Core Insights - The article highlights the net inflow and outflow of capital in the Hong Kong stock market, with Kuaishou-W, Tencent Holdings, and Southern Hang Seng Technology leading in net inflows, while China Mobile, Meituan-W, and the Tracker Fund of Hong Kong experienced the highest net outflows [1][2]. Group 1: Net Inflows - Kuaishou-W (01024) recorded a net inflow of 2.25 billion, representing a 33.62% increase in its closing price to 80.250, up by 7.43% [2]. - Tencent Holdings (00700) saw a net inflow of 2.00 billion, with a net inflow ratio of 11.73%, closing at 623.000, an increase of 1.96% [2]. - Southern Hang Seng Technology (03033) had a net inflow of 857 million, with a net inflow ratio of 12.00%, closing at 5.740, up by 3.14% [2]. Group 2: Net Outflows - China Mobile (00941) experienced the highest net outflow of -1.03 billion, with a net outflow ratio of -40.96%, closing at 81.150, up by 0.25% [2]. - Meituan-W (03690) had a net outflow of -488 million, with a net outflow ratio of -4.32%, closing at 105.000, an increase of 6.60% [2]. - The Tracker Fund of Hong Kong (02800) saw a net outflow of -425 million, with a net outflow ratio of -4.65%, closing at 26.800, up by 1.52% [2]. Group 3: Net Inflow Ratios - Qinhuangdao Port Co., Ltd. (03369) led with a net inflow ratio of 76.18%, with a net inflow of 1.0376 million, closing at 2.680, up by 0.37% [3]. - China Water Affairs Group (00855) followed with a net inflow ratio of 58.76%, net inflow of 16.8665 million, closing at 5.660, up by 2.35% [3]. - Uni-President China Holdings Ltd. (00220) had a net inflow ratio of 51.73%, with a net inflow of 45.0968 million, closing at 8.450, up by 5.23% [3]. Group 4: Net Outflow Ratios - Country Garden Services Holdings Company Limited (06098) had the highest net outflow ratio of -61.71%, with a net outflow of -29.9428 million, closing at 6.250, down by 0.48% [3]. - Zhiyuan Holdings Limited (00990) followed with a net outflow ratio of -60.45%, net outflow of -21.7419 million, closing at 0.730, up by 4.29% [3]. - Hong Kong Travel (00308) experienced a net outflow ratio of -55.01%, with a net outflow of -17.0295 million, closing at 1.360, unchanged [3].

Core Viewpoint - The stock of CSPC Pharmaceutical Group (01093) has shown significant movement, with a 53% increase in related warrants, indicating strong market interest and potential for further price challenges in the near future [1][7]. Company Analysis - CSPC Pharmaceutical's latest stock price is 9.96 HKD, with a slight increase of 1.53% and a trading volume of 6.79 billion HKD. The current support levels are at 8.90 HKD and 8.18 HKD, while resistance levels are at 10.32 HKD and 11.00 HKD, suggesting a 51% probability of upward movement [1]. - The technical indicators for CSPC show an RSI of 76, indicating an overbought condition, and both the Williams and stochastic indicators are signaling a sell [2]. - The stock has rebounded to 10 HKD after a previous high of 11.49 HKD in August-September of the previous year, suggesting potential for future price challenges [4]. Industry Insights - The application of AI in the biopharmaceutical sector is highlighted as a key driver for innovation and profitability, with CSPC and similar companies benefiting from this trend [4]. - The biopharmaceutical sector, including companies like WuXi Biologics (2269), is experiencing high market expectations for profitability, with stock prices reflecting this optimism [5][6]. - The overall sentiment in the biopharmaceutical sector is strong, but technical indicators suggest that many stocks, including CSPC, are facing overbought conditions, indicating a potential for price corrections [6][7]. Warrants and Leverage - The warrants related to CSPC have shown significant leverage effects, with some warrants increasing by as much as 53% in response to the stock's movements. The warrants' performance indicates a strong correlation with the underlying stock [7][9]. - Specific warrants, such as the HSBC call warrant (17233), have a leverage of 7.5 times and are positioned close to the current stock price, enhancing their potential for value appreciation [9][10]. - The recommended warrants for cautious investors include the HSBC call warrant (17233) and the Bank of China bull warrant (65938), both of which offer favorable leverage and lower premium levels [9][11].

Group 1 - Anta Sports (82020), Lenovo Group (80992), and Kuaishou (81024) have the highest short-selling ratios at 100.00%, 78.04%, and 71.83% respectively [1][2] - Alibaba (09988), Tencent Holdings (00700), and Xiaomi Group (01810) lead in short-selling amounts, with 2.968 billion, 1.700 billion, and 1.588 billion respectively [1][2] - China National Building Material (03323), Jiangsu Nanjing Highway (00177), and China Liansu (02128) have the highest deviation values at 33.68%, 31.58%, and 22.77% respectively [1][2] Group 2 - The top short-selling stocks by amount include Alibaba (09988) at 2.968 billion, Tencent Holdings (00700) at 1.700 billion, and Xiaomi Group (01810) at 1.588 billion [2] - The top short-selling ratios are led by Anta Sports (82020) at 100.00%, followed by Lenovo Group (80992) at 78.04%, and Kuaishou (81024) at 71.83% [2] - The highest deviation values are recorded for China National Building Material (03323) at 33.68%, Jiangsu Nanjing Highway (00177) at 31.58%, and China Liansu (02128) at 22.77% [2][3]

Core Viewpoint - The company has received approval from the U.S. Food and Drug Administration (FDA) for its novel drug SYH2072, a potent aldosterone synthase inhibitor, to conduct clinical trials in the U.S. This product has also been approved by the National Medical Products Administration (NMPA) in China for clinical trials starting in December 2025 [1][1]. Group 1 - The product is a highly selective and potent aldosterone synthase inhibitor (ASI) that effectively lowers plasma aldosterone levels without affecting cortisol levels [1][1]. - The approved clinical indications for SYH2072 are uncontrolled hypertension and resistant hypertension [1][1]. - Preclinical studies have shown that the product selectively inhibits aldosterone synthase activity, significantly reducing plasma aldosterone levels in animal disease models and dose-dependently lowering blood pressure in hypertension models, while not affecting cortisol levels [1][1]. Group 2 - The product exhibits favorable pharmacokinetic (PK) characteristics and safety, positioning it as a potential best-in-class drug [1][1]. - The company has submitted multiple patent applications for this product both domestically and internationally [1][1]. - Given the broad clinical demand for aldosterone synthase inhibitors, the product holds significant clinical development value and is expected to provide new treatment options for patients with uncontrolled and resistant hypertension [1][1].

该产品是一种高选择性强效醛固酮合成酶抑制剂(ASI)，可有效降低血浆醛固酮水平，且不影响皮质醇 水平。本次获批的临床适应症为未控制高血压和难治性高血压。临床前研究显示，该产品可选择性抑制 醛固酮合成酶的活性，在动物疾病模型中显著降低血浆醛固酮水平，并剂量依赖性地降低高血压模型的 血压，同时不影响皮质醇水平。该产品具有良好的药代动力学(PK)特性和安全性，使其具备成为一款同 类最优(best-in-class)药物的潜力。目前，集团已在国内外提交了该产品的多项专利申请。 石药集团(01093)发布公告，集团开发的化药1类新药强效醛固酮合成酶抑制剂(SYH2072片)(该产品)已获 得美国食品药品监督管理局批准，可在美国开展临床试验。该产品亦已于2025年12月获得中华人民共和 国国家药品监督管理局批准在中国开展临床试验。 鉴于醛固酮合成酶抑制剂的临床需求广阔，该产品具有较高的临床开发价值，有望为未控制高血压和难 治性高血压患者提供新的治疗选择。 ...

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，概不對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之任何損失承擔任何責任。 石 藥 集 團 有 限 公 司 （股份代號：1093） （於香港註冊成立之有限公司） 自願公告 強效醛固酮合成酶抑制劑（SYH2072片） 在美國獲臨床試驗批准 承董事會命 石藥集團有限公司 主席 蔡東晨 CSPC PHARMACEUTICAL GROUP LIMITED 石 藥 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）董 事 會（「 董 事 會 」）欣 然 宣 布，本集團開發的化藥1類新藥強效醛固酮合成酶抑制劑（ SYH2072片 ）（「該產品」）已獲得美 國食品藥品監督管理局批准，可在美國開展臨床試驗。該產品亦已於2025年12月獲得中華 人民共和國國家藥品監督管理局批准在中國開展臨床試驗。 該產品是一種高選擇性強效醛固酮合成酶抑制劑(ASI)，可有效降低血漿醛固酮水平，且不 影響皮質醇水平。本次獲批的臨床適應症為未控制高血壓和難治性高血壓 ...

Core Viewpoint - The stock of CSPC Pharmaceutical Group (01093) has risen over 4%, currently trading at HKD 9.83 with a transaction volume of HKD 899 million, following the acceptance of its上市申请 for the Ploglitazone Metformin Sustained Release Tablets by the National Medical Products Administration of China [1] Group 1: Company Developments - CSPC Pharmaceutical Group is actively advancing the clinical development of a combination therapy consisting of Ploglitazone, Dapagliflozin, and Metformin to benefit more patients [1] - Ploglitazone is a Dipeptidyl Peptidase-4 (DPP-4) inhibitor that increases endogenous active GLP-1 levels, enhancing insulin secretion in response to glucose and improving hyperglycemia [1] - Metformin is a biguanide that reduces hepatic glucose production, inhibits intestinal glucose absorption, and increases insulin sensitivity by enhancing peripheral glucose uptake and utilization [1]

Core Viewpoint - The stock of CSPC Pharmaceutical Group (01093) has risen over 4%, currently trading at HKD 9.83 with a transaction volume of HKD 899 million, following the acceptance of its上市申请 for the Ploglitazone Metformin Sustained Release Tablets by the National Medical Products Administration of China [1] Group 1: Company Developments - CSPC Pharmaceutical Group is actively advancing the clinical development of a combination therapy consisting of Ploglitazone, Dapagliflozin, and Metformin, aiming to benefit more patients [1] - Ploglitazone is a Dipeptidyl Peptidase-4 (DPP-4) inhibitor that increases endogenous active GLP-1 levels, enhancing insulin secretion in response to glucose and improving hyperglycemia [1] - Metformin is a biguanide that reduces hepatic glucose production, inhibits intestinal glucose absorption, and increases insulin sensitivity by enhancing peripheral glucose uptake and utilization [1]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Xiaomi Group, Tencent Holdings, and China Construction Bank leading in net inflows, while the Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1] Group 1: Net Inflows - Xiaomi Group-W (01810) recorded a net inflow of 1.07 billion, representing a 16.36% increase in its closing price [2] - Tencent Holdings (00700) saw a net inflow of 863 million, with a 7.49% increase in its closing price [2] - China Construction Bank (00939) had a net inflow of 699 million, with a significant 41.06% increase in its closing price [2] Group 2: Net Outflows - Yingfu Fund (02800) experienced the largest net outflow of 6.289 billion, reflecting a -31.44% change in its closing price [2] - Hang Seng China Enterprises (02828) had a net outflow of 2.880 billion, with a -17.89% change in its closing price [2] - Southern Hang Seng Technology (03033) faced a net outflow of 1.289 billion, showing a -11.37% change in its closing price [2] Group 3: Net Inflow Ratios - 361 Degrees (01361) led with a net inflow ratio of 74.40%, with a net inflow of 8.9117 million [3] - BRILLIANCE CHI (01114) followed with a net inflow ratio of 64.04%, amounting to a net inflow of 36.4910 million [3] - Qin Port Co. (03369) had a net inflow ratio of 61.05%, with a net inflow of 846,600 [3] Group 4: Net Outflow Ratios - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -18,200 [3] - Stone Pharmaceutical Group (02005) recorded a net outflow ratio of -68.86%, with a net outflow of -14.1501 million [3] - Dexion Shipping (02510) experienced a net outflow ratio of -53.53%, with a net outflow of -10.0204 million [3]

Core Viewpoint - The announcement indicates that the application for the上市 of the combination drug Ploglitazone Metformin extended-release tablets has been accepted by the National Medical Products Administration of China, representing a significant step in the company's innovative drug development [1] Group 1: Product Development - The product is a Class 1 innovative drug combining Ploglitazone and Metformin in an extended-release formulation, aimed at treating adult patients with Type 2 Diabetes Mellitus (T2DM) [1] - The intended indication is for patients with inadequate blood sugar control on Metformin monotherapy or those currently receiving a combination of Ploglitazone and Metformin [1] Group 2: Clinical Trial Results - Phase III clinical trials have demonstrated that Ploglitazone shows good efficacy and safety in initial treatment of T2DM patients and those with inadequate control on Metformin monotherapy [2] - The combination of Ploglitazone and Metformin has shown significant and sustained blood sugar-lowering effects with a lower incidence of hypoglycemia compared to Metformin alone [2] - The product has a low potential for drug interactions and does not require dosage adjustment for patients with mild to moderate renal impairment [2] Group 3: Market Strategy - The combination formulation simplifies treatment regimens and significantly improves patient adherence, leading to more effective blood sugar control [2] - The company is actively advancing the clinical development of a three-drug combination formulation consisting of Ploglitazone, Dapagliflozin, and Metformin to benefit more patients [2]