Investment Rating - The report rates the industry as "Overweight" [4] Core Insights - The siRNA drug industry is entering a new era with the maturation of technology platforms and the expansion of indications, focusing on the commercial value of siRNA drugs for common diseases [2][3] - siRNA drugs have transitioned from rare diseases to common diseases, showcasing strong target expansion capabilities, robust research and development extensibility, long-lasting effects, and low resistance [4][12] - The industry is witnessing a surge in business development (BD) transactions, particularly among multinational corporations (MNCs), indicating a vibrant market for siRNA technology [4][31] Summary by Sections 1. Dawn of a New Era for Small Nucleic Acid Drugs - Small nucleic acid drugs, including siRNA and ASO, are becoming a significant path for drug development, with a focus on their ability to regulate protein production [7] - The global approval of small nucleic acid drugs has reached 23, with siRNA drugs leading the way in rare disease applications [12][13] - Alnylam and other leading companies have demonstrated significant market capitalization differences due to their innovative drug development technologies [14][16] 2. Platform Characteristics and Focus on Indications - The siRNA drug industry is characterized by high barriers in modification and delivery, with a focus on breakthroughs in extrahepatic delivery systems [6][29] - The commercialization of siRNA drugs is accelerating, with multiple common diseases nearing market readiness [6][29] - The GalNAc delivery system has become the mainstream strategy for liver-targeted siRNA delivery, while breakthroughs in extrahepatic delivery are still needed [6][29] 3. Related Companies - Listed companies in the siRNA space include Yuyuan Pharmaceutical, Hengrui Medicine, and others, while unlisted companies include Bewang Pharmaceutical and others [4][12]

| 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 石四药集团 (02005) | China Pharmaceutical Company Limited | 好仓 | 8.85 亿股 | 8.86 亿股 | 30.03%(最新) 29.99%(前次) | | 石药集团(01093) | | | | | 24.62%(前次) | | 石四药集团 (02005) | 曲继广 | 好仓 | 12.10 亿股 | 12.11 亿股 | 41.03%(最新) 40.99%(前次) | | | 蔡东晨 | 好仓 | 28.37 亿股 | 28.39 亿股 | 24.64%(最新) | 智通财经APP获悉，石四药集团(02005)、石药集团(01093)于2025年10月10日进行了最新股东权益披 露。 备注：持股数变动有可能因供股、合股、拆股等情况引起，请注意对照实际情况进行辨别。 ...

Company News - Sunny Optical Technology (02382.HK) plans to transfer Shanghai Aolai for approximately 1.903 billion yuan and invest in GoerTek to jointly develop AI/AR optical business [2] - Orient Overseas International (00316.HK) reported a 8.3% decrease in shipping revenue for the first nine months, totaling approximately 6.696 billion USD, with an overall load factor down 1.5% and average revenue per standard container down 12.4% compared to the same period last year [2] - Xiehe New Energy (00182.HK) reported a 0.31% decrease in equity power generation for the first nine months, totaling 6,464.54 GWh, while solar equity power generation increased by 30.69% year-on-year [2] - Fast Retailing (06288.HK) announced annual results for the year ending August 31, 2025, with revenue of 3.400539 trillion yen, a year-on-year increase of 9.6%, and net profit of 433.009 billion yen, up 16.4% [3] - Dongfeng Motor Group (00489.HK) reported cumulative vehicle sales of 1.3168 million units for the first nine months, a year-on-year decline of approximately 3.6% [4] - Gemdale Property (00535.HK) reported a cumulative contract sales amount of approximately 8.533 billion yuan for the first nine months, a year-on-year decrease of 39.81% [4] - Baolong Real Estate (01238.HK) reported a contract sales total of approximately 5.431 billion yuan for the first nine months, down 43.64% year-on-year [4] - Zhengrong Real Estate (06158.HK) reported a cumulative contract sales amount of approximately 3.288 billion yuan for the first nine months, a year-on-year decrease of 32.8% [4] - JINGRUI Holdings (01862.HK) reported a contract sales amount of 740 million yuan for the first nine months, a year-on-year decrease of 49.52% [5] - China Wisdom Energy (01004) withdrew its liquidation petition [5] Shareholding Changes - Flat Glass Group (06865.HK) saw some shareholders and directors reduce their holdings by a total of 29.9803 million shares [6] - CNOOC Services (02883.HK) reported that its controlling shareholder, China National Offshore Oil Corporation, increased its holdings by 16.008 million H-shares over the past six months [6] - China National Offshore Oil Corporation (00883.HK) reported that its actual controller increased its holdings by 22.098 million shares in the past six months [6] - Tencent Holdings (00700.HK) repurchased 816,000 shares at a cost of 551 million HKD, with repurchase prices ranging from 666 to 680.5 HKD [6]

香港联交所最新资料显示，10月9日，主席兼执行董事蔡东晨增持石药集团(01093)200万股，每股作价 为9.43港元，总金额为1886万港元。增持后最新持股数目约为28.39亿股，最新持股比例为24.64%。 ...

Core Insights - The company Shiyao Group (01093) has received FDA approval for its self-developed chemical Class 1 new drug SYH2070 injection, a double-stranded small interfering RNA (siRNA) drug, allowing clinical trials in the United States [1] - The product has also been approved by the National Medical Products Administration of China to conduct clinical trials in China starting September 2025 [1] Product Details - SYH2070 is designed for liver-targeted delivery of siRNA through the conjugation of N-acetylgalactosamine (GalNAc), administered subcutaneously to target angiopoietin-like protein 3 (ANGPTL3), effectively lowering ANGPTL3 levels [1] - The drug aims to provide a long-lasting gene silencing effect, potentially serving as an ultra-long-acting siRNA drug for treating hypertriglyceridemia or mixed hyperlipidemia, with the ability to reduce the risk of elevated residual cholesterol levels [1] Clinical Research Findings - Preclinical studies indicate that SYH2070 demonstrates superior drug activity and efficacy duration compared to similar siRNA products, showcasing prolonged drug effects, good safety profiles, and high patient compliance, highlighting its significant clinical development value [1]

Core Viewpoint - The company has received FDA approval for its self-developed chemical Class 1 new drug SYH2070 injection, a double-stranded small interfering RNA (siRNA) drug, allowing it to conduct clinical trials in the United States [1] Group 1 - The drug SYH2070 injection has also been approved by the National Medical Products Administration (NMPA) of China to conduct clinical trials starting from September 2025 [1]

Core Viewpoint - The approval of SYH2070 injection by the FDA marks a significant milestone for the company, enabling clinical trials in the U.S. and highlighting the potential of the drug in treating hypertriglyceridemia and mixed dyslipidemia [1] Group 1: Product Development - The SYH2070 injection is a first-class new chemical drug developed by the company, utilizing double-stranded small interfering RNA (siRNA) technology [1] - The drug targets ANGPTL3 to effectively lower its levels, which is crucial for managing triglyceride levels [1] - The product has also received approval from the National Medical Products Administration (NMPA) in China for clinical trials, expected to commence in September 2025 [1] Group 2: Mechanism and Efficacy - SYH2070 employs GalNAc for liver-targeted delivery, allowing for subcutaneous administration [1] - The drug demonstrates superior drug activity and prolonged efficacy compared to similar siRNA products, indicating a longer-lasting gene silencing effect [1] - Clinical pre-research shows that SYH2070 has differentiated advantages in terms of safety, patient compliance, and sustained drug action [1] Group 3: Market Potential - The drug is positioned to potentially reduce the risk of elevated residual cholesterol levels, making it a valuable candidate for clinical development in the relevant therapeutic areas [1]

Core Viewpoint - The company, Stone Pharmaceutical Group, has received FDA approval for its self-developed chemical new drug SYH2070 injection, a dual-strand siRNA drug, allowing it to conduct clinical trials in the United States. The drug is also set to receive approval from China's National Medical Products Administration for clinical trials by September 2025 [1]. Group 1: Product Details - SYH2070 is designed for liver-targeted delivery using GalNAc conjugation, administered subcutaneously to target ANGPTL3, effectively lowering its levels [1]. - The drug employs optimized sequences and chemical modifications to achieve prolonged gene silencing effects, positioning it as a long-acting siRNA drug for treating hypertriglyceridemia or mixed dyslipidemia, with potential to reduce the risk of elevated residual cholesterol levels [1]. Group 2: Clinical Research Insights - Preclinical studies indicate that SYH2070 outperforms similar siRNA products in terms of drug activity and efficacy duration, showcasing advantages such as sustained drug effects, good safety profile, and high patient compliance, highlighting its significant clinical development value [1].

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份內容而產 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（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）董 事 會（「 董 事 會 」）欣 然 宣 佈 ， 本 集 團 自 主 研 發 的 化 學 1 類 新 藥 SYH2070 注 射 液（ 雙 鏈 小 干 擾 RNA（「 si RNA 」）藥 物 ） （「該產 品」）已獲 得美 國食 品藥 品監 督管 理局 (FDA) 批 准， 可在 美國 開展 臨床 試驗 。該 產品 亦於2025年9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。 該產品是一款通過偶聯乙醯半乳糖胺(Gal NAc)實現肝臟靶向遞送的si RNA 藥物，以皮下給 藥的方式靶向血管生成素樣蛋白3（「ANGPTL3」），能有效降低ANGPTL3水平。通過優化序 列和化學修飾的策略，該產品實現更持久的基因沉默效果，有望成為超長效降低ANGPTL3 的si RNA藥物，適用 ...

Core Viewpoint - The domestic innovative drug industry is transitioning from a follower to FIC/BIC innovation, supported by engineer dividends, abundant clinical resources, and favorable policies, indicating a qualitative improvement as it enters the 2.0 era [1][2] Group 1: Industry Development - The innovative drug sector is expected to benefit from policy reforms in payment systems, enhancing the profitability of innovative drug companies as they commercialize domestic products [2] - The upcoming ESMO conference in mid-October is anticipated to provide new investment opportunities through the release of relevant clinical data and business development (BD) activities [2] Group 2: Investment Climate - The investment landscape has improved since early this year, with a notable reversal in the financing trend for the innovative drug industry, particularly in the A/H market [3] - The recovery of IPO projects and financing activities in the secondary market is expected to positively impact investment data in Q3, benefiting domestic CROs and upstream research sectors [3] Group 3: Policy Support - Continuous advancement of commercial medical insurance policies since 2025 is likely to accelerate payment system reforms, easing supply-demand conflicts and supporting domestic innovation [4] - Fiscal policy enhancements are expected to increase market interest in domestic medical equipment stocks [4] Group 4: Target Companies - A-share targets include: BeiGene (688235.SH), Hengrui Medicine (600276.SH), Kelun Pharmaceutical (002422.SZ), WuXi AppTec (603259.SH), Tigermed (300347.SZ), New Industry (300832.SZ), BGI Genomics (688114.SH), Huatai Medical (688617.SH), and Dian Diagnostics (300244.SZ) [5] - H-share targets include: Kelun Biotech (06990), CSPC Pharmaceutical (01093), China Biologic Products (01177), CanSino Biologics (09926), WuXi Biologics (02269), Junshi Biosciences (01877), and Zai Lab (09688) [5]