Core Viewpoint - The Hong Kong innovative drug ETF fund (520700) has shown significant market activity, with a 4.00% increase and a turnover rate exceeding 55.40%, indicating strong investor interest in innovative pharmaceutical stocks [1] Group 1: Company Developments - Innovent Biologics reported promising clinical data for its first-in-class PD-1/IL-2α-bias bispecific antibody fusion protein IBI363 at the 2025 ASCO annual meeting, focusing on advanced non-small cell lung cancer [1] - IBI363 has shown controllable safety and encouraging efficacy trends in squamous non-small cell lung cancer and wild-type lung adenocarcinoma, contributing to long-term survival benefits [1] - At the ASCO conference, Innovent Biologics had a total of 8 oral presentations, accounting for approximately 2% of the total presentations at the event [1] Group 2: Market Analysis - Morgan Stanley has raised its sales forecasts for Innovent's IBI363 and IBI343, citing their significant potential and the likelihood of global development or licensing opportunities [2] - GF Securities emphasizes the value of investing in Hong Kong innovative drugs, noting a shift in market focus from traditional sectors to long-term strategic areas like the Sino-U.S. technology competition [2] - The recent emergence of the DeepSeek large model has positively influenced investor sentiment, leading to a systematic reassessment of China's potential in key technology sectors [2]