CITIC Securities: China's Innovative Drugs Continue to Break Through, with Competition and Differentiation Coexisting

36Kr reports that according to a CITIC Securities research report, at the 2026 European Society for Medical Oncology (ESMO) conference, Chinese innovative drugs are making comprehensive advances in multi-tumor areas, with numerous projects moving from early exploration into Phase III clinical trials or BLA/NDA stages. Domestic pharmaceutical companies have established a multi-front development pattern in tracks such as IO bispecific antibodies and multispecific antibodies, ADCs, and small-molecule targeted therapies, achieving positive endpoints in multiple Phase III trials. This continuous generation of internationally competitive clinical data marks the transition of China's innovative drug R&D from following innovation to source innovation and global leadership, shifting the industry logic from 'fast-follow' to a parallel stage of 'first-in-class' and 'best-in-class'.