MG-K10是一种创新的长效抗IL-4Rα人源化单抗，能同时阻断关键2型炎症因子IL-4和IL-13的信号传 导，用于治疗2型炎症性疾病。目前已上市的抗IL-4Rα药物均需要每2周给药一次，而MG-K10具有更长 的半衰期，可实现4周一次的给药频率，有望成为全球首个上市的长效抗IL-4Rα单抗，具有成为同类最 优(Best-in-Class)的潜力。 康哲药业(00867)发布公告，旗下德镁医药有限公司(德镁医药，专业聚焦皮肤健康的创新型医药企业， 正申请于香港联合交易所有限公司主板独立上市)连同其附属公司拥有共同开发权(除特应性皮炎(AD) 外)及独家商业化权利的1类新药抗IL-4RαMG-K10人源化单抗注射液(MG-K10)于2025年9月28日获中国 国家药品监督管理局(NMPA)签发的药物临床试验批准通知书，NMPA同意开展MG-K10用于慢性自发性 荨麻疹(CSU)的III期临床试验。 集团与湖南麦济生物技术股份有限公司(麦济生物)正积极准备开展相关临床试验工作。此外，MG-K10 已在成人中重度AD的一项随机、双盲、安慰剂对照III期临床研究中取得阳性结果，达到方案设计的临 床试验主要研究终点。 ...

Core Viewpoint - The report from CITIC Securities emphasizes that resource security, Chinese enterprises going global, and technological competition will be key drivers of market structural trends in the foreseeable future. These themes correspond to an industry allocation framework of resources, globalization, and new productive forces [1]. Group 1: Resource Security - Traditional resource industries are facing frequent supply shocks due to insufficient investment in a high-interest-rate environment, particularly in developed countries where private sector investment remains weak [1]. - The capital expenditure of traditional industrial enterprises in Europe and the U.S. has been low, with Japan's machine tool orders to Europe and the U.S. showing 28 consecutive months of negative growth [1]. - Predictions for major copper mining companies indicate a downward adjustment in production forecasts from 14.89 million tons to 14.21 million tons for 2025, with growth rates dropping from 6.4% to 0.6% [1]. Group 2: Supply Chain and Geopolitical Factors - Geopolitical tensions and national security policies are leading to more frequent supply shocks, as seen in the Democratic Republic of Congo's new cobalt export policies and Indonesia's tightening of nickel exports [2]. - Countries rich in strategic resources are increasingly recognizing the unsustainability of long-term low pricing and are controlling supply to maintain favorable price levels [2]. Group 3: Enterprises Going Global - The globalization of Chinese enterprises is a core fundamental driver of the current market, with companies generating over 20% of their revenue from overseas contributing 40% of profits and 37% of market capitalization [3]. - The return on equity (ROE) for non-financial A-share companies with significant overseas revenue has increased from around 7% in early 2022 to about 10%, while other companies' ROE has declined from 9% to around 6% [3]. - A stable trade environment is crucial for the sustainability of Chinese enterprises' globalization efforts, with the recent A-share market rally linked to improved trade relations following negotiations [4]. Group 4: Technological Competition - Chinese tech giants are increasingly clarifying their AI strategies, with significant investments announced by companies like Alibaba and Tencent, indicating a shift towards aggressive AI infrastructure development [6]. - The global AI investment market is projected to grow significantly, with a compound annual growth rate (CAGR) of 31.9% from 2025 to 2029, highlighting the competitive landscape [6]. - The potential shift of AI focus from cloud to edge computing presents significant opportunities for domestic applications, allowing for a resurgence in the Chinese mobile internet sector [7].

信铭生命科技(00474)发布公告，有关2018年融资协议的再融资安排。2025年贷款协议项下所有先决条 件均已达成，并已于2025年9月26日完成交割。随着本次交割完成，公司已获提供融资总额约8730万英 镑，其中约7030万英镑已于今日提取，用作悉数偿还英国贷款及相关交易成本。余下1700万英镑将用于 未来一至两年英国物业的资本开支。公司将着手规划对英国物业进行大型翻新工程，包括升级其主要设 施及配套设施，以期提升英国物业的租金收益及资本价值。 ...

此智能安全密码芯片联合实验室旨在促进密码芯片的产业化发展，在特定密码芯片领域(比如后量子密 码领域)研制具有自主产权的密码算法、协议及安全芯片，并获得自主产权推动产业化实现。 董事会认为，共建"华东师范大学-亨鑫科技智能安全密码芯片联合实验室"对公司具有重要而深远的战 略意义。此次合作将显著提升集团在密码芯片基础研究、关键技术攻关与产业化应用等方面的能力，进 一步增强集团在高端数字安全领域的核心竞争力。 亨鑫科技(01085)发布公告，公司与华东师范大学共建智能安全密码芯片联合实验室。公司与华东师范 大学将联合研究共同申请国家重点研发计划项目、国家自然科学基金重点项目在内的国家级科研计划项 目，以及上海市发佈的科研重大重点专项;联合人才培养，共用技术成果，公司执行董事彭一楠先生将 担任实验室副主任。 ...

Core Viewpoint - Guizhou Bank announced the resignation of non-executive director Chen Hanqing, effective September 26, 2025, due to work arrangements, with no disagreements with the board [1] Group 1 - Chen Hanqing was nominated by the Guizhou Provincial Finance Department as a non-executive director [1] - His resignation includes his positions on the Board Audit Committee and the Risk and Related Party Transactions Management Committee [1] - The Guizhou Provincial Finance Department will nominate a new non-executive director, and the board will proceed with the appointment process [1]

Core Insights - TATA Health (01255) reported a revenue of HKD 42.118 million for the six months ending June 30, 2025, representing a year-on-year decline of 41.8% [1] - The company achieved a profit attributable to shareholders of HKD 20.596 million, compared to a loss of HKD 5.13 million in the same period last year [1] - Basic earnings per share were HKD 0.08 [1] Revenue Analysis - The decline in revenue was primarily attributed to a decrease in footwear business income [1] - The challenging environment for retail in Hong Kong was influenced by weak consumer sentiment and ongoing economic uncertainty [1]

智通财经APP讯，华电国际电力股份(01071)发布公告，赵伟先生因个人工作原因，已提出辞任公司第十 届董事会非执行董事、董事会战略委员会委员职务，上述辞任将自辞职函提交董事会之日起生效。辞任 生效后，赵先生不再担任公司的任何职务。 该信息由智通财经网提供 ...

华电国际（600027）电力股份(01071)发布公告，赵伟先生因个人工作原因，已提出辞任公司第十届董 事会非执行董事、董事会战略委员会委员职务，上述辞任将自辞职函提交董事会之日起生效。辞任生效 后，赵先生不再担任公司的任何职务。 ...

白云山(00874)发布公告，于2025年9月26日，买方(广药二期基金，公司控制的合伙企业)与卖方 (AHAPL)订立了股份转让合同。根据股份转让合同，买方同意收购，卖方同意出售目标公司(南京医药 （600713）股份有限公司)11.04%股权，收购对价为人民币7.488亿元。于收购事项完成后，买方将持有 目标公司11.04%股权。 同时，为加强公司与目标公司的战略合作，公司、买方及目标公司同步订立了战略投资协议。合作内 容： (i)资本层面合作 公司支持广药二期基金拟通过协议方式受让AHAPL所持目标公司股票方式战略投资目标公司，并持有 目标公司1.45亿股股票，即目标公司11.04%股权。 战略投资协议订约方将根据业务合作和资本运作需求，在遵守相关法律法规的前提下，在合适时机通过 包括但不限于成立合资公司、战略投资、股权投资基金等开展合作。 (ii)自有工业品种分销管道合作 公司和目标公司积极制定市场拓展与管道共用方案，整合优化供应链资源和物流配送网路，建立稳定、 高效的供应链体系;针对自有工业品种，通过有效机制开展市场准入和管道销售，相互提升产业链合作 等级，聚焦主营业务效益，增强公司和目标公司双方上 ...

Group 1 - The company plans to merge with Hangzhou Turbine Power Group Co., Ltd. by issuing A-shares to all shareholders of Hangzhou Turbine [1] - The merger has received approval from the China Securities Regulatory Commission on September 26, 2025 [1]