Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, recommending a focus on innovative drugs and sectors with improving performance, such as medical devices and upstream segments [3][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.0% this week, ranking 17th among 31 sub-industries. The overall valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among the primary industries [2][4][7]. - Key events include Fosun Pharma granting exclusive global rights for its oral GLP-1 drug to Pfizer, with potential total payments reaching $2.085 billion. Additionally, Eli Lilly's GLP-1/GIP/GCGR agonist Retatrutide showed promising Phase III clinical data, achieving a weight loss of 28.7% over 68 weeks [3][14][17]. - The report highlights significant mergers and acquisitions, such as Sobi's acquisition of Arthrosi for $950 million upfront and $550 million in milestone payments, and Zhaoli Pharmaceutical's planned acquisition of a multi-trace element injection asset group for approximately RMB 356 million [3][15][22]. Market Performance - The pharmaceutical index decreased by 1.0% this week, while the Shanghai Composite Index fell by 0.3%. The overall performance of the pharmaceutical sector was ranked 17th among 31 sub-industries [2][4][6]. - The report details the performance of various sub-sectors, with notable declines in medical circulation (-4.2%), offline pharmacies (-4.3%), and blood products (-4.1%), while medical R&D outsourcing saw an increase of 3.7% [7][11]. Recent Key Events - The report discusses recent business developments, including the approval of Shanghai Pharma's new drug, and the change of control at Tailong Pharmaceutical, which will now be under Jiang Pharmaceutical Holdings [20][22]. - It also notes the IPO application of Shiyao Innovation, which was accepted with a market value of RMB 47.9 billion, focusing on health-related sectors and innovative drugs [23]. Company Valuation - The report provides a valuation table for key companies in the pharmaceutical sector, indicating projected earnings per share (EPS) and price-to-earnings (PE) ratios for 2025 to 2027. For instance, Mindray Medical is projected to have a PE of 23 in 2025, while Hengrui Medicine is expected to have a PE of 48 [29].

来源：智通财经网 消息面上，加科思近日宣布就其订立的增资协议及股权转让协议，已收到海松资本支付的1.25亿元的首 付款。该首付款的到账，进一步充盈了本集团的现金储备，也将为本集团后续创新肿瘤疗法管线研发的 推进提供助力。 据悉，加科思10月份公布，与海松资本及一名产业合作方签署增资及股权转让协议。根据本次协议，海 松资本将以人民币1.25亿元首付款及7500万元里程碑付款收购北京加科思旗下加科瑞康80%的股权。完 成后，北京加科思于加科瑞康持股将降至10%。公告称，该交易符合集团聚焦不同关键细胞通路的肿瘤 方向关键管线产品的战略发展。 加科思-B(01167)再涨超11%，截至发稿，涨10.28%，报8.69港元，成交额7382.33万港元。 ...

每经AI快讯，加科思-B(01167.HK)一度涨超11%，截至发稿涨10.28%，报8.69港元，成交额7382.33万港 元。 ...

消息面上，加科思近日宣布就其订立的增资协议及股权转让协议，已收到海松资本支付的1.25亿元的首 付款。该首付款的到账，进一步充盈了本集团的现金储备，也将为本集团后续创新肿瘤疗法管线研发的 推进提供助力。 据悉，加科思10月份公布，与海松资本及一名产业合作方签署增资及股权转让协议。根据本次协议，海 松资本将以人民币1.25亿元首付款及7500万元里程碑付款收购北京加科思旗下加科瑞康80%的股权。完 成后，北京加科思于加科瑞康持股将降至10%。公告称，该交易符合集团聚焦不同关键细胞通路的肿瘤 方向关键管线产品的战略发展。 智通财经APP获悉，加科思-B(01167)再涨超11%，截至发稿，涨10.28%，报8.69港元，成交额7382.33万 港元。 ...

加科思-B(01167)再涨超11%，截至发稿，涨10.28%，报8.69港元，成交额7382.33万港元。 消息面上，加科思近日宣布就其订立的增资协议及股权转让协议，已收到海松资本支付的1.25亿元的首 付款。该首付款的到账，进一步充盈了本集团的现金储备，也将为本集团后续创新肿瘤疗法管线研发的 推进提供助力。 据悉，加科思10月份公布，与海松资本及一名产业合作方签署增资及股权转让协议。根据本次协议，海 松资本将以人民币1.25亿元首付款及7500万元里程碑付款收购北京加科思旗下加科瑞康80%的股权。完 成后，北京加科思于加科瑞康持股将降至10%。公告称，该交易符合集团聚焦不同关键细胞通路的肿瘤 方向关键管线产品的战略发展。 ...

Group 1 - The Hang Seng Index rose by 0.19%, gaining 48 points to close at 25,809 points, while the Hang Seng Tech Index increased by 0.58% [1] - The trading volume in the Hong Kong stock market reached 92.2 billion HKD in the morning session [1] - Robotics concept stocks led the gains, with several stocks rising over 3%, driven by reports of the Trump administration promoting the robotics industry [1] Group 2 - UBTECH (09880) rose over 3% after announcing a partnership with ZHOS Technology to deploy 10,000 humanoid robots over five years [2] - Hesai Technology (02525) increased by over 6% following the release of its self-developed RISC-V laser radar main control chip, Fermi C500 [2] - InnoCare Pharma (02577) saw a rise of over 4% after forming a strategic partnership with ON Semiconductor to advance the GaN ecosystem [2] - Dazhong Public Utilities (01635) surged over 6% ahead of the listing of Moole Thread, with its subsidiary Deep Venture Capital participating in the investment [2] - Global New Materials International (06616) rose over 5%, with its stock price doubling since the end of October, following an increase in holdings of Seven Color Pearl Coatings [2] - Gilead Sciences-B (01672) increased over 9% after repurchasing 1.3 million shares and announcing a buyback of up to 300 million HKD [2] - Kacos-B (01167) saw a mid-session rise of over 5% after its subsidiary received a 125 million HKD initial payment for a joint therapy featured in The Lancet [2] - Pacific Shipping (02343) rose over 4% as the BDI index reached a nearly two-year high, indicating a turning point for the dry bulk shipping industry [2] - Capital Market Holdings (00204) fell over 40%, with a cumulative decline of over 80% this week, following a significant transfer of shares [2]

Group 1 - The core viewpoint of the articles highlights significant stock movements in the Hong Kong and US markets, driven by company announcements and strategic partnerships [1][2][5][6][7]. Group 2 - Gilead Sciences-B (01672) saw a nearly 9% increase after announcing a share buyback plan, utilizing up to 300 million HKD for repurchases [1]. - OSL Group (00863) rose nearly 2% as it plans to offer compliant digital asset trading services in Europe by Q1 2026 [1]. - Gako Science-B (01167) increased over 5% following a 125 million RMB payment from Haisheng Capital, enhancing its cash reserves for oncology therapy development [1]. - Zhida Technology (02650) surged over 4%, reaching a new high, after signing a sales order exceeding 100 million RMB with Saudi Controls Ltd for a five-year collaboration [2]. - Capital界金控 (00204) fell over 40%, marking a historical low, with a cumulative decline exceeding 80% for the week [2]. - Semiconductor stocks performed well, with Huahong Semiconductor (01347) up 3.18%, Shanghai Fudan (01385) up 2.79%, and SMIC (00981) up 1.86% [2]. - Pacific Shipping (02343) rose nearly 5% as the Baltic Dry Index reached 2845 points, a 9.42% increase, marking the largest rise since October 2025 [3]. - Aoda Holdings (09929) resumed trading with a surge of over 200%, following a major share sale involving 1.5 billion shares at a price of 0.11 HKD per share [4]. - Robotics stocks saw significant gains, with Dechang Motor Holdings (00179) up 9.11% and Sanhua Intelligent Control (02050) up 9.06% [4]. - Ansem Semiconductor (ON.US) rose 11.01% after announcing a strategic partnership with Innosec to advance GaN technology applications [5]. - The Nasdaq Golden Dragon Index fell 1.38%, with notable declines in popular Chinese stocks like Xpeng Motors (XPEV.US) down 4.02% and Alibaba (BABA.US) down 1.89% [5]. - Microchip Technology (MCHP.US) increased by 12.17% after raising its revenue and earnings per share forecasts due to strong booking performance [6]. - Bitcoin-related stocks saw gains, with Iren Ltd (IREN.US) up 6.91% and Coinbase (COIN.US) up 5.19% [6]. - The robotics sector in the US experienced a boost, with Richtech Robotics (RR.US) up 18.54% and iRobot (IRBT.US) up 73.85% amid government support for the industry [7].

加科思（01167.HK）公布，有关北京加科思、加科瑞康、海松资本及一名产业合作方订立的增资协议 及股权转让协议。公司附属公司北京加科思，就其订立的增资协议及股权转让协议，已收到海松资本支 付的人民币1.25亿元的首付款。该首付款的到账，进一步充盈了集团的现金储备，也将为集团后续创新 肿瘤疗法管线研发的推进提供助力。 此外，加科思近日宣布，公司自研的KRAS G12C抑制剂戈来雷塞（glecirasib）联合SHP2抑制剂JAB- 3312（sitneprotafib）的临床I/IIa期研究成果正式发表于国际顶级医学期刊《柳叶刀呼吸医学》（影响因 子32.8）。这是全球首次有KRAS G12C与SHP2双口服小分子联合疗法的系统性临床资料登上该权威期 刊。 加科思-B（01167）午前股价上涨6.17%，现报8.09港元，成交额1765.87万港元。 加科思（01167.HK）公布，有关北京加科思、加科瑞康、海松资本及一名产业合作方订立的增资协议 及股权转让协议。公司附属公司北京加科思，就其订立的增资协议及股权转让协议，已收到海松资本支 付的人民币1.25亿元的首付款。该首付款的到账，进一步充盈了集团的现金储 ...

Core Viewpoint - The stock of 加科思-B (01167) has seen a significant increase, attributed to positive developments in its financial and clinical research activities [1] Financial Developments - 加科思's subsidiary, 北京加科思, has received an initial payment of RMB 125 million from 海松资本, enhancing the group's cash reserves [1] - The receipt of this payment is expected to support the advancement of the group's innovative oncology therapy pipeline [1] Clinical Research Achievements - 加科思 announced that the clinical I/IIa study results of its self-developed KRAS G12C inhibitor, glecirasib, in combination with SHP2 inhibitor JAB-3312, have been published in the prestigious medical journal, The Lancet Respiratory Medicine [1] - This publication marks the first time systematic clinical data on the combination of KRAS G12C and SHP2 oral small molecule therapies has appeared in such a high-impact journal [1]

此外，加科思近日宣布，公司自研的KRAS G12C抑制剂戈来雷塞(glecirasib)联合SHP2抑制剂JAB- 3312(sitneprotafib)的临床I/IIa期研究成果正式发表于国际顶级医学期刊《柳叶刀呼吸医学》(影响因子 32.8)。这是全球首次有KRAS G12C与SHP2双口服小分子联合疗法的系统性临床资料登上该权威期刊。 加科思-B(01167)盘中涨超6%，截至发稿，涨5.51%，报8.04港元，成交额815.25万港元。 消息面上，加科思发布公告，公司的附属公司北京加科思已收到海松资本支付的人民币1.25亿元的首付 款。该首付款的到账，进一步充盈了集团的现金储备，也将为集团后续创新肿瘤疗法管线研发的推进提 供助力。 ...