中国医药与生物技术：ASCO 2026 第一部分 - 聚焦最佳

China Pharma & Biotech: ASC0 2026 Part 1 - meet the bestKeytruda booster anticipatedNSCLC readouts in our coveragehere. +85221232656rebecca.liang@bernsteinsg.com Median PFS not reached at median follow-up 10.5m vs.5.7m,HR0.35; OS notmature,HR 0.55.1)Stretching the mPFS range. How past trials fared in the same patient group:Keytruda mono 5-6m, AK112 mono 11m, Keytruda + chemo 8-11m, Keytruda + otherTROP2 ADCs 9-13m.Now sac-TMT is trending at16m+ mPFS(approximated bymPFS 15.4m.2) Early OS benefits shown by HR 0.55 is the best early trend we've seen sofar. 3) From subgroup analyses, the combo outperformed in PD-L1 1-49% vs. PD-L1 high,and did better in non-squamous patients than squamous-both are larger patient groups. +85221232621ellie.li@bernsteinsg.com If we're asking what could replace Keytruda ("/0 2.0"),the jury is out. If we're askingwhat could be the best Keytrudabooster-Sac-TMT looks the most promising. And aKeytruda booster should also work with I/O 2.0, whether there will be such a thing. Innovent-IBI363 in2L+I/O-failedNSCLC(updates on thePh1trial): sample sizelimits the readthrough of absolute survival data, but 24% oS rates are encouraging.Therearesomeadjustments to themPFSandmOS numbers fromASCO2025.Nowthe best mOS is 17.5m (low dosage) and 18.2m (3mg) for nsq and sq, respectively. Incomparison,docetaxel typically gives 9-12m in OS.Dueto lown (20-30 in each treatmentgroup), we cannot read too much into the absolute numbers. The 24m OS% could be abetter measure: 40-50% patients are still alive vs.typically 15-20% with docetaxel. Innovent-IBI363+chemo in 1LNSCLC:high ORR and Innovent joins ranks in I/O2.ohopefulswithnewlyannouncedH2HtrialagainstKeytruda+chemo.Themuchanticipated 1L PoC study had only ORR to reveal at this point. Notably, a high to low dosingregimen (3 mg/kg IBI363+ PDC in cycle 1, followed by 1.5 mg/kg Q3W + PDC) gave anoutstanding 81.8% ORR,the highest across all similar trials. Innovent also announced thatas the second part of the PoC study, a randomized head-to-head study of 3-→1.5 mg/kgIBI363+ chemo vs. pembro + chemo as first-line treatment for advanced NSCLC (all PD-L1expression levels) is ongoing. Wethink bothKelun-Biotech and Innoventpresent great buyopportunities.Out ofthe two, Kelun is closer to the finish line, while Innovent's ambition in 1L desperately awaitscorroboration from partner Takeda -the start of global Ph3. Abstract 8506,OptiTROP-Lung05:Session Detail for Lung Cancer-Non-Small Cell Metastatic 0.35and 0SHR at 0.55, competitive across groupsPD-1/L1monotherapyPD-1+chemo10+Anti-angiogenicTROP2 ADC + PD-1 EXHIBIT 2: In PFS HR subgroup analysis, sac-TMT + pembrolizumab achieves more significant hazard ratios thanHARMoNi-2, esp. in non-squamous and TPS1-49% subgroups 2L+1/0-TREATED NSCLC Abstract 2618,IBI363:Session Detail for Developmental Therapeutics-lmmunotherapy 1L PD-L1ALL-COMER NSCLC Abstract 8586: IBI363 Session Detail for Lung Cancer-Non-Small Cell Metastatic Abstract 8513:Pumitamig ROSETTA Lung-02 Session Detail for Lung Cancer-Non-Small Cell Metastatic References to"Bernstein"or the“Firm”in these disclosures relate to the following entities: Bernstein Institutional Services LLC (April 1,2024onwards),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,AfricaTechnologies&ServicestoproduceBernsteinresearchunderaGlobalServicesAgreement inplacebetweenBernsteinand Societe Generale otherwise, for purposes of these disclosures, references to Bernstein's"affliates" relate to both SG and AB and their respectiveaffiliates. Please visit: https://bernstein-autonomous.bluematrix.com/sellside/Disclosures.action.Or,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.action.Or, you can also write to the Director of Compliance, Bernstein Institutional Services LLC, 245 Park Avenue, New York, NY 10167. RATINGSDEFINITIONS,BENCHMARKSANDDISTRIBUTION EQUITYRATINGSDEFINITIONS Bernsteinbrand The Bernstein brand rates stocks based on forecasts of relative performance for the next 12 months versus the S&P 500forstocks listed on the U.S.and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap PricePacific 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: Stock willoutpace the market index by more than 15 pp . Market-P