Major Events - Shiyao Group's (01093) application for the listing of Semaglutide injection has been accepted by the National Medical Products Administration (NMPA) [1] - Gilead Sciences-B (01672) has completed the enrollment of overweight or obese subjects in the Phase IIa study of the small molecule oral GLP-1R agonist ASC30 in the United States [1] - China Biopharmaceutical (01177) has received NMPA approval for the clinical trial application of TQC3302 "ICS/LAMA/LABA soft mist inhalation preparation" [1] - Jiaogepeng Holdings (01450) plans to acquire 100% equity of Hangzhou Jiaogepeng Education Technology Co., Ltd. for 180 million yuan [1] Financial Data - China Tower (00788) reported a mid-term profit attributable to shareholders of 5.757 billion yuan, an increase of 8.0% year-on-year, with the revenue share from its two wings business exceeding 14% [1] - Techtronic Industries (00669) reported a mid-term profit attributable to shareholders of 628 million USD, an increase of 14.17% year-on-year, with a dividend of 1.25 HKD per share [1] - Yum China (09987) reported a second-quarter operating profit of 304 million USD, a year-on-year increase of 14% [1] - Zibuyu (02420) issued a profit warning, expecting mid-term revenue to increase by approximately 30%-40% to between 1.9 billion and 2.047 billion yuan [1] - Angelalign (06699) issued a profit warning, expecting net profit for the first half of the year to be approximately 13.4 million to 14.8 million USD, a year-on-year increase of approximately 538.1% to 604.8% [1] - Boya Interactive (00434) issued a profit warning, expecting mid-term profit attributable to shareholders to decrease by approximately 25% to 35% [1] - Zhenjiu Lidu (06979) issued a profit warning, expecting mid-term net profit attributable to shareholders to decline by 23% to 24% [1] - Fourth Paradigm (06682) expects a narrowed adjusted net loss for the mid-term, down 68% to 73% year-on-year [1]

Performance Summary - Techtronic Industries (00669.HK) reported a revenue of $7.8 billion for the first half of the year, an increase of 7.5% year-on-year, with a net profit of $628 million, up 14.2% [1] - Yum China (09987.HK) achieved revenue of $2.8 billion in Q2 2025, a 4% increase year-on-year, with an operating profit of $304 million, up 14% [1] - Shiseido (02145.HK) expects mid-term revenue of approximately ¥4.09-4.11 billion, a year-on-year increase of about 16.8%-17.3%, and a net profit of approximately ¥540-560 million, up about 30.9%-35.8% [1] - Prosperity Industrial Trust (00778.HK) reported revenue of approximately HK$854 million for the first half, a decrease of about 2% year-on-year, while distributable income to unitholders increased by 2.06% to HK$377 million [1] - Zibuyu (02420.HK) anticipates mid-term revenue of approximately RMB 1.9-2.047 billion, a year-on-year increase of about 30%-40%, with a net profit of approximately RMB 100-110 million, up about 10%-20% [1] - Angelalign Technology (06699.HK) expects mid-term net profit of approximately $13.4-14.8 million, a year-on-year increase of approximately 538.1%-604.8% [1] Company News - Sunac China (01918.HK) reported a cumulative contract sales amount of ¥25.08 billion for the first seven months of 2025, a decrease of 9.43% year-on-year, with July contract sales of approximately ¥1.53 billion, an increase of 8.51% [3] - Xingye Holdings (00132.HK) entered into a financing lease agreement with Heilongjiang Mudanjiang Agricultural Reclamation Xinneng Thermal Power, involving an investment of ¥100 million [3] - China Biopharmaceutical (01177.HK) received NMPA approval for the clinical trial application of TQC3302, an ICS/LAMA/LABA soft mist inhalation formulation for the maintenance treatment of chronic obstructive pulmonary disease [3] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.05 million shares at a cost of about HK$105 million, with buyback prices ranging from HK$95.35 to HK$96.3 [3] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of approximately HK$22.717 million, with buyback prices between HK$113.1 and HK$114.2 [4]

软雾吸入剂是新一代吸入剂型，利用机械动力以缓慢的细雾形式向患者递送药物。相较于传统的雾化、 干粉等剂型，软雾吸入剂能使气溶胶释放时间更长、速度更慢，并减少药物在口咽部的损失，使得药物 的肺部沉积率更高，同时对患者的手口协调性要求较低，对于儿童、老人等给药困难人群同样适用。 目前，全球尚无ICS/LAMA/LABA三联复方软雾吸入制剂获批上市。本集团正在积极推进TQC3302的临 床开发，有望为COPD患者提供更多治疗选择。 中国生物制药(01177)发布公告，本集团自主研发的2.3类改良型新药TQC3302"ICS/LAMA/LABA软雾吸 入制剂"吸入喷雾剂已获得中国国家药品监督管理局(NMPA)的临床试验批准，拟用于慢性阻塞性肺疾病 (COPD)的维持治疗。 TQC3302是依托本集团软雾吸入技术平台开发的一款ICS(吸入性糖皮质激素)/LAMA(长效抗胆硷能药 物)/LABA(长效β2受体激动剂)三联复方制剂，已通过临床前研究证实了其三联组方的安全性。 ...

Core Viewpoint - China Biopharmaceutical (01177.HK) has received clinical trial approval from the National Medical Products Administration (NMPA) for its self-developed modified new drug TQC3302, intended for the maintenance treatment of chronic obstructive pulmonary disease (COPD) [1] Group 1: Product Development - TQC3302 is a combination formulation of ICS (Inhaled Corticosteroids), LAMA (Long-acting Muscarinic Antagonists), and LABA (Long-acting Beta-2 Agonists) developed on the company's soft mist inhalation technology platform [1] - The safety of the triple combination formulation has been confirmed through preclinical studies [1] Group 2: Technology and Benefits - The soft mist inhaler represents a new generation of inhalation devices, delivering medication in a slow mist form using mechanical power [1] - Compared to traditional nebulizers and dry powder inhalers, the soft mist inhaler allows for longer aerosol release time and slower speed, reducing drug loss in the oropharynx and increasing lung deposition rates [1] - This device requires lower hand-mouth coordination, making it suitable for difficult-to-treat populations such as children and the elderly [1]

（於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 TQC3302「ICS/LAMA/LABA軟霧吸入制劑」 臨床試驗申請獲NMPA批准 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，本集團自 主研發的2.3類改良型新藥TQC3302「ICS/LAMA/LABA軟霧吸入制劑」吸入噴霧劑已獲得中國國家藥 品監督管理局(NMPA)的臨床試驗批准，擬用於慢性阻塞性肺疾病(COPD)的維持治療。 TQC3302是依托本集團軟霧吸入技術平台開發的一款ICS（吸入性糖皮質激素）╱LAMA（長效抗膽鹼 能藥物）╱LABA（長效β2受體激動劑）三聯復方制劑，已通過臨床前研究證實了其三聯組方的安全 性。 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的內容概不負責，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 容而引致的任何損失承擔任何責任。 軟霧吸入劑是新一代吸入劑型，利用機械動力以緩慢的細霧形式向患者遞送藥物。相較於傳統的霧 化、干粉等劑型，軟霧吸入 ...

Group 1 - The core viewpoint is that the liquidity and fundamentals of the Chinese healthcare industry continue to improve, maintaining a positive outlook for the healthcare sector [1] - The report indicates that the weak U.S. employment data may lead to heightened expectations for monetary easing in the second half of the year, suggesting an improved outlook for the industry [1] - The report highlights that the industry fundamentals are recovering, with a month-on-month increase in hospital prescription volumes in July, and significant profit growth expected in the third quarter due to the release of more innovative drugs [1] Group 2 - The company prefers leading large pharmaceutical firms and suggests avoiding companies overly reliant on biosimilars in the short term [2] - Selected stocks include: CSPC Pharmaceutical Group (01093), Sinopharm Group (01099), Hansoh Pharmaceutical (03692), and others [2] - The report emphasizes that the uncertainty in U.S. Treasury yields may prompt a reallocation of funds, further improving the liquidity of innovative drug assets [1]

里昂指出，行业基本面持续复苏，7月院内处方量环比提升，随着更多创新药放量，第三季行业盈利有 望实现显著增长，加上美债不确定性可能促使资金重新配置，进一步改善创新药资产流动性，相信行业 拐点已过，未来将迎来盈喜等正面催化剂。 该行偏好领先大型药厂，短期而言避开过度依赖生物仿制药的公司。该行选股包括石药集团(01093)、 新诺威(300765.SZ)、翰森制药(03692)、爱尔眼科(300015.SZ)、恒瑞医药(01276,600276.SH)、康方生物 (09926)、中生制药(01177)、国药控股(01099)、康哲药业(00867)、大参林(603233.SH)、华东医药 (000963.SZ)、泰格医药(03347)及药明康德(02359)。 智通财经APP获悉，里昂发布研报称，中国医疗健康行业流动性及基本面持续改善，维持对医疗健康板 块正面看法，指出美国就业数据疲软或市场对下半年货币宽松预期急升温，预示着行业下半年改善前 景，相信特朗普再提最惠国药品定价政策及安徽启动生物类似药集中采购，对行业影响则相对有限。 ...

Summary of Conference Call Records Industry or Company Involved - A-shares market and various sectors including semiconductor, AI, OLED materials, biopharmaceuticals, and consumer goods Key Points and Arguments A-shares Market Outlook - The current downward risk in the A-shares market is considered low, supported by favorable statements from the political bureau meeting [1] - Historical price-performance ratio indicates a good position for investment despite recent gains in equity [1] Semiconductor Industry - Domestic chip manufacturing capabilities are improving, with significant advancements in AI-related chips [2] - The demand for domestic supply chains is increasing, leading to high processing rates for local manufacturers [2][3] OLED Materials - The penetration rate of OLED materials is increasing due to performance advantages over LCDs and new technologies addressing previous lifespan issues [9] - Domestic manufacturers are gaining market share as global OLED production capacity shifts to China [10] - Future growth is expected from domestic panel manufacturers expanding production and the introduction of new consumer electronics [11][12] Biopharmaceuticals - China National Pharmaceutical has made strategic acquisitions to enhance its pipeline, including a significant collaboration with a major pharmaceutical company [16][17] - Expected revenue growth from 2025 to 2027 is projected at 32.4 billion to 43.8 billion RMB, with substantial profit increases [18] Consumer Goods - The company "粉笔" (Fenbi) is positioned well in the online education sector, with plans to introduce AI-driven products to boost revenue [31][32] - "若与诚" (Ruoyucheng) is expanding its product lines in health and wellness, with expected revenue growth driven by new brand launches [33][34] Investment Recommendations - Various companies have been highlighted as "gold stocks" for August, including 中芯国际 (SMIC), 莱特光电 (Lite-On), and others, based on their growth potential and market positioning [3][8][12][29] Other Important but Possibly Overlooked Content - The overall economic environment is showing signs of recovery, which may positively impact various sectors [1] - The potential for new product launches in consumer electronics and the healthcare sector is significant, with expected high demand in the coming years [11][27] - The impact of geopolitical factors, such as tariffs, on market dynamics is acknowledged, particularly in the context of the U.S.-China trade relationship [25] This summary encapsulates the key insights from the conference call records, highlighting the optimistic outlook across various sectors and the strategic positioning of recommended companies.

Group 1 - Goldman Sachs maintains a "Buy" rating for Li Auto-W with a target price of HKD 138, expecting monthly sales of 6,000 units for its new electric SUV i8 [1] - China Biologic Products is rated "Outperform" by CMBI, highlighting its strong innovation pipeline and growth in biosimilars and generics [1] - JPMorgan upgrades Hang Lung Properties to "Overweight" with a target price of HKD 10, citing attractive dividend yield and improved sales outlook [2] Group 2 - Citi maintains a "Outperform" rating for China Overseas Property but lowers the target price to HKD 6.1, focusing on service quality improvement [3] - UBS maintains a "Buy" rating for Ping An Insurance, raising the target price to HKD 66, driven by improved macro conditions and growth in asset management [4] - UBS maintains a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.9, benefiting from supply cuts and strong product quality [5] Group 3 - Macquarie maintains a "Outperform" rating for Prada but lowers the target price to HKD 60, citing lower-than-expected sales growth [6] - Goldman Sachs maintains a "Neutral" rating for CATL, adjusting the target price to HKD 436 due to expected declines in battery gross margins [7] - Goldman Sachs maintains a "Buy" rating for Kuaishou-W with a target price of HKD 68, anticipating significant revenue growth in the AI sector [8] Group 4 - Morgan Stanley maintains an "Overweight" rating for HSBC, raising the target price to HKD 107.1 due to improved earnings forecasts [9]

8月4日，中国生物制药(01177)盘中下跌2.19%，截至10:03，报7.16元/股，成交3.03亿元。 截至2024年年报，中国生物制药营业总收入288.66亿元、净利润35.0亿元。 本文源自：金融界 作者：行情君 中国生物制药有限公司是一家创新研究和研发驱动型的医药集团，其主要业务包括医药研发、智能化生 产以及销售，主要产品包括多种生物药和化学药，特别在肿瘤、肝病、呼吸系统、外科/镇痛四大治疗 领域具有优势。公司自从2000年上市以来，在MSCI全球标准指数、恒生指数等多个指数中成为成分 股，连续六年入选《制药经理人》的"全球制药企业TOP50"，核心企业正大天晴药业集团、北京泰德制 药股份有限公司多年位列中国医药工业企业百强榜，公司产品收入占比逐年提升。 ...