Highlights of the broker's morning meeting | focusing on structural opportunities such as the internationalization of innovative drugs and marginal improvements.

Last Friday, the A-share market experienced volatile adjustments, with both the Shanghai Composite and the Shenzhen Component Index dropping by more than 1%, and the ChiNext Index falling by 2% at one point during the trading day. The total turnover of the Shanghai and Shenzhen stock markets was 3.34 trillion yuan, a decrease of 17.8 billion yuan from the previous trading day. In terms of sectors, the Siasun Robot & Automation concept performed well against the market trend, while the sports industry also showed activity. By the end of the trading day, the Shanghai Composite Index fell by 1.02%, the Shenzhen Component Index fell by 1.17%, and the ChiNext Index fell by 0.56%. At today's securities morning meeting, China Securities Co., Ltd. believes that it is important to focus on structural opportunities such as the internationalization of innovative drugs and marginal improvement. China Securities Co., Ltd.: Focus on structural opportunities such as the internationalization of innovative drugs and marginal improvement In the first half of 2026, the pharmaceutical industry is showing signs of recovery, as innovative drugs enter a period of profit realization. The dual drivers of domestic commercialization and overseas licensing are driving performance growth, with several companies reversing losses. In the first quarter of 2026, the total amount of external licensing exceeded 60 billion US dollars, with continued strong activity in leading-edge tracks such as ADC and bispecific antibodies. At the 2026 ASCO annual meeting, 94 Chinese research studies were selected for oral presentations, with Ivozilmonab making it to the main agenda, marking a new milestone in the global academic influence of Chinese innovative drugs. Domestic negotiations for health insurance payments and the inclusion of innovative drugs in commercial insurance catalogs are supporting real innovation. It is recommended to focus on structural opportunities such as the internationalization of innovative drugs and marginal improvement. This article is reproduced from Cailianshe, GMTEight Editor: Chen Wenfang.