ASCO 2026摘要标题发布——康方生物蓄势待发，科伦药业和信达生物或需等待

shine, while it looks like waiting game for Kelun and Innovent as alate-breaking abstract:HARMONi-6(1LsquamousNSCLC)is expectedtoreportosresults on May31.Making it totheplenarysession would suggestthat results arestronglyfavorable.H-6couldbeseenasanearlyindicatorofthemuchanticipatedglobalHARMONi-3 (squamouspart).AtESMO2025welearnedaboutthe11.1mmPFSand0.6PFSHR,soexpectations arehighfortheOSdata.WeexpecttheOSHRtobepotentiallyaround o.7and with statistical significance.The stock has rallied inthepastfewweeks,andweexpectmomentumtokeepbuilding at leastuntiltheMay31steventKelun Biotech: has an oral session on sac-TMT (OptiTROP-Lung05, PD-L1+ 1L NSCLC rebecca.liang@bernsteinsg.comEllie Li ellie.li@bernsteinsg.com using sac-TMT + pembro vs.pembro mono). This should be a major result, but the lack ofLBA status maysuggest incomplete OS data, which would limit the impactfor now (positivePFS toplinepreviouslyannounced; favorable OStrend guided). thedata debut of 1L NSCLC and updates fromI/O-resistant NSCLC.However, judging byInnovent's press release,the 1L data are likely early stage and incomplete,and we mayhaveto wait for mature data. solid tumors; BG-C9074 (B7-H4-targeting ADC) to update data from dose escalation andsafetyexpansion (bothinrapidoralabstractsessions). however, the products and indications of those do not spell out big surprises.A postersession presentation on the results of SHR-A2102 (NECTIN4 ADC) in 1LNSCLC couldpotentially be impactful (in amajor indication). Companies outside coverage: Biokin: iza-bren late-line TNBC ph3 trial included as LBA, both PFS and OS endpointspositive.Similar positive dual endpoints reached in2L+ESCC. Henlius: Updates on HLX43 (PD-L1 ADC)after 2025 ASCO and WCLC, with data on largersample size and longerfollow-up time. 3S Bio: Ph2 results of SSGJ-707 (PD-1/VEGF bispecific) in 1LNSCLC (oral session) Lab, and CSPC Market-Perform.BERNSTEINTICKERTABLE References to"Bernstein" or the"Firm" in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1, 2024 onwards), Sanford C. Bernstein & Co., LLC (pre April 1, 2024), Bernstein Autonomous LLP, BSG France S.A. (April 1,2024onwards),SanfordC.Bernstein(HongKong)Limited盛博香港有限公司，SanfordC.Bernstein(Canada)Limited,SanfordC. Bernstein (India) Private Limited (SEBI registration no. INH000006378), Sanford C. Bernstein (Singapore) Private Limited,Africa Technologies &Services to produce Bernstein research under a Global Services Agreement in place between Bernsteinand SocieteGenerale.Bernstein is part of a joint venture between Societe Generale (SG) and AllianceBernstein, L.P. (AB). Unless specifically noted otherwise, for purposes of these disclosures, references to Bernstein's“affiliates" relate to both SG and AB and their respectiveaffiliates. Pleasevisit:https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.actionOr,you can also write to the Director of Compliance, Bernstein Institutional Services LLC,245 Park Avenue, New York, NY 10167. Pleasevisit:https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.actionOr,you can also writeto the Director ofCompliance, Bernstein Institutional Services LLC,245 Park Avenue, New York, NY10167. EQUITYRATINGSDEFINITIONS Bernstein brand stocks listed on the U.S.and Canadian exchanges,versus the Bloomberg Europe Developed Markets Large and Mid Cap PriceReturn Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the AsiaPacific region, versus the Bloomberg Japan Large and Mid Cap Price Return Index USD (JPL) for stocks listed on the Japaneseexchanges,and versus the Bloomberg Asia ex-Japan Large and Mid Cap Price Return Index (ASIAX)for stocks listed on the Asian(ex-Japan) exchanges -unless otherwise specified. The Bernstein brand has three categories of ratings: .Outperform:Stockwilloutpace themarket indexbymore than 15pp :Underperform: Stock will trail the performance of the market index by more than 15 pp CoverageSuspended:CoverageofacompanyundertheBernsteinresearchbrandhasbeensuspended.Ratingsandpricetargets oneventsanddevelopments. Not Covered (NC) denotes companies that are not under coverage. Bernstein brand stockratings arebased on a 12-month timehorizon. Autonomousbrand-commonstocks AndFinancialServicesIndex(BEBANKS)andBloombergEuropeDevMktFinancialsLargeandMidCapPriceRetIndexEUR(EDMFI)indexfordeveloped Europeanbanks and Payments,theBloomberg Europe5OO Insurance Index(BEINSUR)forEuropeaninsurers,the S&P 500 and S&PFinancials for USbanks and Payments coverage, S5LIFE forUS Insurance,the S&P InsuranceSelect Industry (SPSlINS) for US Non-Life Insurers coverage, and the Bloomberg Emerging Markets Financials Large, Mid andSmall Cap Price Return Index (EMLSF)for emerging market banks and insurers and Payments. Ratings are stated relative to thesector (not the market).The Autonomousbrand has three categories of common stock ratings: targets are suspendedtemporaril