Market Overview - The A-share market opened with mixed performance, with the Shanghai Composite Index up 0.04% at 3474.63 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.04% and 0.03% respectively [2][3] - The Hong Kong market saw the Hang Seng Index rise by 0.17% and the Hang Seng Tech Index increase by 0.28%, with notable gains in companies like Far East Horizon and Kingstone Pharmaceuticals [4] Sector Performance - Advanced packaging, semiconductor, and power sectors showed strength, while tax refund stores, recombinant protein, and CPO concepts opened lower [1] - The storage chip sector led gains, with companies like Jingzhida rising over 7% following news of Changxin Memory's listing guidance [1] - Shipping and port concepts also performed well, with Ningbo Ocean and Ningbo Shipping both rising over 3% amid news of Houthi attacks on Red Sea merchant ships [1] Monetary Policy - The central bank conducted a 690 billion yuan reverse repurchase operation with a rate of 1.40%, while 1310 billion yuan of reverse repos are set to mature today [5] Currency Exchange - The RMB against the USD was adjusted down by 28 basis points to a midpoint of 7.1534, with the onshore closing price at 7.1747 [6]

港股开盘，恒生指数开涨0.17%，恒生科技指数开涨0.28%；创新药概念反弹，远大医药(00512.HK)涨 超5%；芯片股回升，上海复旦(01385.HK)涨1.5%。 ...

恒生指数开盘涨0.17%，恒生科技指数涨0.28%。创新药概念反弹，远大医药涨超5%。 ...

Core Insights - The article highlights the significant milestone achieved by YuanDa Pharmaceutical with its innovative nuclear medicine product, SIR-Spheres Yttrium-90 microsphere injection, which has received FDA approval for dual indications in treating unresectable hepatocellular carcinoma (HCC) and colorectal cancer liver metastases [1][2][3] Product Development and Approval - SIR-Spheres Yttrium-90 microsphere injection is the first and only selective internal radiation therapy (SIRT) product globally approved by the FDA for both unresectable HCC and colorectal cancer liver metastases, showcasing its clinical value [1][2] - The product achieved a remarkable objective response rate of 98.5% and a local tumor control rate of 100% in the DOORwaY90 clinical trial, with a median duration of response exceeding 300 days [2][3] - The FDA's early approval for the new indication of unresectable HCC, without restrictions on tumor diameter, reflects the product's significant advantages over competitors [2][3] Market Potential and Clinical Impact - The global liver cancer treatment market is projected to reach USD 9.81 billion by 2030, indicating a substantial opportunity for innovative therapies like SIR-Spheres [7] - With liver cancer being the sixth most common and the third deadliest cancer globally, and China accounting for a significant portion of new cases and deaths, the product is positioned to address a critical healthcare need [4][7] Company Positioning and Strategy - YuanDa Pharmaceutical has established a comprehensive nuclear medicine ecosystem, encompassing research, production, sales, and regulatory compliance, positioning itself as a leader in the nuclear medicine field [8][15] - The company has a robust pipeline of 15 innovative products targeting various cancers, supported by a state-of-the-art production facility that meets international standards [8][13][15] - The successful operation of the Chengdu Wenjiang nuclear medicine R&D and production base marks a strategic leap for the company, enabling it to meet global demand for therapeutic and diagnostic nuclear medicines [13][15]

Grand Pharmaceutical Group Limited 遠大醫藥集團有限公司* 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本集團全球創新放射性產品 SIR-Spheres®釔[ 90Y]微球注射液 提前正式獲得 FDA 批准新增適應症 本公告乃遠大醫藥集團有限公司(「本公司」，連同其附屬公司統稱「本集團」)之董事 會(「董事會」)自願刊發。 ( 於百慕達註冊成立之有限公司 ) (股份代號：00512) 自願性公告 SIR-Spheres®釔[ 90Y]微球注射液，是一款針對肝臟惡性腫瘤的選擇性內放射治療產品， 採用全球領先的介入技術將釔[ 90Y]樹脂微球注入肝臟腫瘤血管，釋放高能量 β 放射線 殺滅腫瘤細胞，兼具了放射性藥物和精准介入治療的雙重優勢。本次新適應症的獲批是 基於一項前瞻性、多中心、開放標籤的臨床試驗（「DOORwaY90」）的中期結果。該 試驗中期數據顯示，DOORwaY90 成功達到預先設定的共同主要終點：經獨立中 ...

Core Viewpoint - The company is experiencing stable growth in traditional business while new sectors are contributing significantly to high growth, particularly in nuclear medicine, cardiovascular precision intervention, pharmaceutical technology, and biotechnology [1] Group 1: Nuclear Medicine Development - The demand for nuclear medicine is increasing due to aging populations and rising cancer incidence, leading to market expansion for diagnostic and therapeutic applications [1] - The core commercial product, Yttrium-90 microspheres, is expected to grow over 140% in 2024, supported by training of over 1,100 doctors across more than 70 hospitals and inclusion in 45 health insurance plans [1] - The company has 12 innovative RDC products in its pipeline, with 4 approved for clinical research and 3 in Phase III trials, including TLX591-CDx for prostate cancer and TLX250-CDx for renal cell carcinoma [1] Group 2: New Product Opportunities - The company has a diverse range of existing products, but the inclusion of Lishuan in the 10th batch of national procurement is expected to exert short-term pressure on performance [2] - New products in sepsis (STC3141) and ophthalmology are anticipated to have significant market potential, with STC3141 projected to reach peak sales of 10 billion yuan based on a 20% market share and a unit price of 8,000 yuan [3] - The company is also advancing in the ENT field with multiple products in development, including a nasal spray expected to be approved by the end of 2024 [3] Group 3: Financial Projections - Revenue projections for 2025-2027 are estimated at 12.203 billion, 13.292 billion, and 14.663 billion HKD, with net profits of 2.076 billion, 2.422 billion, and 2.764 billion HKD respectively, indicating a low valuation compared to peers [4] - The current price-to-earnings (PE) ratios are projected at 15, 13, and 11 times for the respective years, compared to an average of 25, 23, and 20 times for comparable companies, suggesting the company is undervalued [4]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1][10]. Core Insights - The company is expected to experience significant growth in its nuclear medicine sector, with the STC3141 sepsis product projected to become a major global drug. The report emphasizes the potential of new products in various therapeutic areas, including respiratory, critical care, and ophthalmology [3][9]. - The company has a diversified product portfolio and a robust pipeline, with a focus on innovative therapies and strategic acquisitions to enhance its market position [9][18]. Summary by Sections 1. Company Overview - The company operates in three main segments: nuclear medicine, pharmaceutical technology, and biotechnology, with a strong emphasis on innovation and market expansion through acquisitions [9][18]. 2. Nuclear Medicine Sector - The nuclear medicine segment is rapidly growing, with a focus on the core product Yttrium-90 (Y[90]) and a pipeline of 12 innovative products targeting various cancers. The company has established partnerships with leading international firms to enhance its research and development capabilities [9][35][37]. 3. Pharmaceutical Technology - The pharmaceutical technology segment is expected to see growth from new products in the respiratory and critical care fields, as well as in ophthalmology. The company is well-positioned to capitalize on the market opportunities presented by these new therapies [3][9]. 4. Financial Projections - The company forecasts revenue growth from 116.45 billion HKD in 2024 to 146.63 billion HKD by 2027, with net profit expected to rise from 24.68 billion HKD to 27.64 billion HKD in the same period. The projected P/E ratios indicate that the company is undervalued compared to its peers [1][10][24]. 5. Market Potential - The global nuclear medicine market is projected to grow significantly, with estimates suggesting a rise from 10.7 billion USD in 2023 to 22.8 billion USD by 2030. The Chinese market for radiopharmaceuticals is also expected to expand rapidly, driven by increasing demand and regulatory support [36][38].

Group 1 - The core viewpoint of the article highlights the strong performance of Hong Kong pharmaceutical stocks, particularly China Biologic Products, which saw a significant increase of 13.84% [1] - Other notable gainers in the pharmaceutical sector include Akeso, Inc. with a rise of 7.14%, and Wondfo Biotech, which increased by 4.43% [1] - The overall trend indicates a positive sentiment in the pharmaceutical industry within the Hong Kong stock market [1]

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating potential investment opportunities and sector trends, particularly in technology, healthcare, and entertainment sectors [1][2][3]. Hong Kong Market Highlights - Mixue (02097) surged over 7%, while Bluetec (00325) rose over 16%, and Guming (01364) increased over 3% [1]. - Lion Group (02562) gained over 4% as it plans to acquire a domestic SaaS company with substantial market share [1]. - Apple-related stocks saw a broad increase, with Sunny Optical (02382) up nearly 4%, and other companies like Q Tech (01478) and AAC Technologies (02018) rising over 3% [1]. - Far East Pharmaceutical (00512) rose over 3% as it commenced international Phase III clinical trials for its innovative ophthalmic drug CBT-001 [1]. - Alibaba Pictures (01060) jumped over 16%, with a cumulative increase of nearly 140% over the past two weeks, focusing on Damao performances and IP derivatives [1]. - Global Data (09698) increased over 5% after signing a strategic agreement with China Life Investment for comprehensive cooperation in asset securitization [1]. - Three Life Pharmaceuticals (01530) rose over 5% following a significant licensing agreement with Pfizer, showcasing promising data for SSGJ-707 [1]. - JD Group (09618) gained nearly 5% after signing a strategic cooperation agreement with China Resources Group [1]. - Tencent Music (01698) increased over 6% as it expands its international footprint by investing in South Korea's SM Entertainment [1]. - Cinda Biologics (01801) rose over 6% due to promising early data for IBI363 in lung cancer, with Goldman Sachs previously indicating the stock was undervalued [1]. - SMIC (00981) increased nearly 4% as it plans to sell its stake in SMIC Ningbo to focus on its core business [1]. - Rare earth stocks surged, with China Rare Earth (00769) up over 48% [1]. - Fubo Group (03738) rose over 3% after completing a 138 million share placement to enhance its AI business [1]. - Friendship Time (06820) surged over 22%, with a year-to-date increase exceeding 90%, driven by positive market feedback on its new game [1]. - Military stocks collectively rose, with China Shipbuilding Defense (00317) increasing nearly 4% [1]. US Market Highlights - Huaxing Capital Holdings (01911) surged over 14% following the successful listing of stablecoin "first stock" Circle, in which its fund participated in 2018 [2]. - In the US market, Circle's stock skyrocketed nearly 30% on its second day of trading after an initial 168% surge [2]. - Lululemon (LULU.US) fell nearly 20% after lowering its full-year profit guidance [2]. - DocuSign (DOCU.US) dropped nearly 19% after revising its full-year billing revenue forecast downward [2]. - Virgin Galactic (SPCE.US) rose over 2%, with a peak increase of over 14%, as it announced a potential recovery in commercial space flight services [2]. - Nvidia's holdings saw a broad increase, with Applied Digital (APLD.US) up over 8% and Recursion Pharmaceuticals (RXRX.US) rising over 20% [2]. - Robinhood (HOOD.US) fell 6.25% in after-hours trading, while AI stock Applovin (APP.US) dropped 5.53% [3].

Group 1 - The core point of the news is that Yuan Da Pharmaceutical (00512) has seen a stock increase of over 3% following the completion of patient enrollment for its global Phase III clinical trial of the innovative ophthalmic drug CBT-001 for treating pterygium [1] - The Phase III trial is a randomized, double-blind, placebo-controlled study aimed at enrolling 660 patients aged 12 and above, assessing the safety and efficacy of CBT-001 eye drops in reducing conjunctival congestion and preventing the progression of pterygium [1] - CBT-001 is developed by Cloudbreak Pharma Inc. and is an innovative modified product of the already marketed drug OFEV, which has shown high safety and clinical efficacy in previous trials [1] Group 2 - After China joined the international multi-center Phase III clinical trial for CBT-001, the first patient enrollment in China was achieved in March 2024 [2] - The company holds exclusive production and commercialization rights for CBT-001 in mainland China, Hong Kong, Macau, and Taiwan, covering indications for preventing pterygium growth and reducing conjunctival congestion [2]