本周，A股稳步上攻，创业板指创年内新高，深证成指也创4个月来新高，并逼近年内最高点，科创 50、中证500、中证1000等指数亦创阶段性新高。周成交温和放大至7.73万亿元，为3个月来最大周成交 量。 资金踊跃入市 稀土需求或快速增长 杠杆资金入市踊跃，绝大部分申万一级行业本周都获得融资净买入，其中计算机行业获得逾44亿元净买 入，电子行业获得逾30亿元净买入，机械设备行业、非银金融行业均获得超20亿元净买入，电力设备、 有色金属、医药生物、汽车等行业也获得超10亿元净买入。仅纺织服饰、商贸零售两个行业被小幅净卖 出。 另据Wind数据统计，电子、医药生物、汽车三个行业本周均获得超200亿元主力资金净流入，电力设 备、通信、计算机、有色金属等行业也获得超百亿元净流入，机械设备行业则连续10日获得净流入。非 银金融行业主力资金净流出逾83亿元，公用事业行业净流出逾34亿元，房地产、传媒、银行等行业也都 净流出超20亿元。 展望后市，太平洋证券指出，随着中美贸易谈判利好消息的出现（如英伟达芯片解禁、稀土出口部分放 开等），叠加"反内卷"带来的通胀止跌的期待，股涨债跌后续将持续。自指数向上变盘之后，银行、 AI、创 ...

港股生物医药股再度走强，乐普生物(02157.HK)、歌礼制药(01672.HK)均涨9%，加科思(01167.HK)、荃 信生物(02509.HK)涨超7%。 ...

Group 1 - The article reports on stock buybacks conducted by various companies on July 15, 2025, with a total of 20 companies participating in the buyback program [1] - The company with the largest buyback amount was Wan Ka Yi Lian (01762), repurchasing 7.14 million shares for a total of 5.06 million yuan [1][2] - Other notable buybacks include Mengniu Dairy (02319) with 300,000 shares for 4.97 million yuan and China International Marine Containers (02039) with 613,100 shares for 4.03 million yuan [2] Group 2 - The cumulative buyback figures for the year show Wan Ka Yi Lian (01762) has repurchased a total of 17.37 million shares, representing 0.981% of its total share capital [2] - Other companies with significant cumulative buyback percentages include Kangchen Pharmaceutical (01681) at 5.926% and China Aluminum Can (06898) at 3.900% [2] - The buyback activity reflects a strategic move by these companies to enhance shareholder value and signal confidence in their financial health [1][2]

Group 1 - The company intends to exercise the general mandate granted by shareholders at the annual general meeting on June 10, 2025, to repurchase up to 78.8735 million shares, representing 10% of the total issued shares as of that date [1] - The board has decided to utilize the share repurchase mandate and plans to buy back shares in the open market using up to HKD 100 million, funded by its own financial resources [1][2] - The company believes that the current trading price of its shares does not reflect their intrinsic value, and the proposed share repurchase could enhance share value and increase returns for shareholders [2] Group 2 - The board expresses confidence in the company's long-term business prospects and growth potential, indicating that the share repurchase aligns with the best interests of the company and its shareholders [2]

Group 1 - Public funds are adopting an "angel investor" strategy in the innovative drug sector, despite the high volatility and risks associated with drug development and approval processes [1][4] - The significant returns in the innovative drug sector are driven by overseas licensing and collaboration events, rather than traditional metrics like revenue and profit growth [2][5] - The top-performing funds in the market, such as the Huatai-PineBridge Hong Kong Advantage Fund, have achieved substantial returns, with a 71% increase this year, primarily through heavy investments in innovative drugs [2][7] Group 2 - Many innovative drug companies show poor financial indicators, with substantial net profit losses, yet public funds continue to invest heavily based on future potential rather than current performance [3][4] - Event-driven strategies, such as licensing agreements with multinational pharmaceutical companies, have significantly boosted stock prices in the innovative drug sector [5][6] - The expectation of financial recovery in the innovative drug sector is growing, with fund managers predicting a collective improvement in revenue and profitability starting from mid-2025 [7][8] Group 3 - The period from 2025 to 2028 is anticipated to be crucial for Chinese innovative drug companies, with many expected to enter a profitability phase, marking a potential turning point for the sector [8]

Group 1: Pharmaceutical Sector Performance - Pharmaceutical stocks are showing strong performance, with WuXi AppTec (02126) up 19.3% at HKD 2.06, Junshi Biosciences (01877) up 13.59% at HKD 20.65, and Zai Lab (06127) up 13.38% at HKD 12.54 [1] - The upcoming 2025 American Society of Clinical Oncology (ASCO) annual meeting in Chicago is expected to boost market sentiment, with over 70 original research projects from Chinese researchers selected for oral presentations [1] - According to CICC International, the number of Chinese innovative drugs included in the 2025 ASCO abstracts has reached a new high, indicating a significant breakthrough in the R&D competitiveness of Chinese pharmaceutical companies [1] Group 2: Market Reactions to Tariff Measures - The market sentiment has improved following a federal court ruling that blocked former President Trump's tariff measures, which were announced on April 2 [2] - The court's decision has suspended most of Trump's tariff initiatives, including global uniform tariffs and additional tariffs on countries exporting more than they import, particularly affecting China, Canada, and Mexico [2]

Group 1 - The Hong Kong pharmaceutical stocks are experiencing a strong performance, with notable gains in several companies [1] - Yiming Anke-B (01541.HK) has increased by 8.38%, while Cornerstone Pharmaceuticals-B (02616.HK) has risen by 7.82% [1] - Other companies such as Baijie Shenzhou (06160.HK), Jakes-B (01167.HK), and Ying'en Biotechnology-B (09606.HK) have also shown positive movements, with increases of 3.25%, 2.80%, and 2.68% respectively [1]

Core Viewpoint - The pharmaceutical market, particularly innovative drug companies, is experiencing significant growth, with substantial support from policies, leading to the emergence of high-performing stocks similar to Changchun Gaoxin. Group 1: Market Performance - The Hong Kong innovative drug index has increased from 859 points at the beginning of the year to 1284 points, representing a 50% rise [1] - The mainland innovative drug index has risen from a low of 948 to a high of 1156, showing a 22% increase, indicating a significant lag compared to Hong Kong [1] Group 2: Stock Performance - Several stocks in the Hong Kong innovative drug sector have seen substantial gains, such as: - Kintor Pharmaceutical rising from 2.48 to 19.78 HKD - Akeso increasing from 1.2 to 4.3 HKD - CanSino Biologics moving from 2 to 8.73 HKD - CStone Pharmaceuticals growing from 0.8 to 3.89 HKD - Innovent Biologics increasing from 26.45 to 105.5 HKD [4] - The current bullish trend in Hong Kong's innovative drug sector is viewed as just the beginning, with expectations of a long-term market cycle lasting 50 years [4] Group 3: Historical Comparisons - Historical data from 2005 to 2007 shows that Hong Kong real estate stocks typically initiated their upward trends over six months before A-share stocks, with A-share stocks generally experiencing greater increases [5] - Examples include: - China Overseas Land rising from 2.29 to 21.95 HKD - Vanke increasing from 6.76 to 33.82 HKD - Deep Zhenye rising from 19.90 to 271.8 HKD [5] - The patterns observed in the real estate sector may provide insights into the potential trajectory of mainland innovative drug stocks, suggesting a possible follow-up to the Hong Kong market's performance [5]

Major Events - Jin'an Industrial (02292) received a privatization offer from its controlling shareholder at a premium of approximately 30%, with resumption of trading on May 12 [1] - Jingtai Holdings (02228) plans to acquire 90% of Shanghai Siwei Medical for 250 million yuan, aiming to create an AI-enabled remote electrocardiogram diagnosis platform [1] - China Investment and Financing (01226) is in contact with MCHKI to explore several potential corporate activities following unusual stock price movements [1] - Qiu Tai Technology (01478) reported camera module sales of 33.229 million units in April, an increase of 8.4% month-on-month but a decrease of 20.1% year-on-year [1] - Stone Pharmaceutical Group (01093) received approval for clinical trials of SYH2046 in the United States [1] - Fosun Pharma (02196) subsidiary Junji Health obtained FDA approval for drug clinical trials [1] - Rongchang Bio (09995) received approval for the marketing of Aidiqi® for treating HER2-positive advanced breast cancer with liver metastasis in China [1] - Livzon Pharmaceutical (01513) received approval for the marketing of injectable aripiprazole microspheres [1] - GAC Group (02238) reported April automobile production of 108,600 units, a year-on-year decline of 25.74% [2] - China Overseas Development (00688) reported contract property sales of approximately 20.164 billion yuan in April, a year-on-year decrease of 7.5% [2] Share Buybacks/Reductions - China Hongqiao (01378) repurchased 19.667 million shares for 273 million HKD on May 9 [1] - AIA Group (01299) repurchased 1.5 million shares for 92.1915 million HKD on May 9 [1] - Cathay Securities (02611) repurchased 1.6906 million A-shares for 29.3356 million yuan on May 9 [1] - Times Electric (03898) repurchased 610,300 shares for 19.7008 million HKD on May 9 [1] - East Asia Bank (00023) acquired 52.8 million shares from Sumitomo Mitsui Banking Corporation [1] - Shandong Molong (00568) saw shareholder Zhimo Holdings reduce its holdings by 28.81 million H-shares [1] Operating Performance - Longyuan Power (00916) achieved a power generation volume of 6.9064 million MWh in April, a year-on-year increase of 4.85% [2] - New天绿色能源 (00956) reported a power generation volume of 1.4778 million MWh in April, a year-on-year increase of 16.91% [2] - Jianye Real Estate (00832) achieved a total property contract sales amount of 2.71 billion yuan in the first four months, a year-on-year increase of 4.8% [2] - China Overseas Hongyang Group (00081) reported a cumulative contract sales amount of 9.556 billion yuan in the first four months, a year-on-year decrease of 14.1% [2] - Times China Holdings (01233) reported a cumulative contract sales amount of approximately 1.81 billion yuan in the first four months, a year-on-year decrease of 29.87% [2] - Agile Property Holdings (01813) reported a pre-sale amount of 509 million yuan in April, a year-on-year decrease of 47.5% [2] - Greenland Hong Kong (00337) reported contract sales of approximately 880 million yuan in the first four months, a year-on-year decrease of 69.3% [2]

Financial Performance - Revenue increased from RMB 63.5 million in the year ended December 31, 2023, to RMB 155.7 million for the year ended December 31, 2024, representing a growth of 145.2%[14] - Gross profit increased from RMB 3.2 million for the year ended December 31, 2023, to RMB 155.7 million for the year ended December 31, 2024, a rise of 4,765.6%[109] - Other income rose from RMB 7.5 million in 2023 to RMB 14.3 million in 2024, primarily due to increased government subsidies related to R&D projects[110] - The adjusted loss for the year ended December 31, 2024, was RMB (145,727) thousand, a significant improvement from RMB (337,022) thousand in 2023, representing a reduction of approximately 57%[123] - The net cash used in operating activities for the year ended December 31, 2024, was RMB 74.1 million, a decrease of RMB 290.1 million compared to RMB 364.2 million for the year ended December 31, 2023[126] - The net cash generated from investing activities for the year ended December 31, 2024, was RMB 256.2 million, an increase of RMB 303.6 million from RMB 47.4 million in 2023[126] - The net cash generated from financing activities for the year ended December 31, 2024, was RMB 21.3 million, a decrease of RMB 224.4 million compared to RMB 245.7 million in 2023[128] - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 1,174.5 million, a slight decrease from RMB 1,197.9 million as of December 31, 2023[130] Research and Development - Research and development expenses decreased from RMB 372.3 million to RMB 330.2 million, a reduction of 11.3%[15] - The company aims to enhance its R&D platforms and has identified a unique STING agonist molecule for its iADC candidate products[102] - The company is focusing on advancing core projects like Pan-KRAS and iADC, targeting approximately 25% of cancer patients with KRAS mutations[11] - The company aims to establish strategic partnerships with leading multinational companies to enhance the success rate of its drug candidates[34] - The company is actively pursuing collaborations with academic institutions and other biotech firms to advance its research objectives and product pipeline[157] Drug Development and Clinical Trials - The company submitted a New Drug Application (NDA) for the KRAS G12C inhibitor glecirasib, marking a significant milestone in its commercialization journey[10] - Glecirasib's NDA for ≥2L NSCLC was submitted to CDE in May 2024, with priority review status, and is expected to receive approval in H1 2025[21] - The pivotal trial for Glecirasib combined with Sitneprotafib in 1L NSCLC has been approved by CDE and initiated on August 7, 2024[21] - Glecirasib has received ODD from the FDA for PDAC in April 2024 and from EMA in October 2024[22] - The company has demonstrated efficient clinical development, completing the entire clinical development of Glecirasib in less than three years[41] - The company is the first to initiate a first-line NSCLC Phase III trial in China, comparing an oral combination therapy with chemotherapy and immunotherapy, targeting KRAS G12C mutation patients with PD-L1 <1%[46] Strategic Partnerships and Collaborations - A collaboration agreement with Eli Lilly for glecirasib and SHP2 inhibitor (JAB-3312) was established, with a total transaction value of RMB 900 million[10] - The rights for Glecirasib and Sitneprotafib in Greater China were licensed to Elysium for up to RMB 900 million in upfront and milestone payments, plus a double-digit percentage of net sales[23] - The company has established an exclusive licensing agreement with Elysium for Glecirasib and Sitneprotafib in the Greater China region, retaining rights outside this area[55] Management and Governance - The company has implemented a 2021 equity incentive plan to attract and retain key personnel, providing additional rewards to employees[139] - The audit committee consists of one non-executive director and two independent non-executive directors, ensuring compliance with accounting standards and internal controls[140] - The company has established effective mechanisms to ensure the board receives independent advice and recommendations[174] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring strong independence[171] - The company has adopted the Corporate Governance Code as its own governance code, complying with all applicable provisions as of December 31, 2024[167] Employee and Organizational Structure - As of December 31, 2024, the group had a total of 257 employees, down from 301 employees in 2023[139] - Total salary costs for the year ending December 31, 2024, amounted to RMB 153.5 million, a decrease from RMB 174.1 million for the year ending December 31, 2023[139] - The company has a strong focus on expanding its research and development capabilities in innovative drug therapies for neurological and oncological diseases[157][163] - The company has established a competitive compensation structure, including bonuses and stock-based compensation, to incentivize employees[139] Innovation and Technology - The company is focused on developing cutting-edge KRAS combinations for single-agent and rational combination therapies to address significant unmet medical needs in tumors with KRAS mutations[99] - The iADC projects utilize proprietary STING agonist payloads to tackle challenges related to low response rates of current ICI therapies and toxicity issues associated with traditional ADCs[101] - The company has developed a proprietary STING agonist iADC, with the clinical candidate HER2-STING iADC named JAB-BX467 expected to be nominated in the second half of 2024 and an IND application planned for 2026[92] Market Position and Competitive Landscape - The company has established significant competitive barriers in the KRAS inhibitor field, with over 80+ priority filings compared to competitors' 10+ and an earliest priority date of 2021[98] - The company aims to lead in the development of innovative cancer therapies targeting KRAS, with a diverse pipeline including glecirasib (KRAS G12C inhibitor JAB-21822) and JAB-22000 (KRAS G12D inhibitor)[97] - The KRASi ADC platform aims to expand to pan-KRAS inhibitors, targeting broader KRAS mutations like G12V and G13D, with expectations to surpass existing small molecule drugs in efficacy[84]