The 2026 annual meeting of the American Society of Clinical Oncology (ASCO) was held in Chicago, the United States, from May 29 to June 2. Chinese scholars led the selection of 95 important achievements, such as oral reports, rapid oral reports, LBA, and so on, which set a new record, marking that China's tumor clinical research and innovative drug research and development have entered the first echelon in the world, and achieved breakthroughs in lung cancer, breast cancer, digestive tumors, blood tumors, urinary tumors, and other fields.

In order to showcase the top achievements of Chinese innovative drug companies and clinical experts, and convey the international influence of Chinese cancer research, the Economic Observer has launched a special report on "Health Observation Site · 2026 ASCO", focusing on selected oral reports, LBA and other heavyweight studies, building an authoritative communication platform for enterprises, clinical experts, industries and the public, and allowing the world to see the power of Chinese innovation.

News Flash

  • Legendary Biology ASCO Annual Meeting will release new research data, with stock prices rising first and then falling in the past week

    Economic Observation Network Legendary Biology recently announced multiple research results at the 2026 ASCO Annual Meeting, and its stock price has risen and then fallen in the past 7 trading days, with most institutions maintaining a bullish rating.

    Business Progress
    The company announced on May 21 (New York time) that it will present multiple research findings at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting Key points include: Phase 1 clinical preliminary data of LB2102, a CAR-T therapy targeting DLL3 under development, and new data from CARVYKTI (Xidachiarone) 。

    Recent Stock Trends
    Affected by the ASCO annual meeting news, the stock price rose 4.93% on May 22 (the first trading day after the news was released) and closed at $29.37. The stock price experienced a correction in the following trading days. As of the close on May 29th, the stock price was $27.16, a decrease of 7.53% from the closing price on May 22nd, with a range amplitude of 12.97%.

    Institutional Perspective
    According to the institutional perspective integration as of May, there are a total of 17 institutions covered, of which 88% give a "buy" or "hold" rating, and 12% give a "hold" rating. The target average price given by the institution is $54.97, which represents a significant premium compared to the closing price on May 29th.

    The above content is based on publicly available information and does not constitute investment advice.

  • BeiGene products approved for new indications, Q1 revenue increased by 31% year-on-year

    Economic Observation Network BeiGene's products have recently been approved and strategic cooperation has been achieved, with strong performance in the first quarter and high institutional attention.

    Product development progress:
    On May 29th, BeiGene announced the joint development of its targeted bispecific antibody Antaixi with Anjin Company ® Talatuzumab for injection has been approved by the National Medical Products Administration as a new indication for adult patients with extensive stage small cell lung cancer (ES-SCLC) who have previously experienced a systemic treatment failure This product has been conditionally approved for use in patients who have failed at least second-line treatment on April 10th. The market focus is shifting towards the 2026 ASCO (American Society of Clinical Oncology) annual meeting, where the company is expected to announce key data on solid tumor pipelines such as CDK4 inhibitors, B7-H4 ADCs, and GPC3x4-1BB bispecific antibodies In addition, its BCL2 inhibitor Sotocla (Baiyueda) ®） Obtained FDA accelerated approval for mantle cell lymphoma in May 。

    Business progress:
    On May 27th, BeiGene and Shangyao Holdings signed a strategic cooperation agreement. Shangyao Holdings will serve as Antaixi ® The import distributor relies on its innovative drug lifecycle platform to assist in the commercialization of this product. Both parties will deepen cooperation in areas such as digital marketing, real-world data, and overseas expansion 。

    Performance and business situation:
    The company achieved a revenue of 10.544 billion yuan in the first quarter of 2026, a year-on-year increase of 31%; Net profit attributable to the parent company was 1.608 billion yuan, significantly reversing losses year-on-year Based on the strong performance of products such as Zebutinib, the company has raised its full year revenue guidance for 2026 。

    Institutional perspective:
    After the performance announcement, multiple institutions including Citigroup and CICC released bullish views, paying attention to the realization of their global innovation value and the progress of their physical tumor pipeline 。

    Recent stock trends:
    A-shares (688235. SH): In the past week (May 22-29), it fell 3.20% in the range and closed at 243.90 yuan on May 29. The main funds on that day were in a net inflow state.
    Hong Kong stock (06160. HK): fell 3.44% in the same period range, closing at HKD 176.80 on May 29th.
    US stock market (BGNE. US): fell 7.01% in the same period range, closing at $287.92 on May 29th.

    The above content is based on publicly available information and does not constitute investment advice.

  • On May 29th, the Hang Seng Biotechnology ETF Guotai closed up 3.9%, and multiple institutions released relevant analysis opinions

    Economic Observation Network On May 29, 2026, market information showed that multiple institutions released analysis opinions on the Hang Seng Biotechnology ETF and related industries under Cathay Pacific.

    Institutional perspective:
    Huaxi Securities pointed out in its strategy report that the crowding of the innovative drug sector has fallen to a low of 17.5% percentile since 2020, and ETF funds have shown a small net inflow for two consecutive weeks, reflecting that funds have begun to layout on the left side under the background of low expectations and low holdings 。
    CITIC Securities emphasized in its report "Focusing on Three Business Trends" that the number of Chinese innovative drugs selected for the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting has reached a new high, with a total of 94 studies selected for oral presentations, including 13 latest breakthrough abstracts. The quality of clinical data and global discourse power continue to improve 。
    Guoxin Securities believes that with the increasing competitiveness of clinical data and progress of domestically produced innovative drugs on a global scale, their global value is continuously being realized. The institution is optimistic about differentiated innovation going global and pays attention to global clinical promotion and data retrieval 。

    Market performance:
    On May 29th, the Hang Seng Biotechnology ETF Cathay Pacific closed up 3.90% with active trading The Hang Seng Biotechnology Index (HSBIO) it tracks focuses on the top 30 biotech companies with the largest market capitalization and highest liquidity within the scope of the Hong Kong Stock Connect. The current price to earnings ratio (PE) of the index is about 26.61 times, within the percentile range of 20% to 80% in the past year (historical range 22.74 to 36.05), and the valuation level is described as healthy and moderate 。

    Industry driving factors:
    Institutional perspectives are generally associated with recent major industry events:
    ASCO Annual Meeting Catalyst: The 2026 ASCO Annual Meeting opened on May 29, and the number of Chinese innovative drug research achievements selected reached a historic high, becoming the focus of market attention 。
    Progress of innovative drugs going global: For example, China's biopharmaceutical company, Rivacitinib, was authorized to Sanofi with a down payment of $135 million and a milestone payment of $1.395 billion, setting a new record in domestic transplantation transactions and indicating that domestic innovative drugs have entered the harvest period of going global 。

    The above content is based on publicly available information and does not constitute investment advice.

  • Baileys Tianheng closed up 8.64% on May 29th, driven by the recovery of the innovative drug sector and research and development expectations

    Economic Observation Network Driven by both industry benefits and research and development progress, the stock price of Baili Tianheng rose by 8.64% on May 29, 2026.

    Industry policies and environment:
    On that day, the A-share innovative drug concept sector experienced a volatile rebound overall. On the news front, several domestic pharmaceutical companies have recently reached heavyweight overseas authorization cooperation, such as Xinda Biotechnology and Huiruida reaching a $10.5 billion agreement, and Hengrui Pharmaceutical and BMS (Bristol Myers Squibb) reaching a potential $15.2 billion cooperation This has boosted market confidence in the prospects of innovative drugs going global and the industry.

    Product development progress:
    A more direct factor is that the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting will be held from May 29th to June 2nd. According to a report from CPHI Pharmaceutical Online, Baili Tianheng will showcase 7 research results of 5 innovative products at this ASCO, including 5 oral presentations and 1 latest breakthrough abstract (LBA) Its core product, iza bren (BL-B01D1), has shown positive results in the phase III study of triple negative breast cancer and esophageal squamous cell carcinoma. The market expects that the disclosure of relevant data will affect its commercialization prospects and valuation 。

    Stock price and fund performance:
    According to the market data on May 29th, the stock opened at 222.90 yuan, closed at 238.57 yuan, and reached a high of 244.00 yuan, with a turnover of 1.168 billion yuan. The main funds of the day showed a net inflow state After experiencing a significant pullback in the early stages, the stock price rebounded significantly on the same day.

    The above content is based on publicly available information and does not constitute investment advice.

  • Two new drugs under development by Jinfang Pharmaceutical will be showcased at the ASCO Annual Meeting, with stock prices rising 3.39% on the 29th

    Economic Observation Network The clinical results of two new drugs under development by Jinfang Pharmaceutical will be presented at the 2026 ASCO Annual Meeting, driving the company's stock price up 3.39% on May 29, 2026.

    Recent stock trends:
    The company's stock price rose 3.39% on May 29, 2026, closing at HKD 34.12 with a turnover of approximately HKD 81.81 million.

    Product development progress:
    The direct catalyst for this increase was the company's announcement on May 27th that the clinical research results of its two new drugs under development will be presented at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting Among them, the research data on the core product GFH375 (KRAS G12D inhibitor) for the treatment of cholangiocarcinoma and colorectal cancer were included in the oral report, which will be the industry's first release of specialized clinical data on RAS inhibitor treatment for cholangiocarcinoma In addition, the clinical data of the world's first dual antibody GFS202A for cachexia will also be presented for the first time.

    The above content is based on publicly available information and does not constitute investment advice.

  • Multiple securities firms are optimistic about the innovative drug sector, and the Guotai Innovative Drug ETF has received continuous net inflows of funds

    Economic Observation Network Guotai's innovative drug ETF (517110) has been favored by multiple securities firms, indicating multiple turning points in the innovative drug sector.

    Institutional perspective:
    According to the latest information on May 29, 2026, multiple securities firms hold a positive view on the innovative drug sector and the innovative drug ETF Guotai (517110), believing that the sector is entering multiple turning points.
    Huaxi Securities pointed out that the crowding of the innovative drug sector has fallen to the 17.5% percentile since 2020, which is at a historically low level; Combined with the catalysis of AACR 2026 conference and the recovery of BD trading, the sector is entering a triple turning point of "low valuation+intensive catalyst+left side fund layout" 。
    Guojin Securities emphasizes that the CXO industry's 2025 annual report has seen a double increase in orders and revenue, with clear trends in the volume of new molecular tracks such as GLP-1 and ADC. The upward cycle of industry recovery has already begun 。
    According to a report by CITIC Securities on May 25th, the innovative drug sector is transitioning from a "R&D investment realization period" to a "commercialization volume acceleration period". In the first quarter of 2026, the total authorized amount of domestic innovative drug companies increased by 42% year-on-year, and the pace of overseas business development is accelerating. Coupled with the dual catalysis of AACR and ASCO, there is a close integration and landing 。

    Fund inflow and outflow situation:
    As of May 29th, the innovative drug ETF Guotai (517110) has received net inflows of funds for three consecutive days, with its total shares increasing from 778 million on May 25th to 792 million, a weekly increase of 1.8%. The fund size has reached 515 million yuan, demonstrating the characteristic of "countercyclical investment" 。

    Industry performance:
    In 2026, it is a critical window period for the clinical validation and commercialization of innovative drugs worldwide. The ASCO annual meeting in the United States was held in early June, and domestic companies will disclose multiple heavyweight clinical data. Policy review and approval are also accelerating 。

    Valuation level:
    The PE of the CSI Shanghai Hong Kong Innovation Drug Industry Index tracked by it is 37.61 times, which is in the 20% to 80% percentile range of the past year (historical extreme value 33.94-50.19) 。

    The above content is based on publicly available information and does not constitute investment advice.

  • Huiruida announces $10.5 billion anti-cancer drug cooperation and releases 7-year follow-up data on lorlatinib

    Economic Observation Network Pfizer has recently reached a high-value drug research and development cooperation with Sinovac Biotech, while also releasing research data on lung cancer drugs and launching the Oncology Academic Season.

    Recent events:
    On May 29th, Pfizer and Sinovac Biotech announced a global strategic partnership worth up to $10.5 billion to jointly develop 12 early-stage cancer drugs (including ADCs and multispecific antibodies) Xinda Biotech will receive a down payment of $650 million and is eligible for a milestone payment of up to $9.85 billion and a double-digit sales share. The collaborative project is expected to be completed in the third quarter of 2026 On May 30th, Pfizer announced its third-generation ALK inhibitor Borena ® Phase III CROWN study on first-line treatment of ALK positive advanced non-small cell lung cancer with loratinib: 7-year follow-up data Data shows that after a median follow-up of 7 years, the median progression free survival (mPFS) in the treatment group has not yet been achieved, and over half (55%) of patients have not experienced disease progression after 7 years. The model predicts that its mPFS is expected to last for up to 10 years On May 29th, the 2026 Pfizer Oncology Academic Season (ASPO) with the theme of "Science wins, co conquering cancer" was officially launched, lasting for 3 months This academic season will rely on the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting, where Pfizer plans to showcase over 40 research abstracts and host a series of academic exchange activities 。

    Industry and Risk Analysis:
    The recent cooperation between multinational pharmaceutical companies and Chinese biotechnology companies has attracted much attention. This cooperation is another major transaction after the $15.2 billion cooperation between BMS and Hengrui Pharmaceutical 。

    The above content is based on publicly available information and does not constitute investment advice.

  • The institution claims that the pharmaceutical ETF Huabao (562050) has a low valuation in the medium to long term allocation value sector

    Economic Observation Network Huabao's pharmaceutical ETF (562050) has been favored by multiple securities firms, and the low valuation of the innovative pharmaceutical sector has allocation value.

    Institutional perspective:
    According to recent public analyses by multiple securities firms, they hold a positive view of the pharmaceutical ETF Huabao (562050) and its representative innovative pharmaceutical sector as a whole. They believe that the current position has medium to long-term allocation value, but the short-term market situation is influenced by market sentiment and event driven factors.
    Medium and long-term configuration opportunities are emerging:
    Guolian Minsheng Securities pointed out in its report on May 17, 2026 that the short-term bottoming out and upward trend of innovative drugs is a high probability event, and there may be opportunities for innovative drugs to rotate when there are differences in the technological mainline In its report on May 13th, Xingye Securities indicated that the upcoming American Society of Clinical Oncology (ASCO) annual meeting (May 29th June 3rd) is expected to release important clinical data, catalyzing the market trend of the sector 。
    Strong industrial logic:
    Institutions generally believe that despite short-term market pressure, the fundamentals of the innovative pharmaceutical industry are solid. In the first quarter of 2026, BD (Business Development) will go global and exceed 60 billion US dollars. The policy side medical insurance negotiation mechanism will be optimized, and the industry as a whole has entered a profitable stage 。
    The valuation of the sector is at a low level:
    As of May 26th, the price to earnings ratio (PE-TTM) of the CSI Pharmaceutical Index tracked by the pharmaceutical ETF Huabao is 31.31 times, at the percentile of 8.24% in the past 5 years, indicating a relatively low valuation level Huafu Securities also believes in its research report on May 5th that the main line of innovative drugs is still a key opportunity direction for the pharmaceutical sector 。

    Market performance:
    After experiencing continuous adjustments in late May, the pharmaceutical ETF Huabao (562050) closed up against the market on May 21, ending its continuous decline On May 27th, when the A-share market plunged, the ETF and its heavyweight stocks (such as Hengrui Pharmaceutical) showed a certain resilience against the decline Its unique "70% innovative drugs+30% traditional Chinese medicine" configuration is designed to balance the growth of innovative drugs with the stable dividends of traditional Chinese medicine, in order to reduce overall fluctuations 。

    The above content is based on publicly available information and does not constitute investment advice.

  • Huahao Zhongtian Medicine's four clinical research results of Youtidelong have been selected for the 2026 ASCO Annual Meeting poster

    Economic Observation Network Four Phase II clinical studies related to the core product of Huahao Zhongtian Pharmaceutical, Youtidelong, were selected for the 2026 ASCO Annual Meeting poster, and multiple clinical progress and strategic cooperation dynamics were simultaneously disclosed.

    According to the announcement released by the company on May 28, 2026, the results of four phase II clinical studies on its core products, UTD1 injection and UTD2 capsules, were selected for presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting The relevant data was centrally disclosed in Chicago from May 29th to June 2nd Specific data highlights include:

    Clinical research data:

    *UTD2 capsule in the treatment of advanced breast cancer: objective response rate (ORR) 52.3%, disease control rate (DCR) 88.6% 。

    *UTD2 combination therapy for platinum resistant ovarian cancer: ORR 64.3%, DCR 100% 。

    *UTD1 combined regimen for HER2+advanced breast cancer: ORR 82.4%, median progression free survival (mPFS) 13.1 months 。

    *UTD1 monotherapy for castration resistant prostate cancer: PSA50 response rate 23.3% 。

    This exhibition marks that the platform value of Utidron, as the original research microtubule inhibitor of Ebomycin in China, is being accelerated through three paths of dosage form upgrading (injection → oral), indication expansion (breast cancer → ovarian cancer, prostate cancer, etc.) and combined therapy 。

    Global clinical progress:
    The company has launched a number of registered clinics in the United States, including the Phase II/III international multi center study of UTD2 first-line treatment for advanced gastric cancer, and the key registered clinic of UTD1 treatment for brain metastasis of breast cancer 。

    Capital and Strategic Cooperation:
    Recently, Baiyang Pharmaceutical subscribed HKD 100 million to become a strategic shareholder of the company (holding 7.49% of the shares), and the cooperation between the two parties has been upgraded to areas such as ADC platform construction The board of directors of the company has also decided to repurchase no more than 10% of H shares 。

    The above content is based on publicly available information and does not constitute investment advice.

  • The Phase III clinical results of first-line treatment of advanced cholangiocarcinoma by Sinopharm Envida were showcased at the ASCO Annual Meeting

    Economic Observation Network Sinopharm's core product Enweida ® The release of relevant clinical research results is expected to expand the sales space for indications.

    On May 27, 2026, the company announced its core product, Nvidia ® The Phase III key clinical research results of first-line treatment of advanced cholangiocarcinoma with Envolumab will be officially released at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting The research data has significant clinical value and is expected to provide support for the expansion of product sales indications in the Chinese market 。

    The above content is based on publicly available information and does not constitute investment advice.

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