Since the beginning of 2021, the biotechnology sector of Hong Kong stocks has adjusted back by more than 40% as a whole. We believe that driven by a series of positive factors such as policy, technology, capital and demand growth, China's innovative oncology drug industry is about to usher in a golden decade of rapid development. Excellent companies and products are expected to shine in overseas markets with a wider patient base and a better pricing environment. Under the background of increasingly fierce product competition, we believe that we should focus on the differential characteristics of pipeline layout, target selection and product design. Companies with similar pioneering / best / better products will have a stronger domestic competitive position and prospects for going out to sea. For the first time, we covered Nuocheng Jianhua (9969.HK) with a "buy" rating.