Inclusion Criteria:  Voluntarily join the study and sign the informed consent; Age 18 ~ 80 years old (including 80 years old), male and female; Patients with hepatohcellular carcinoma diagnosed clinically or confirmed by histology / cytology according to the code for diagnosis and treatment of primary liver cancer (2019 Edition); Patients with unresectable or metastatic hepatocellular carcinoma; No systematic treatment. If receiving adjuvant chemotherapy after local treatment more than 12 months, and patients with disease progression or metastasis can also be included in the group; The end time of the last intervention, radiotherapy and ablation should be > 4 weeks; Patients who underwent hepatectomy in the past should be R0 resection, and the tumor recurrence should be more than 24 months after operation; At least one assessable lesion (RECIST 1.1 criteria); Expected survival time ≥ 3 months; ECOG 0 ~ 1; Child Pugh ≤ 7; Be able to cooperate to observe adverse events;  Major organs are functioning normally.  Hemoglobin ≥ 90 g / L; ANC ≥ 1.5 × 109/L； Platelet count ≥ 75 × 109/L； Albumin ≥ 28 g / L; Total bilirubin ≤ 2 × ULN; AST, ALT ≤ 5 × ULN； ALP ≤ 5 × ULN； Creatinine ≤ 1.5 × ULN； INR or PT ≤ 1.5 × ULN； J) APTT ≤ 1.5 × ULN。  Exclusion Criteria:  Fibrolamellar hepatocellular carcinoma, sarcomatoid hepatocellular carcinoma, cholangiocarcinoma and other components confirmed by histology / cytology in the past;  Have a history of malignancy other than hepatocellular carcinoma unless the following criteria are met:  A) The patient has received possible curative treatment and there is no evidence of the disease within 5 years; B) Successful resection of basal cell carcinoma of skin, squamous cell carcinoma of skin, superficial bladder carcinoma, carcinoma in situ of cervix and other cancers in situ  Diffuse tumor lesions;  Tumor vascular invasion occurs in one or more of the following situations:  Involving superior mesenteric vein; Involving inferior vena cava; History of hepatic encephalopathy, hepatorenal syndrome, or history of liver transplantation; Pleural effusion, ascites and pericardial effusion with clinical symptoms requiring drainage; Central system metastasis; Previous history of severe mental illness; Have a disease that affects absorption, distribution, metabolism, or clearance of the drug under study (such as severe vomiting, chronic diarrhea, intestinal obstruction, absorption disorder, etc.); Previous allogeneic stem cell or parenchymal organ transplantation; Previously received targeted therapy of anti VEGF and / or signal pathways such as VEGFR, RAF and MEK, such as sorafenib, renvatinib and regofinib, or immunomodulator therapy such as anti-PD-1, anti-PD-L1 and anti-CTLA-4; Patients who have received other anti-tumor systemic treatment in the past, including traditional Chinese medicine with anti-tumor indications less than 2 weeks before the administration of this study, or the adverse events caused by previous treatment have not recovered to ≤ CTCAE level 1; The toxicity of previous anti-tumor treatment did not include grade 1 / 2 neurotoxicity and hair loss caused by oxaliplatin; Taking drugs that may prolong QTc and / or induce tip twist transition ventricular tachycardia (TDP) or drugs that affect metabolism at the same time; Previous or current congenital or acquired immunodeficiency disease; Active or previously documented autoimmune disease or inflammatory disease. Previous allogeneic stem cell or parenchymal organ transplantation;  Systemic immunosuppressive drugs were used within 2 weeks before enrollment, or systemic immunosuppressive drugs expect to be needed during the study, except for the following:  d) Intranasal, inhalation, topical or local injection (such as intra-articular injection) of corticosteroids; e) Systemic corticosteroids with dose not exceeding 10 mg / day, prednisone or other effects; f) Prophylactic use of corticosteroids for hypersensitivity;  Allergy to Donafenib or similar drugs, or history of hypersensitivity to chimeric or humanized antibodies or fusion proteins, or allergy to the excipients of the study drugs; Have active bleeding or abnormal coagulation function, have bleeding tendency or are receiving thrombolytic, anticoagulant or antiplatelet therapy; Thrombosis or thromboembolism events occurred in the past 6 months, such as stroke and / or transient ischemic attack, deep vein thrombosis, pulmonary embolism, etc; Bleeding events of esophageal or gastric varices caused by portal hypertension in the past 6 months, or any life-threatening bleeding events in 3 months; Cardiovascular diseases with significant clinical significance, including but not limited to acute myocardial infarction, severe / unstable angina or coronary artery bypass grafting in the past 6 months, congestive heart failure (NYHA grade > 2), arrhythmias poorly controlled or requiring pacemaker treatment, and hypertension not controlled by drugs (systolic blood pressure ≥ 140 mmHg and / or diastolic blood pressure ≥ 90 mmHg); Other significant clinical and laboratory abnormalities considered by the investigator to affect safety;  Severe infections in the active stage or under clinical control; Active infections include:  HIV1/2 is positive. HBsAg positive or HBV DNA > 2000iu/ml and abnormal liver function; HCV antibody positive or HCV RNA ≥ 103 copies/ml and abnormal liver function; Active tuberculosis; Other uncontrollable active infections (CTCAE V5.0 > grade 2); Not recovered from the operation, such as unhealed incision or serious postoperative complications; Pregnant or lactating women, and women or men with fertility are unwilling or unable to take effective contraceptive measures.