Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualing Pharmaceutical-B, and others [3]. Core Insights - The pharmaceutical sector has outperformed the market, with a focus on the potential of innovative drugs and the CD73 target in cancer immunotherapy [4][5]. - The report highlights the promising clinical progress of CD73 inhibitors, with several products in various stages of clinical trials [21][25]. Summary by Sections Industry Investment Rating - The report provides a list of recommended companies with "Buy" and "Hold" ratings, indicating strong investment potential in the pharmaceutical sector [3]. Industry Performance - The pharmaceutical sector rose by 1.13%, outperforming the CSI 300 index by 0.25 percentage points, with innovative drugs and vaccines leading the performance [5][32]. Company Dynamics - Companies such as Lepu Medical and Sunshine Nuohua have made significant announcements regarding new product approvals and clinical trial progress, indicating a robust pipeline and growth potential [33][34]. Industry Trends - The report discusses the increasing focus on innovative drugs and the impact of regulatory changes on the pharmaceutical landscape, suggesting a shift towards high-efficiency business models in the industry [31][40].