Group 1 - The core viewpoint of the article highlights that Innovent Biologics-B (09606) has seen a significant stock increase of over 12%, currently trading at 332.2 HKD with a transaction volume of 321 million HKD [1] - According to Guotai Junan Securities, Innovent Biologics is expected to have a rich pipeline of catalysts in 2026, with key data points anticipated including final results from global registration clinical trials for HER2ADC targeting EC and BC indications [1] - The firm also expects clinical results for B7H3ADC, HER2ADC, and TROP2ADC in combination with PDL1*VEGF dual antibody BNT327, as well as updates on early clinical data for B7H4ADC and EGFR*HER3ADC, and progress on CDH17ADC [1] Group 2 - The firm has raised the peak global sales expectations for HER2ADC DB1303, B7H3ADC DB1311, and HER3ADC DB1310 based on the smooth progress of Innovent Biologics' pipeline in 2025 [1] - Using the DCF valuation method, the target price for Innovent Biologics has been increased to 455.56 HKD, while maintaining a buy rating [1]