasizes the need for careful clinical pre-screening for immunogenicity in dual-antibody products targeting multiple inflammatory pathways [3]. 4. Company Recommendations - For unlisted companies, the report recommends focusing on Huasheng Zhiyuan, Yikesite, and Huao Tai Biological, all of which have products with BD potential [3]. - For listed companies, it suggests paying attention to Weili Zhibo, Kangnuo Ya, and Quanxin Biological, particularly regarding their pipeline products and clinical data [3].

Core Insights - The article highlights significant research advancements published in the journal Cell, with a focus on studies led by Chinese scholars, covering topics such as organoid development, vascular dementia mechanisms, autoimmune disease treatments, and the role of synonymous mutations in cucumber domestication [2][4][8][12][17]. Group 1: Highly Vascularized Lung and Gut Organoids - A collaborative study from Cincinnati Children's Hospital and UCLA successfully constructed highly vascularized lung and gut organoids using human induced pluripotent stem cells (iPSCs), providing a platform for studying organ development and disease [4]. Group 2: Mechanisms of Vascular Dementia Repair - Research from UCLA identified key signaling pathways involved in brain repair for vascular dementia, specifically the CD39-A3AR pathway, and demonstrated that the A3AR agonist Piclidenoson could promote brain tissue repair and restore memory and gait functions [8]. Group 3: LAG-3/TCR Dual Antibody for Autoimmune Diseases - A study from NYU and Chinese institutions revealed a novel mechanism of LAG-3 receptor activation, which could lead to the development of dual-specific T cell inhibitory antibodies targeting LAG-3 and TCR, offering new therapeutic avenues for autoimmune diseases [12][13]. Group 4: Synonymous Mutations in Cucumber Domestication - Research from the Chinese Academy of Agricultural Sciences demonstrated that synonymous mutations can regulate important traits in cucumber domestication through epitranscriptomic mechanisms, challenging traditional views and suggesting new strategies for crop improvement [17].

Core Viewpoint - CAR-T cell therapy, originally developed for cancer treatment, shows promising results in treating autoimmune diseases such as systemic lupus erythematosus (SLE), systemic sclerosis (SSc), and idiopathic inflammatory myopathy (IIM) [1][2] Group 1: Research Findings - A study by Georg Schett's team found that 77% of autoimmune disease patients experienced a specific adverse reaction called Local Immune Effector Cell-Associated Toxicity Syndrome (LICATS) after CD19-targeted CAR-T cell therapy [2][7] - The study included 39 patients treated between March 2021 and October 2024, with a median age of 36 years, and observed 54 adverse reactions classified as LICATS [6][7] - The most affected organs were skin (35%), kidneys (22%), and musculoskeletal system (19%), with most symptoms being mild [7][9] Group 2: Distinction from Disease Relapse - LICATS is distinct from disease relapse, occurring only in previously affected organs and typically resolving without treatment or with minimal corticosteroid use [10][12] - Symptoms of LICATS appear during the active phase of CAR-T cell therapy and do not involve systemic adverse events, differentiating it from cytokine release syndrome (CRS) seen in cancer treatments [10][11] Group 3: Implications for Treatment - The study suggests that LICATS should not be misinterpreted as disease relapse, emphasizing the need for careful monitoring of skin, kidney, and musculoskeletal symptoms in autoimmune patients undergoing CAR-T therapy [12] - The transient local inflammation observed may indicate a potential therapeutic effect rather than a negative outcome, highlighting the importance of understanding these reactions in the context of treatment [12]