According to the Zhiyuan Finance APP, Kaiyuan Securities has released a Research Report stating that there are many subtypes of hematologic tumors, with significant unmet clinical needs still present in various segmented subtypes, indicating considerable market opportunities. Targeted therapies and immunotherapy are expected to bring new hope for treatment. Meanwhile, hematologic tumor subtypes, including chronic leukemia and indolent lymphoma, exhibit relatively low invasiveness and longer treatment cycles, generally requiring long-term medication, with patients being relatively sticky, showing potential for the development of "blockbuster" drugs.

KYG Securities' main points are as follows:

There are many subtypes of hematologic tumors, and targeted therapies and immunotherapies are expected to bring new hope for treatment.

Based on the cell origin, differentiation, maturation levels, and different lesion sites, hematologic tumors have multiple subtypes, which can generally be classified into three major categories: leukemia, multiple myeloma, and lymphoma. According to WHO statistics, as of the end of 2022, there are approximately 4 million patients with hematologic tumors (patients with 5 years or longer), of which leukemia/multiple myeloma/lymphoma patients account for approximately 36%/13%/51%, respectively.

There are still significant unmet clinical needs for each subtype of hematologic tumors, with considerable differences in standard treatment regimens; compared to chemotherapy, the efficacy of targeted treatment and immunotherapy is better and safer, having gradually replaced chemotherapy and HSCT in some subtypes of hematologic tumors and become the gold standard for treatment.

Leukemia: Chronic leukemia needs to address the issue of drug resistance, while acute leukemia needs to extend long-term survival rates.

Leukemia is the most common blood tumor, with cancerous cells primarily occurring in the bone marrow and blood of the human body. Based on the origin of the cells and the speed of disease progression, leukemia is generally divided into four subtypes; among them, chronic lymphocytic leukemia (CLL) and chronic myeloid leukemia (CML) have a longer overall course and relatively better prognosis, with BTK inhibitors and TKI drugs targeting the BCR-ABL fusion protein as the first-line treatment options respectively; acute lymphoblastic leukemia (ALL) and acute myeloid leukemia (AML) progress rapidly and generally require urgent treatment, with a significant clinical need for efficacy improvement still remaining.

Multiple myeloma: A large patient base, with CD38 monoclonal antibody as the core of first-line treatment.

Multiple myeloma is a malignant disease characterized by the abnormal proliferation of clonal plasma cells, and it is currently incurable. Johnson & Johnson's daratumumab is the core of the current first-line treatment and has been included in several domestic and international clinical guidelines; second-line and above treatment drugs mainly include BCMACAR-T, CD3/BCMA bispecific antibodies, CD3/GPRC5D bispecific antibodies, etc., among which CAR-T Therapy has a relatively high response rate and can help patients achieve longer mPFS.

Lymphoma: Originating from lymphatic tissue, with significant differences in treatment regimens among various subtypes.

Lymphoma is a malignant tumor that originates from lymphatic tissue, forming tumors in the lymph nodes before spreading to other parts of the body, mainly consisting of Hodgkin lymphoma (HL) and non-Hodgkin lymphoma (NHL).

NHL can be divided into aggressive NHL and indolent NHL: aggressive NHL tumors cell proliferate rapidly, and the disease progresses quickly, requiring prompt intervention treatment, including DLBCL, MCL, BL, etc.; indolent NHL tumors cells proliferate slowly and are relatively insensitive to chemotherapy, mainly including FL, SLL, MZL, WM, etc. Each lymphoma subtype has strong heterogeneity, with significant differences in treatment regimens.

Investment Suggestions

There are many subtypes of hematological tumors, and there are still significant unmet clinical needs in each of the subdivisions, presenting substantial market opportunities. At the same time, subtypes of hematological tumors, including chronic leukemia and indolent lymphoma, have lower aggressiveness and longer treatment cycles, generally requiring long-term medication, with higher patient adherence, presenting the potential for the emergence of "blockbuster" drugs.

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