Core Viewpoint - The application for the上市 of Shijiazhuang Pharmaceutical Group's innovative drug, Ploglitazone Metformin Sustained-Release Tablets, has been accepted by the National Medical Products Administration of the People's Republic of China, indicating a significant step in the company's product development pipeline [1] Group 1 - The product is a combination of the innovative drug Ploglitazone and Metformin, classified as a type 2.3 chemical drug registration, aimed at treating adult patients with type 2 diabetes mellitus (T2DM) [1] - Ploglitazone is a DPP-4 inhibitor that increases endogenous active GLP-1 levels, enhancing insulin secretion and suppressing glucagon secretion to improve hyperglycemia [1] - Metformin reduces hepatic glucose production and intestinal glucose absorption while increasing peripheral tissue sensitivity to insulin [1] Group 2 - Phase III clinical trials have confirmed that Ploglitazone demonstrates good efficacy and safety in T2DM patients, showing significant and sustained blood sugar reduction compared to Metformin monotherapy, with a lower incidence of hypoglycemia [2] - The combination of Ploglitazone and Metformin has a lower likelihood of drug interactions and does not require dosage adjustment for patients with mild to moderate renal impairment [2] - 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]

Core Viewpoint - The application for the上市 of the combination drug Ploglitazone Metformin extended-release tablets developed by the company has been accepted by the National Medical Products Administration of China [1] Group 1: Product Information - The product is a first-class innovative drug combining Ploglitazone and Metformin in a sustained-release formulation, aimed at treating adult patients with type 2 diabetes mellitus (T2DM) [1] - The proposed indication is for use in T2DM patients who have inadequate blood sugar control with Metformin monotherapy or are currently receiving a combination of Ploglitazone and Metformin [1] Group 2: Clinical Trial Results - Phase III clinical trials have confirmed that Ploglitazone demonstrates good efficacy and safety in initial treatment of T2DM patients and those with inadequate blood sugar control on Metformin monotherapy [2] - Compared to Metformin monotherapy, the combination of Ploglitazone and Metformin shows significant and sustained blood sugar-lowering effects with a lower incidence of hypoglycemia [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: Treatment Simplification - The combination formulation simplifies treatment regimens and significantly improves patient adherence, leading to more effective blood sugar control compared to the use of two separate formulations [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]

在初始治療的T2DM患者以及二甲雙胍單藥治療血糖控制不佳的T2DM患者中開展的Ⅲ期臨 床試驗證實，普盧格列汀具有良好的有效性和安全性。與二甲雙胍單藥治療相比，普盧格 列 汀 聯 合 二 甲 雙 胍 具 有 顯 著 且 持 久 的 降 糖 作 用 ， 低 血 糖 發 生 率 較 低 ， 且 安 全 性 良 好 。 此 外，該產品與其他藥物發生相互作用的可能性較低，輕中度腎功能不全患者服用該產品時 無需調整劑量。與兩種單方製劑聯合應用相比，複方製劑可簡化治療方案、顯著提高患者 依從性，從而更有效地控制血糖。 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。 CSPC PHARMACEUTICAL GROUP LIMITED 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 普盧格列汀二甲雙胍緩釋片的上市申請 獲國家藥監局受理 石 藥 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 ...

Core Insights - The Huabao CSI Hong Kong Stock Connect Medical Theme ETF (159137) closed with a gain of 0.38% on January 12, with a trading volume of 173 million yuan [1] Fund Overview - The fund was established on December 31, 2025, and is officially named Huabao CSI Hong Kong Stock Connect Medical Theme Exchange-Traded Fund [1] - The management fee is set at 0.50% per annum, while the custody fee is 0.10% per annum [1] - The performance benchmark for the fund is the return of the CSI Hong Kong Stock Connect Medical Theme Index, adjusted for the RMB exchange rate [1] Fund Management - The current fund manager is Zhang Fang, who has managed the fund since its inception, achieving a return of 4.33% during the management period [1] Top Holdings - The latest report indicates that the top holdings of the ETF include: - WuXi Biologics: 2.65% holding, valued at approximately 7.49 million yuan [2] - JD Health: 2.02% holding, valued at approximately 5.71 million yuan [2] - WuXi AppTec: 1.44% holding, valued at approximately 4.07 million yuan [2] - Crystal Digital Holdings: 0.98% holding, valued at approximately 2.76 million yuan [2] - Alibaba Health: 0.93% holding, valued at approximately 2.63 million yuan [2] - WuXi AppTec Holdings: 0.86% holding, valued at approximately 2.43 million yuan [2] - Sinopharm: 0.72% holding, valued at approximately 2.04 million yuan [2] - Genscript Biotech: 0.55% holding, valued at approximately 1.55 million yuan [2] - Ping An Good Doctor: 0.46% holding, valued at approximately 1.31 million yuan [2] - CSPC Pharmaceutical Group: 0.41% holding, valued at approximately 1.17 million yuan [2]

Group 1 - The A-share and Hong Kong stock markets showed strength on January 12, with the innovative drug concept experiencing fluctuations after several days of rebound; the Hang Seng-Hushen-Hong Kong Innovative Drug Selected 50 Index fell by 0.63% at the time of reporting, while stocks like CSPC Pharmaceutical Group, BeiGene, and Boteng Co., Ltd. saw slight increases [1] - Since the beginning of 2026, as of the close on January 9, the Hang Seng-Hushen-Hong Kong Innovative Drug Selected 50 Index has rebounded over 10% cumulatively [1] - The Tianhong Innovative Drug ETF (517380) was actively traded, with a transaction amount exceeding 40 million yuan and a premium rate of 0.78% at the time of reporting; it has seen continuous capital inflow, accumulating over 170 million yuan from January 7 to 9 [1] Group 2 - According to Zhongtai Securities, it is recommended to focus on three dimensions for investment in 2026: "innovative drugs and their industrial chain, demand recovery and operational turning points, and AI+" [2] - Continuous attention should be paid to the AI+ theme, the positive catalysts from the JPM conference in the innovative drug sector, and the potential for exceeding annual performance forecasts or clearing turning point opportunities [2]

Group 1 - Tencent Holdings (00700) had a net inflow of 1.953 billion, representing a 14.71% increase in net inflow [1][2] - Xiaomi Group-W (01810) saw a net inflow of 1.634 billion, with a net inflow ratio of 22.31% [1][2] - The top three stocks with the highest net outflow were China Mobile (00941) at -1.137 billion, SMIC (00981) at -1.079 billion, and Kuaishou-W (01024) at -286 million [1][2] Group 2 - The highest net inflow ratios were recorded by Sichuan Chengyu Expressway (00107) at 72.73%, Shanghai Industrial Holdings (00363) at 56.73%, and Qingdao Port (06198) at 50.96% [1][3] - The stocks with the largest net outflow ratios included China National Building Material (03323) at -61.83%, Stone Pharmaceutical Group (02005) at -61.03%, and CITIC International Telecommunications (01883) at -54.38% [1][3]

Group 1 - The core viewpoint of the news highlights the performance and growth of the Tianhong Innovation Drug ETF (517380), which has seen significant trading activity and net inflows, indicating strong investor interest in the innovative pharmaceutical sector [1] - As of January 8, the Tianhong Innovation Drug ETF reached a new high with a total scale of 1.597 billion yuan and 1.980 billion shares outstanding, reflecting robust market demand [1] - The ETF tracks the Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug Select 50 Index (HSSSHID), which includes a diverse selection of 50 leading innovative pharmaceutical companies, with a composition of 40% Hong Kong stocks and 60% A-shares [1] Group 2 - Notable achievements in the innovative pharmaceutical sector include Shiyao Group's R&D expenses of 4.185 billion yuan for the first three quarters of 2025, focusing on ADC, GLP-1, and small nucleic acid pipelines, with total authorized amounts exceeding 9.7 billion USD [2] - BeiGene is projected to achieve a profit of 200 million USD in 2025, with expectations of reaching 600-800 million USD in 2026, as several solid tumor drugs enter critical clinical stages [2] - Three Life Sciences has partnered with Pfizer for a 6 billion USD dual antibody licensing deal, receiving an upfront payment of 1.4 billion USD, with 20 clinical studies planned for 2026 [2]

Group 1 - The top three stocks with net inflows are Yingfu Fund (02800) with 6.826 billion, Hang Seng China Enterprises (02828) with 2.151 billion, and Kuaishou-W (01024) with 1.553 billion [1] - The top three stocks with net outflows are Tencent Holdings (00700) with -0.920 billion, China Mobile (00941) with -0.365 billion, and China Hongqiao (01378) with -0.257 billion [1] - In terms of net inflow ratio, Jiangsu Ninghu Expressway (00177) leads with 68.66%, followed by COSCO Shipping Ports (01199) with 62.64%, and Beijing Enterprises Water Group (00371) with 62.27% [1] Group 2 - The top ten stocks by net inflow include Xiaomi Group-W (01810) with 1.020 billion and Southern Hang Seng Technology (03033) with 0.944 billion [2] - The top ten stocks by net outflow also include China People's Insurance Group (01339) with -0.255 billion and GCL-Poly Energy (03800) with -0.213 billion [2] - The net outflow ratio for China National Building Material (03323) is -48.46%, followed by Gao Xin Retail (06808) at -48.27% and Swire Properties (01972) at -47.79% [3]

Group 1: Market Performance - Hong Kong's innovative drug ETF (159570) surged by 3%, with a trading volume exceeding 1.5 billion yuan, following a net inflow of over 62 million yuan today after a previous inflow of 430 million yuan [1][3] - As of January 6, the latest scale of the Hong Kong innovative drug ETF reached over 23.3 billion yuan, leading its peers in the same category [1] Group 2: Economic Signals - Federal Reserve Governor Milan indicated that upcoming economic data may support further interest rate cuts, with expectations of a reduction exceeding 100 basis points this year [3] - Wall Street analysts suggest that if the U.S. unemployment rate rises to 4.7% by December 2025, the Fed may cut rates by 25 basis points this month [3] Group 3: Company Developments - Brain-computer interface "unicorn" Strong Brain Technology completed a financing round of 2 billion yuan, second only to Musk's Neuralink [3] - AI pharmaceutical company Insilico Medicine announced a long-term collaboration with Siveya for anti-tumor drug development, with a total deal value of 888 million USD [3] Group 4: New Drug Approvals - On January 6, BeiGene announced that its self-developed BCL2 inhibitor, Baiyueda® (sotucumab), received conditional approval from the National Medical Products Administration [3] - Shiyao's SYS6017 has initiated Phase II clinical trials for the prevention of shingles [3] Group 5: Investment Insights - Zhongtai Securities predicts that the pharmaceutical sector's opportunities in 2025 will focus on innovation and industry upgrades, with investment strategies continuing into 2026 [5] - The report emphasizes the importance of "innovative drugs and industry chains, demand recovery, and AI" as key investment dimensions [5] Group 6: J.P. Morgan Healthcare Conference - The 44th J.P. Morgan Healthcare Conference is set to take place from January 12 to 15, 2026, in San Francisco, attracting over 8,000 global participants [6] - The conference will feature over 500 listed companies and thousands of startups, focusing on "capital + strategy" discussions [6] Group 7: Industry Trends - Three major trends are highlighted for 2026: the continued rise of gene and cell therapies, deep integration of AI in pharmaceuticals, and the emergence of new market forces [7] - The report notes that over 20 gene editing companies will showcase breakthroughs in CAR-T and base editing at the conference [7] Group 8: MNC Engagement - Multinational corporations (MNCs) are willing to pay higher prices for innovative drugs from China, with the average total package for drugs purchased from China being 2.76 billion USD, compared to 1.29 billion USD for those from overseas [8] - The willingness of MNCs to pay a premium for Chinese innovations is driven by the need to fill significant pipeline gaps due to impending patent expirations [8] Group 9: Investment Focus - Investment strategies should focus on companies with strong clinical development capabilities and those in popular therapeutic areas such as ADCs, GLP-1, and dual antibodies [11] - Companies that can produce high-quality late-stage clinical assets are likely to attract MNC interest [11] Group 10: Key Therapeutic Areas - The report identifies key therapeutic areas for investment, including ADCs, GLP-1, dual antibodies, and neuroscience, emphasizing the need for innovative platforms and clinical data superiority [12]

Group 1 - The majority of Hong Kong pharmaceutical stocks experienced an increase, with 恒瑞医药 (Hengrui Medicine) and 和黄医药 (Hutchison China MediTech) rising over 3% [1] - 康龙化成 (Crown Bioscience), 石药集团 (Shijiazhuang Pharmaceutical Group), and 泰凌医药 (Tianling Pharmaceutical) saw increases of over 2% [1]