Guotai Haitong Asset Management said 1H 2026 posted record totals for Chinese innovative-drug BD transactions and upfront payments, and that outbound expansion remains the sector's strongest investment thesis. Chinese innovative drugs' share of multinational BD sourcing has risen sharply, signaling stronger international recognition. In H2, with WCLC in September, ESMO in October and ASH in December, concentrated clinical readouts from multi-specific antibodies and ADC core pipelines — together with key overseas filing milestones — could provide sustained sector catalysts and drive valuation repair.(金十数据)