摩根士丹利参加全球医疗健康大会首日炉边谈话（BNTX、MRK、AZN、MRNA、BIIB、武田、JNJ、REGN、UTHR等），围绕竞争、监管与商业化框架，总结对中国生物科技覆盖标的的影响。口服免疫领域类别验证日趋适应症化：银屑病关注TYK2与口服IL-23的皮损清除深度，特应性皮炎看长期安全性，IBD看缓解空间并指向联合用药，SLE则针对IFN/pDC、B细胞/BAFF（如泰它西普）与浆细胞（如CM313）等内型。个性化疫苗在肿瘤负荷低、检查点敏感处获验证，后续RCC/MIBC数据将指引适应症拓展。肿瘤领域，PD-(L)1/VEGF能否在不损害给药暴露的前提下提升ADC的深度与持久性仍是关键争论。IgAN竞争管线或收敛于蛋白尿，差异化转向eGFR保护与更长停药间期；IPF则关注复制性、与背景抗纤维化药物的叠加性及持续性。
We attended firesides including BNTX, MRK, AZN, MRNA, BIIB, Takeda, ALMS, JNJ, REGN and UTHR on the competitive, regulatory and commercial framing implicating our China biotech coverage. In oral immunology, class validation is increasingly indication-specific: PsO on depth of skin clearance with TYK2 and oral IL-23, AD on chronic-safety profile, IBD on remission headroom that points to combinations, and SLE better developed against IFN/pDC, B-cell/BAFF (eg. telitacicept) and plasma-cell (eg. CM313) endotypes. Personalised vaccines are validating where tumour burden is low and checkpoint sensitivity established, with upcoming RCC/MIBC data to guide further indication expansion. In oncology, whether PD-(L)1/VEGF can lift ADC depth and durability without hampering dose exposure remains a key debate. In IgAN, competing pipelines could converge on proteinuria and move differentiation to eGFR preservation and durable treatment-free interval. In IPF, replication, additivity to background anti