Group 1 - Maosheng Holdings (00022) saw a rise of over 14% due to a 75.4% year-on-year increase in revenue for the six months ending September 30, 2025, attributed to the final stages of renovation construction services [1] - Emperor Capital (00717) increased by over 3.8% as net profit rose significantly due to a large reduction in impairment provisions for margin loans and other loans, alongside an increase in group revenue [1] - Ginkgo BioWorks-B (01167) rose over 5.4% following the approval of its self-developed KRAS G12C inhibitor, Goresir, for commercialization in China, with a partnership established with Ailida [1] - Maoyan Entertainment (01896) fell over 2% as reports indicated an increase in the ticket refund rate for "Demon Slayer" [1] - Fuhong Hanlin (02696) increased by over 4.3% after announcing FDA approval for its biosimilar to PERJETA, making it the first and only biosimilar of its kind in the U.S. [1] Group 2 - Trip.com Group-S (09961) dropped over 3.4% despite reporting a net operating revenue of 18.3 billion RMB for Q3 2025, a 16% year-on-year increase driven by sustained global travel demand [2] - Gushengtang (02273) rose over 2.2% after announcing a share transfer agreement with DA ZHONG TANG PTE. LTD. [2] - XPeng Motors-W (09868) fell over 4.6% amid market speculation about plans to produce thousands of autonomous taxis annually from 2026-2027 [2] - Techtronic Industries (00669) increased by over 4.7% as Home Depot's Q3 results indicated a positive outlook for the U.S. consumer market, benefiting Techtronic's professional segment [2] Group 3 - Guofu Quantum (00290) rose over 2.8% as it projected a net profit of approximately 200 million to 210 million HKD for the six months ending September 30, compared to a net loss of about 10.9 million HKD in the same period last year [3] Group 4 - Circle (CRCL.US) fell 8.98% as its stock price continued to decline since late October, with a significant insider sale reported [4] - The U.S. optical communication sector saw gains, with Lumentum (LITE.US) up 8.69% and other companies in the sector also rising [4] - Storage stocks in the U.S. rose, with Seagate Technology (STX.US) up 2.08% following a report on NVIDIA's shift to low-power memory chips for AI servers [5] - MP Materials (MP.US) increased by 8.61% after announcing a joint venture with the U.S. Department of Defense and Saudi Arabia's Maaden to build a rare earth refining plant [5] - Google (GOOGL.US) rose 3% as its new AI model Gemini 3 Pro topped the LMArena leaderboard, highlighting AI's role in its growth [6] - Nokia (NOK.US) fell over 9.19% as it focuses on AI-related infrastructure [6] - Block (XYZ.US) rose 7.56% after announcing a $5 billion increase in its stock buyback plan [6] - NetEase (NTES.US) fell 4.15% following the global launch of its new game [6] - Lowe's (LOW.US) rose 4.03% after reporting Q3 revenue of $20.81 billion, slightly below market expectations [6]

Core Viewpoint - The stock price of 加科思-B (01167) has increased by 5.90% to 7 HKD, with a trading volume of 18.48 million HKD, following the approval of its self-developed KRAS G12C inhibitor, Goleirese, for commercialization in China through a partnership with艾力斯 [1] Company Summary - 加科思-B has entered into a licensing agreement with 艾力斯 for the commercialization of Goleirese in China, while multiple registration clinical trials are ongoing to maximize the clinical and market value of its assets [1] - The company focuses on innovative breakthroughs in difficult drug targets, maintaining controllable operating expenses while advancing its research projects, particularly in the KRAS field with a multi-dimensional layout including KRAS G12C, KRAS G12D, and Pan KRAS [1] - 加科思-B is developing a strong patent portfolio to ensure a first-mover advantage in the market while addressing issues of drug resistance and covering more subtypes of KRAS mutations [1] Industry Summary - The KRAS gene plays a crucial role in cell growth, differentiation, and proliferation, being a major gene for mutations in cancer [1] - The pan-KRAS inhibitor JAB-23E73 is expected to disclose Phase I climbing data in the first half of 2026, while the innovative targeted EGFR KRAS G12D tADC (JAB-BX600) is anticipated to submit an IND application in 2026, potentially creating further competitive barriers [1]

Core Viewpoint - The stock of 加科思-B (01167) has risen over 5%, currently trading at 6.98 HKD, with a transaction volume of 10.73 million HKD, following the approval of its self-developed KRAS G12C inhibitor, Golecitinib, for commercialization in China through a partnership with艾力斯 [1] Group 1: Company Developments - 加科思-B has entered into a licensing agreement with 艾力斯 for the commercialization of Golecitinib in China, while multiple registration clinical trials are ongoing to maximize the clinical and market value of its assets [1] - The company is focusing on innovative breakthroughs in difficult drug targets, maintaining controllable operating expenses while advancing its research and development projects, particularly in the KRAS field with a multi-dimensional layout including KRAS G12C, KRAS G12D, and Pan KRAS [1] - 加科思-B has established a strong patent portfolio to ensure a first-mover advantage in the market while focusing on innovation [1] Group 2: Industry Insights - The KRAS gene plays a crucial role in cell growth, differentiation, and proliferation, being a major gene for mutations in cancer [1] - In addition to the already marketed Golecitinib, 加科思-B is developing the pan-KRAS inhibitor JAB-23E73 and KRAS G12D to address different KRAS mutation subtypes and overcome resistance issues [1] - The pan-KRAS inhibitor JAB-23E73 is expected to disclose Phase 1 climbing data in the first half of 2026, while the innovative targeted EGFR KRAS G12D tADC (JAB-BX600) is anticipated to submit an IND application in 2026, potentially creating further competitive barriers through its patent portfolio [1]

Core Viewpoint - The stock of 加科思-B (01167) has risen over 5%, currently trading at 6.98 HKD, with a transaction volume of 10.73 million HKD, following the approval of its self-developed KRAS G12C inhibitor, Golecitinib, for commercialization in China through a licensing agreement with艾力斯 [1] Group 1: Company Developments - 加科思-B has entered into a licensing agreement with 艾力斯 for the commercialization of Golecitinib in China, while multiple registration clinical trials are ongoing to maximize the clinical and market value of its assets [1] - The company is focusing on innovative breakthroughs in difficult drug targets, maintaining controllable operating expenses while advancing its research projects, particularly in the KRAS field with a multi-dimensional layout including KRAS G12C, KRAS G12D, and Pan KRAS [1] - 加科思-B has established a strong patent portfolio to ensure a first-mover advantage in the market while focusing on innovation [1] Group 2: Future Prospects - The pan-KRAS inhibitor JAB-23E73 is expected to disclose Phase 1 climbing data in the first half of 2026, while the innovative targeted EGFR KRAS G12D tADC (JAB-BX600) is anticipated to submit an IND application in 2026 [1] - The company aims to cover different KRAS mutation subtypes and address resistance issues through its pipeline, which includes both the already marketed Golecitinib and the upcoming JAB-23E73 and KRAS G12D inhibitors [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Jacobiopharma-B (1167.HK) [1]. Core Views - Jacobiopharma focuses on innovative drug development targeting difficult-to-drug targets, with a strong pipeline and comprehensive patent strategy to build competitive barriers [6][7]. - The company has established strategic partnerships to enhance drug development and commercialization, particularly with AbbVie and Elysium [6][20]. - The KRAS G12C inhibitor, Goleirase, has been approved for marketing in China, and the company is actively pursuing further clinical trials and partnerships to maximize its market potential [6][39]. Summary by Sections 1. Focus on Difficult-to-Drug Targets - Jacobiopharma aims to develop globally innovative drugs targeting difficult-to-drug cancer targets, with a management team experienced in drug development and international collaboration [13][17]. - The company's revenue primarily comes from licensing agreements, with stable funding supporting long-term development [20][24]. - The company has a solid cash position of 1.34 billion yuan as of June 30, 2025, which supports its future expenditures [20][24]. 2. Coverage of Different KRAS Mutations - KRAS plays a critical role in cell growth and survival signaling, and its mutations are linked to cancer progression [30]. - The KRAS G12C inhibitor, Goleirase, has been approved in China, and the company has formed a strategic partnership with Elysium for its commercialization [36][39]. - The company is also developing a pan-KRAS inhibitor, JAB-23E73, which is expected to provide broader coverage of KRAS mutations and address resistance issues [46]. 3. Key Assumptions and Investment Rating - The report projects revenues of 0.52 billion yuan in 2025, 0.74 billion yuan in 2026, and 1.15 billion yuan in 2027, reflecting the company's growth trajectory [8][12]. - The company is expected to continue advancing its research and development projects while maintaining controlled operating expenses [6][20].

Group 1 - The core theme of the upcoming "10th Zhitong Financial Capital Market Annual Conference" is "Winning the Hong Kong Stock Surge: Bullish Outlook for 2026," focusing on the potential of Chinese assets amid a new technology-driven bull market [1] - The Hang Seng Index surged by 28% in a single quarter, while the Hang Seng Tech Index rebounded over 50% year-to-date, indicating a significant capital influx into undervalued Chinese assets [1] - The conference will feature prominent speakers, including economists and fund managers, who will discuss cross-border capital flows and relative valuation opportunities in the Hong Kong stock market [2] Group 2 - The afternoon session will focus on innovative pharmaceuticals, with companies like Deke Pharma and He Yu sharing insights on their latest clinical developments and commercialization strategies [3] - A diverse lineup of over 80 listed companies will participate in roadshows, providing investors with opportunities for in-depth discussions and identifying quality investment targets [4] Group 3 - The "3rd Overseas Fund Summit" will take place on December 4, featuring discussions on global capital allocation strategies and the impact of geopolitical shifts on investment [5] - The event will include four strategic roundtable discussions, addressing topics such as cognitive warfare and the mission of capital in a post-scarcity era [6] - The conference will conclude with the presentation of the New Intelligence Awards, showcasing the evolution of investment strategies from present to future [6] Group 4 - The event will continue in Hong Kong on December 5, maintaining a dual-city format that emphasizes the synergy between technological breakthroughs and global capital trends [6] - The conference aims to explore new patterns, tracks, and dividends arising from the new technological revolution, inviting participants to engage in high-level discussions [6]

Core Viewpoint - 加科思-B (01167.HK) experienced a significant increase in stock price, rising over 7% in early trading and currently up by 5.94% at HKD 7.31, with a trading volume of HKD 16.91 million [2] Summary by Category - **Stock Performance** - The stock price of 加科思-B rose over 7% in early trading [2] - As of the latest update, the stock is up 5.94%, priced at HKD 7.31 [2] - The trading volume reached HKD 16.91 million [2]

Group 1 - The core point of the article is that 加科思-B (01167) has established a co-CEO system, with current Chairman and CEO Dr. Wang Yinxiang and current Chief Medical Officer Dr. Wang Yi sharing the CEO responsibilities, aiming to enhance global strategic planning and market expansion in innovative drug development [1] - Following the announcement, 加科思-B's stock price rose over 7% in early trading, with a current increase of 5.94% to HKD 7.31 and a trading volume of HKD 16.91 million [1] - 加科思-B has signed a capital increase and equity transfer agreement with 海松资本 and an industry partner, where 海松资本 will pay RMB 125 million as an initial payment and RMB 75 million as a milestone payment to acquire 80% of 加科瑞康, leading to a reduction of 加科思's stake in 加科瑞康 to 10% [1] Group 2 - The new management structure will allow Dr. Wang Yinxiang to continue leading the company's global strategic planning and major decision-making, while Dr. Wang Yi will focus on overseas market expansion, international collaboration, and clinical development [1] - The divestment of non-core assets will enable 加科思-B to concentrate more on the oncology sector and improve its cash flow [1]

Group 1 - The core point of the article is the establishment of a co-CEO system at 加科思-B, with Dr. Wang Yinxiang and Dr. Wang Yi taking on the roles to enhance global strategic planning and market expansion [1][1][1] - Following the announcement, 加科思-B's stock price increased by over 7%, reaching 7.31 HKD with a trading volume of 16.91 million HKD [1][1][1] - The company has signed an agreement with 海松资本 for a capital increase and equity transfer, where 海松资本 will pay a total of 2 billion RMB for an 80% stake in 加科瑞康, allowing 加科思 to focus more on its core oncology business [1][1][1] Group 2 - Dr. Wang Yinxiang will continue to lead the company's global strategy and major decisions, while Dr. Wang Yi will focus on international market development and clinical work [1][1][1] - The divestment of non-core assets is expected to strengthen the company's cash flow and strategic focus in the oncology sector [1][1][1]

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on November 13, 2025, with China Feihe (06186) leading in both the number of shares repurchased and the total amount spent on buybacks, amounting to 20 million shares and 87.858 million yuan respectively [1][2]. Group 1: Buyback Details - China Feihe (06186) repurchased 20 million shares for 87.858 million yuan, with a year-to-date total of 117 million shares, representing 1.294% of its total share capital [2]. - COSCO Shipping Holdings (01919) repurchased 3 million shares for 42.9502 million yuan, with a year-to-date total of 25.188 million shares, accounting for 0.875% of its total share capital [2]. - China International Marine Containers (02039) repurchased 2.8054 million shares for 20.01 million yuan, with a year-to-date total of 3.66303 million shares, representing 1.190% of its total share capital [2]. Group 2: Other Notable Buybacks - Sinopec Limited (00386) repurchased 3.468 million shares for 15.3039 million yuan, with a year-to-date total of 139 million shares, accounting for 0.110% of its total share capital [2]. - Yip's Chemical Holdings (06826) repurchased 39,500 shares for 1.1077 million yuan, with a year-to-date total of 580,100 shares, representing 1.482% of its total share capital [3]. - Kangji Medical Holdings (01681) repurchased 20 million shares for 300,000 yuan, with a year-to-date total of 9.898 million shares, accounting for 11.627% of its total share capital [3].