Core Viewpoint - The stock of CSPC Pharmaceutical Group (01093) rose nearly 3% towards the end of trading, with a current increase of 2.04%, priced at HKD 7.51, and a trading volume of HKD 408 million [1] Group 1: Clinical Application Approval - CSPC Pharmaceutical's wholly-owned subsidiary, CSPC Ouyi Pharmaceutical Co., Ltd., has had its clinical application for Beipaidu Acid Tablets accepted by the China National Medical Products Administration (NMPA) [1] - Beipaidu Acid is an ATP-citrate lyase inhibitor used to lower low-density lipoprotein cholesterol (LDL-C) in adult patients who cannot tolerate statin therapy, reducing the risk of myocardial infarction and coronary artery revascularization [1] Group 2: Market Potential - Beipaidu Acid was first approved by the FDA in the United States in 2020, and market analysts estimate that it could capture up to 25% of the cholesterol medication market, with peak sales expected to reach between USD 2 billion to USD 3 billion [1] - Currently, no original or generic versions of Beipaidu Acid Tablets have been launched in the domestic market, with four companies, including CSPC Ouyi Pharmaceutical, having their clinical applications accepted, indicating the start of a first-to-market competition [1]

Core Viewpoint - The stock of CSPC Pharmaceutical Group (01093) rose nearly 3% towards the end of trading, currently up 2.04% at HKD 7.51, with a trading volume of HKD 408 million [1] Group 1: Clinical Application Approval - CSPC Pharmaceutical's wholly-owned subsidiary, CSPC Ouyi Pharmaceutical Co., Ltd., has received acceptance for the clinical application of Beipiduo Acid Tablets, classified as a Class 3 chemical drug by the China National Medical Products Administration (NMPA) [1] - Beipiduo Acid is an ATP-citrate lyase inhibitor primarily used to lower low-density lipoprotein cholesterol (LDL-C) in adult patients who cannot tolerate statin therapy, reducing the risk of myocardial infarction and coronary artery revascularization [1] Group 2: Market Potential - Beipiduo Acid was first approved for marketing by the FDA in the United States in 2020, and market analysts estimate that it could capture up to 25% of the cholesterol medication market, with peak sales expected to reach between USD 2 billion to USD 3 billion [1] - Currently, no original or generic versions of Beipiduo Acid have been launched in the domestic market, but four companies, including CSPC Ouyi Pharmaceutical, have had their clinical applications accepted, indicating the start of a competition for the first generic version [1]

大摩已更新石药集团的风险回报评估，并纳入第三季度业绩，分别下调集团2025年至2026年销售额预测 分别1%及2%，2027年销售额预测维持不变。营运费用亦根据管理层指引及观察到的趋势进行了修正。 因此，同期经常性净利润预估下调4%、下调4%和维持不变。 摩根士丹利发布研报称，目前预测石药集团(01093)2026年销售额及经常性净利润将增长分别为5%、 7%;随着新产品上市获市场认可，增长在2027年分别加速至6%、10%。此外，大摩已保守地将集团终端 增长率从4%下调至3.5%，由此得出之现金流量折现法的目标价为10.4港元(原本11港元);评级增持。 ...

智通财经APP获悉，摩根士丹利发布研报称，目前预测石药集团(01093)2026年销售额及经常性净利润将 增长分别为5%、7%;随着新产品上市获市场认可，增长在2027年分别加速至6%、10%。此外，大摩已 保守地将集团终端增长率从4%下调至3.5%，由此得出之现金流量折现法的目标价为10.4港元(原本11港 元);评级增持。 大摩已更新石药集团的风险回报评估，并纳入第三季度业绩，分别下调集团2025年至2026年销售额预测 分别1%及2%，2027年销售额预测维持不变。营运费用亦根据管理层指引及观察到的趋势进行了修正。 因此，同期经常性净利润预估下调4%、下调4%和维持不变。 ...

大摩目前预测，集团2026年销售额及经常性净利润将增长分别为5%、7%；随着新产品上市获市场认 可，增长在2027年分别加速至6%、10%。此外，大摩已保守地将集团终端增长率从4%下调至3.5%，由 此得出之现金流量折现法的目标价从11港元下调至10.4港元，评级"增持"。 摩根士丹利发表研报指，已更新石药集团的风险回报评估，并纳入第三季度业绩，分别下调集团2025年 至2026年销售额预测分别1%及2%，2027年销售额预测维持不变。营运费用亦根据管理层指引及观察到 的趋势进行了修正。因此，同期经常性净利润预估下调4%、下调4%和维持不变。 ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed down 1.91% on December 16, with a trading volume of 1.078 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 15, 2024, the fund's total shares reached 10.425 billion, with a total size of 8.174 billion yuan, reflecting a significant increase in shares and size compared to the previous year [1] Fund Performance - The fund manager, Ma Jun, has achieved a return of 64.28% since taking over management on January 3, 2024 [2] - The fund's performance benchmark is the National Index of Hong Kong Innovative Drugs, adjusted for valuation exchange rates [1] Holdings Overview - Major holdings in the fund include: - BeiGene (10.62% holding, market value 817 million yuan) - CanSino Biologics (10.55% holding, market value 812 million yuan) - Innovent Biologics (10.21% holding, market value 786 million yuan) - China National Pharmaceutical Group (9.62% holding, market value 741 million yuan) - CSPC Pharmaceutical Group (7.56% holding, market value 583 million yuan) [2]

Group 1 - The innovative drug concept stocks have declined again, with notable drops in share prices for several companies [1] - Innovent Biologics (09969.HK) fell by 5.09%, trading at HKD 12.86 [1] - CSPC Pharmaceutical Group (01093.HK) decreased by 3.99%, with shares priced at HKD 7.21 [1] - Sinopharm Group (01801.HK) saw a decline of 3.36%, with its stock at HKD 79 [1]

Group 1 - The core viewpoint of the article highlights a decline in innovative drug concept stocks, with notable drops in companies such as Innovent Biologics (down 5.09% to HKD 12.86), CSPC Pharmaceutical Group (down 3.99% to HKD 7.21), and Sinopharm Group (down 3.36% to HKD 79) [1] - China Post Securities notes that despite a temporary vacuum in domestic BD (business development) transactions since the second half of the year, there have been multiple transactions involving overseas MNCs as partners since Q4, indicating ongoing activity in the sector [1] - The firm believes that the purchasing behavior of overseas MNCs serves as a recognition of the innovative research and development capabilities of domestic innovative drug companies, reflecting strong competitive advantages in the global market [1] Group 2 - A significant event occurred with the A-share innovative drug stock Yipinhong, which unexpectedly hit the daily limit down yesterday and fell over 13% this morning, following a buyout offer for its stake in the US company Arthrosi, with a total transaction amount potentially reaching USD 1.5 billion [1] - Analysts suggest that the transaction involving Yipinhong may alter market expectations, as the previous market sentiment anticipated a BD based on the current acquisition price, but the situation has shifted to a direct sale, leading to a decline in stock price [1] - The stock price of Yipinhong had previously surged, reflecting expectations of BD, but the weakening of these expectations has resulted in the recent price drop [1]

Market Overview - The Hong Kong stock market experienced fluctuations and adjustments, with the Hang Seng Index down 0.92% to 25,737.85 points, the Hang Seng Tech Index down 1.79% to 5,537.11 points, the National Enterprises Index down 1.2% to 8,970.29 points, and the Red Chip Index down 0.3% to 4,137.97 points due to the significant drop in US stocks last Friday [1] - Major technology stocks saw declines, with Alibaba down 2.73%, Tencent Holdings down 1.54%, JD Group down 1.12%, Xiaomi down 2.28%, NetEase down 0.18%, Meituan down 1.07%, Kuaishou down 3.85%, and Bilibili down 1.12% [1] - Insurance stocks performed well, with China Ping An reaching a four-year high, while the biopharmaceutical sector weakened, with Baijiazhensheng down over 6% [1] - Semiconductor stocks faced significant declines, with Huahong Semiconductor down over 6% [1] Company News - China Merchants Energy (01138.HK) signed shipbuilding contracts with Dalian China Merchants Heavy Industry, Yangzhou China Merchants Heavy Industry, and Guangdong China Merchants Heavy Industry for the construction of one ethylene ship and eighteen oil tankers, with a total cost of RMB 7.882 billion [2] - ZhongAn Online (06060.HK) reported a cumulative original insurance premium income of approximately RMB 32.904 billion for the first eleven months [3] - R&F Properties (02777.HK) achieved total sales revenue of approximately RMB 12.7 billion in the first eleven months, representing a year-on-year increase of 24.63% [4] - Yida China (03639.HK) reported a contract sales amount of approximately RMB 681 million for the first eleven months, a year-on-year decrease of 23.22% [5] - Kason International (00496.HK) signed a steel structure procurement contract with suppliers, involving an investment of RMB 43.5366 million [5] Clinical and Regulatory Updates - Boke Vision Cloud-B (02592.HK) successfully held a meeting after the second phase of clinical trials for CBT-004 [6] - Fuhong Hanlin (02696.HK) received acceptance from the National Medical Products Administration for the listing registration application of Hanshuo® in combination with chemotherapy for neoadjuvant/adjuvant treatment of gastric cancer, which has been included in priority review [6] - Shijiazhuang Pharmaceutical Group (01093.HK) received approval for a new indication for Donyi® (liposomal irinotecan injection) for first-line treatment in patients with metastatic pancreatic cancer [6] - Hengrui Medicine (01276) received a clinical trial approval notice for HRS-1780 tablets [8] Investment Insights - Guosen Securities indicated that the short-term adjustment in the Hong Kong stock market opens up space for a market rise in 2026, with net inflows from southbound funds exceeding RMB 110 billion in November [13] - Dongwu Securities highlighted that the main focus for Hong Kong stocks is on technology and cyclical sectors, while also paying attention to innovative drugs, suggesting a barbell allocation strategy due to potential macro and political risks [13] - CITIC Securities projected that the Hong Kong stock market will benefit from internal "14th Five-Year Plan" catalysts and external fiscal and monetary easing from major economies, expecting a sustainable upward trend in revenue and profit [13] - Dongwu Securities also forecasted a continued recovery in the Hong Kong stock market in 2026, citing expected interest rate cuts by the Federal Reserve and a temporary easing of Sino-US relations [14]

Market Overview - The Hong Kong stock market opened lower on December 15, with the Hang Seng Index down 1% at 25,718.14 points, the Hang Seng Tech Index down 1.34% at 5,562.67 points, and the State-Owned Enterprises Index down 1.09% at 8,980.13 points [1] - Major tech stocks declined, including Alibaba down 2.14%, Tencent down 1.62%, and JD.com down 0.61% [1] - The innovative drug sector saw several stocks open lower, with Genscript Biotech down 5.92% and Zai Lab down 3.48% [1] - Chinese brokerage stocks collectively fell, with Everbright Securities dropping over 1% [1] - The automotive sector also experienced declines, with Li Auto down over 2% and XPeng down nearly 2% [1] - However, three-child policy concept stocks and photovoltaic stocks mostly rose, with star stock Jinxin Fertility rising about 3% [1] Company News - China Merchants Energy (01138.HK) signed shipbuilding contracts for one ethylene ship and eighteen oil tankers, totaling RMB 7.882 billion [2] - ZhongAn Online (06060.HK) reported cumulative original insurance premium income of approximately RMB 32.904 billion for the first eleven months [3] - R&F Properties (02777.HK) achieved total sales revenue of approximately RMB 12.7 billion in the first eleven months, a year-on-year increase of 24.63% [4] - Yida China (03639.HK) reported contract sales amounting to approximately RMB 681 million in the first eleven months, a year-on-year decrease of 23.22% [5] - Bole Technology (02592.HK) successfully held a meeting after the second phase of clinical trials for CBT-004 [6] - Junshi Biosciences (02696.HK) received acceptance for its marketing application for Hansizhuang® in combination with chemotherapy for gastric cancer [6] - CSPC Pharmaceutical Group (01093.HK) received approval for a new indication for its drug, Donyin® (liposomal irinotecan injection), for first-line treatment in metastatic pancreatic cancer patients [6] - Biyuan (00926.HK) increased its investment in ERX to maintain a 3% stake to support innovative research and development of non-GLP-1 weight loss therapies [7] - Hengrui Medicine (01276) received approval for clinical trials for HRS-1780 tablets [8] - AVIC Industry (02357.HK) plans to acquire a 59.1816% partnership interest in Hangtou Yuhua for a consideration of RMB 202 million [9] - China Environmental Resources (01130.HK) intends to acquire 90% equity in Sichuan Yuanlai Shun Recycling Resources Co., Ltd. for RMB 9 million [10] - AVIC Industry (02357.HK) proposed to implement full circulation of H-shares [11] - Yabo Technology Holdings (08279.HK) signed a framework agreement with Alipay (Hangzhou) [12] Institutional Insights - Guosen Securities indicated that the short-term adjustment in the Hong Kong stock market opens up space for a market rise in 2026, with net inflows from southbound funds exceeding RMB 110 billion in November [13] - CITIC Securities noted strong performance in gold and silver, while other risk assets were weak, predicting a segmented market for precious metals in 2025 [13] - CITIC Securities also emphasized the importance of resource self-sufficiency in the lithium industry, highlighting the need for low-cost quality resources to navigate market cycles [14]