Performance Summary - Xinyi Solar (00968.HK) reported a revenue of 20.861 billion yuan for 2025, a decrease of 4.8% year-on-year, with a net profit of 844.5 million yuan, down 16.2%, primarily due to a decline in average selling prices of solar glass products [2] - Zhongxin Innovation (03931.HK) expects a net profit of 2.025 billion to 2.193 billion yuan for 2025, an increase of approximately 140% to 160% compared to the previous year, driven by high growth in leading technology products across passenger, commercial, and energy storage sectors [2] - Rongchang Bio (09995.HK) anticipates a revenue of 3.251 billion yuan for 2025, an increase of 89.36% year-on-year, with a net profit of 709 million yuan, turning profitable due to increased sales of Tislelizumab and injection-use Vedolizumab [2] - Xinyi Energy (03868.HK) expects a revenue of 2.453 billion yuan for 2025, a slight increase of 0.53%, with a net profit of 1.011 billion yuan, up 27.79% [2] - Sihang Property (00083.HK) reported a revenue of 5.185 billion HKD for the six months ending December 31, 2025, an increase of 34.54%, while net profit decreased by 15.77% to 1.533 billion HKD [3] - Haohai Biological Technology (06826.HK) expects a revenue of approximately 2.473 billion yuan for 2025, a decrease of 8.33%, with a net profit of about 251 million yuan, down 40.3% [4] - Chunli Medical (01858.HK) anticipates a total revenue of approximately 1.044 billion yuan for 2025, a year-on-year increase of 29.52%, with a net profit of 272 million yuan, up 117.72% [5] - Baosheng International (03813.HK) issued a profit warning, expecting a net profit of approximately 211 million yuan for 2025, a decrease of about 57.1% [6] - Chip Intelligence Holdings (02166.HK) expects a net profit of approximately 140 million to 170 million HKD for 2025, an increase of about 40% to 70%, benefiting from the booming AI technology and increasing market demand [6] - Fengcai Technology (01304.HK) anticipates a total revenue of approximately 774 million yuan for 2025, a year-on-year increase of 28.91%, with a net profit of about 227 million yuan, up 1.92% [6] - Huayou Energy (01251.HK) issued a profit warning, expecting a loss of approximately 100 million to 150 million HKD for the 2025 fiscal year [7] - Zhoneng Group (00131.HK) reported a revenue of 272 million HKD for the six months ending December 31, 2025, an increase of 250.64%, with a net profit of 180 million HKD, turning profitable [8] - Fudan Zhangjiang (01349.HK) expects a revenue of approximately 686 million yuan for 2025, a decrease of 3.33%, with a net loss of approximately 157 million yuan, turning from profit to loss [9] Company News - Bay Area Development (00737.HK) reported that the total toll revenue for January from the Guangzhou-Shenzhen Expressway, Guangzhou-Zhuhai West Line Expressway, and the Shenzhen section of the Yangtze River Expressway was approximately 241 million, 105 million, and 75.169 million yuan, respectively, representing year-on-year growth of 15%, 17%, and 19% [10] - LeCang Logistics (02490.HK) plans to acquire two large container ships [10] - Innovent Biologics (01801) received approval for Jebatuzumab (Pimobendan) in China for the indication of relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma [11] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2.8582 million shares for a total of approximately 99.9973 million HKD, with a repurchase price ranging from 34.92 to 35.04 HKD per share [12] - Geely Automobile (00175.HK) repurchased 3.673 million shares for approximately 59.4327 million HKD, with a repurchase price between 16.1 and 16.3 HKD [13] - Miniso Group (09896.HK) repurchased approximately 0.0526 million shares for about 1.8893 million HKD, with a repurchase price ranging from 35.64 to 36.34 HKD [14] - NetEase Cloud Music (09899.HK) repurchased approximately 0.09715 million shares for about 14.9959 million HKD, with an average repurchase price of 154.36 HKD [14]

此次新适应症获批是基于国际多中心、随机对照的BRUIN CLL-321 III期研究结果。BRUIN CLL-321是 全球首个在既往接受过共价BTK抑制剂(cBTKi)治疗的 CLL/SLL患者中开展的随机III期试验，共纳入 238例患者，旨在对比匹妥布替尼单药治疗与研究者选择的idelalisib联合利妥昔单抗(IdelaR)或苯达莫司 汀联合利妥昔单抗(BR)方案的疗效与安全性。研究结果显示，匹妥布替尼显着延长患者的中位无进展生 存期(PFS)(14.0个月vs 8.7个月，风险比[HR]=0.54)，且因治疗相关不良事件导致的停药率更低(5.2% vs 21.1%)，进一步验证了其在共价BTK 抑制剂经治人群中的疗效与耐受性优势3。 捷帕力®(匹妥布替尼)本次在中国获批CLL/SLL是该领域的重大突破，标志着我国CLL/SLL患者能同步 受益于这一全球创新成果。公司将充分发挥在肿瘤领域的领先品牌和专业的商业化能力，致力于加速这 一创新疗法的可及性，惠及更多亟需治疗的癌症患者。 信达生物(01801)发布公告，非共价(可逆)布鲁顿酪氨酸激酶(BTK)抑制剂捷帕力®(匹妥布替尼)正式获得 中国国家药品监 ...

此次新适应症获批是基于国际多中心、随机对照的BRUIN CLL-321III期研究结果。BRUIN CLL-321是 全球首个在既往接受过共价BTK抑制剂(cBTKi)治疗的CLL/SLL患者中开展的随机III期试验，共纳入238 例患者，旨在对比匹妥布替尼单药治疗与研究者选择的idelalisib联合利妥昔单抗(IdelaR)或苯达莫司汀联 合利妥昔单抗(BR)方案的疗效与安全性。研究结果显示，匹妥布替尼显着延长患者的中位无进展生存期 (PFS)(14.0个月vs8.7个月，风险比[HR]=0.54)，且因治疗相关不良事件导致的停药率更低 (5.2%vs21.1%)，进一步验证了其在共价BTK抑制剂经治人群中的疗效与耐受性优势3。 信达生物(01801)发布公告，非共价(可逆)布鲁顿酪氨酸激酶(BTK)抑制剂捷帕力(匹妥布替尼)正式获得 中国国家药品监督管理局(NMPA)批准新增适应症，用于治疗既往经过至少包含BTK抑制剂在内的一种 系统治疗的成人慢性淋巴细胞白血病(CLL)╱小淋巴细胞淋巴瘤(SLL)患者。 匹妥布替尼是一种高选择性激酶抑制剂，采用新型结合机制，可以在既往接受过共价BTK抑制剂(包括 伊布 ...

捷帕力®(匹妥布替尼)本次在中国获批CLL/SLL是该领域的重大突破，标志着我国CLL/SLL患者能同步 受益于这一全球创新成果。公司将充分发挥在肿瘤领域的领先品牌和专业的商业化能力，致力于加速这 一创新疗法的可及性，惠及更多亟需治疗的癌症患者。 匹妥布替尼是一种高选择性激酶抑制剂，采用新型结合机制，可以在既往接受过共价BTK抑制剂(包括 伊布替尼、阿可替尼、泽布替尼或奥布替尼)治疗的CLL/SLL患者中重新建立对BTK的抑制作用，并延 续靶向BTK通路的获益1，2。匹妥布替尼作为一种非共价(可逆)BTK抑制剂，于2023年1月获得美国食 品药品监督管理局(FDA)批准。2024年10月，匹妥布替尼在中国获批，单药适用于既往接受过至少两种 系统性治疗(含BTK抑制剂)的复发或难治性套细胞淋巴瘤(「MCL」)成人患者。 此次新适应症获批是基于国际多中心、随机对照的BRUINCLL-321III期研究结果。BRUINCLL-321是全 球首个在既往接受过共价BTK抑制剂(cBTKi)治疗的CLL/SLL患者中开展的随机III期试验，共纳入238例 患者，旨在对比匹妥布替尼单药治疗与研究者选择的idelalisib ...

此次新适应症获批是基于国际多中心、随机对照的BRUIN CLL-321 III期研究结果。BRUIN CLL-321是 全球首个在既往接受过共价BTK抑制剂(cBTKi)治疗的 CLL/SLL患者中开展的随机III期试验，共纳入 238例患者，旨在对比匹妥布替尼单药治疗与研究者选择的idelalisib联合利妥昔单抗(IdelaR)或苯达莫司 汀联合利妥昔单抗(BR)方案的疗效与安全性。研究结果显示，匹妥布替尼显着延长患者的中位无进展生 存期(PFS)(14.0个月vs 8.7个月，风险比[HR]=0.54)，且因治疗相关不良事件导致的停药率更低(5.2% vs 21.1%)，进一步验证了其在共价BTK 抑制剂经治人群中的疗效与耐受性优势3。 捷帕力®(匹妥布替尼)本次在中国获批CLL/SLL是该领域的重大突破，标志着我国CLL/SLL患者能同步 受益于这一全球创新成果。公司将充分发挥在肿瘤领域的领先品牌和专业的商业化能力，致力于加速这 一创新疗法的可及性，惠及更多亟需治疗的癌症患者。 智通财经APP讯，信达生物(01801)发布公告，非共价(可逆)布鲁顿酪氨酸激酶(BTK)抑制剂捷帕力®(匹 妥布替尼)正式 ...

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分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 信達生物製藥 INNOVENT BIOLOGICS, INC. （於開曼群島註冊成立的有限公司） （股份代號：1801） 自願公告 1 此次新適應症獲批是基於國際多中心、隨機對照的BRUIN CLL-321 III期研究結 果。BRUIN CLL-321是全球首個在既往接受過共價BTK抑制劑(cBTKi)治療的 CLL/SLL患者中開展的隨機III期試驗，共納入238例患者，旨在對比匹妥布替尼 單藥治療與研究者選擇的idelalisib聯合利妥昔單抗（「IdelaR」）或苯達莫司汀聯合 利妥昔單抗（「BR」）方案的療效與安全性。研究結果顯示，匹妥布替尼顯著延長 患者的中位無進展生存期(PFS)（14.0個月vs 8.7個月，風險比[HR]=0.54），且因治 療相關不良事件導致的停藥率更低(5.2% vs 21.1%)，進一步驗證了其在共價BTK 抑制劑經治人群中的療效與耐受性優勢3 。 捷帕力® （匹 ...

Group 1: Market Overview - The Hang Seng Index opened high but closed down 384 points, or 1.44%, at 26,381 points, with significant selling pressure observed throughout the day [3][4] - The market saw a total turnover of 25.93 billion HKD, with net outflow from northbound trading amounting to 736.6 million HKD [3] Group 2: Company Performance - NIO's subsidiary GeniTech secured over 2.257 billion RMB in investment from Chinese investors, maintaining a 62.7% controlling stake post-transaction [12] - New World Department Store China reported a 3.93 times increase in interim profit to 15.327 million HKD, despite a 12.44% decrease in revenue to 536 million HKD [13] - Chow Tai Fook Jewelry Group announced a 15.26% increase in interim profit to 1.334 billion HKD, with revenue rising 5.9% to 12.827 billion HKD [14] - Baidu reported a 65.68% decrease in net profit to 1.782 billion RMB for the fourth quarter, with total revenue declining 4.06% to 32.74 billion RMB [15] Group 3: Industry Developments - Hong Kong Exchanges and Clearing is exploring the development of a multi-asset tokenization platform, contingent on technological capabilities and market demand [7] - The People's Bank of China issued a notice to enhance the management of RMB cross-border interbank financing, aiming to improve transparency and stability in offshore RMB liquidity [10] - The Hong Kong government plans to inject 10 billion HKD into the Hong Kong-Shenzhen Innovation and Technology Park and the New Territories Science Park to bolster public-private partnerships [9]

如果将人类抗击癌症的历史视为一场漫长的战役，那么2014年无疑是这场战役中的"诺曼底登陆"。在此之前，尽管手术、放疗、化疗和靶向药 已经构筑了坚固的防线，但面对晚期癌症的肆虐，人类依然显得防守有余而进攻不足。直到PD-1抑制剂的横空出世，战局被彻底改写。 这一年，百时美施贵宝（BMS）的 欧狄沃（Opdivo，俗称O药）与 默沙东（Merck）的 可瑞达（Keytruda，俗称K药）相继问世。它们不直接 毒杀癌细胞，而是通过解除人体免疫系统的"刹车"，唤醒沉睡的免疫T细胞去围剿肿瘤。这一机制的发现，不仅让詹姆斯·艾利森（James Allison）与本庶佑（Tasuku Honjo）在2018年共同登上了诺贝尔奖的领奖台，更在商业世界掀起了一场持续十年的双雄争霸。 从最初O药的独领风骚，到K药的绝地反击，再到如今K药登顶全球"药王"宝座，这段历史充满了科学的偶然、商业的豪赌与宿命般的逆转。 而当我们站在2026年回望，这场战争并未终结，新的挑战者已然在东方崛起。 一、溯源 1. 免疫治疗的"黑暗中世纪" 直到20世纪末，随着T细胞、树突状细胞等免疫大军被逐一识别，科学家们才重新捡起了这把遗落的钥匙。 故事的起 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [7] Core Insights - The report highlights the continuous upgrading of policies in the Heilongjiang biomanufacturing industry, focusing on innovative traditional Chinese medicine and innovative medical devices [4] - The report emphasizes the significant revisions to the Drug Administration Law, which provides institutional support for pharmaceutical innovation and high-quality development [4] - The report identifies three major transformations in China's innovative drug business development (BD) in 2026: technology output combined with product authorization, platform cooperation, and global parallel innovation [8] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -7.06% compared to the CSI 300 index, with an absolute return of 11.53% [3] Investment Highlights - The report notes that BD transactions in the pharmaceutical sector are focused on unmet clinical needs, technological differentiation, and global value [6] - Key areas of focus include oncology therapies such as dual antibodies, ADCs, and TCE combinations, with significant financial agreements highlighted, such as a $650 million upfront payment for a PD-1/VEGF dual antibody [6] - The metabolic disease sector is centered on long-acting GLP-1 and small nucleic acid precision therapies, with notable collaborations resulting in substantial upfront payments and potential total amounts [6] Company-Specific Developments - Companies like Andover Pharmaceuticals and Frontier Biotech have secured significant collaborations with major pharmaceutical firms, indicating a trend towards platform-based cooperation and technology output [7] - Specific collaborations include a $1.05 billion deal for a CTLA-4 inhibitor and a $400 million agreement for small nucleic acid drugs, showcasing the growing interest in innovative therapies [7] - The report suggests monitoring companies such as Rebio Biotech and WuXi AppTec for their advancements in small nucleic acids and platform capabilities [8]

Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [5] Core Insights - The underlying logic of the current pharmaceutical industry era is innovation and international expansion, with a focus on innovative drugs and technology-driven sectors [2][3] - The report highlights the strong performance of the CRO market and suggests a dual investment strategy focusing on both "0 to 1" technology innovation and low-position stocks [2][3] - The report emphasizes the ongoing trend of BD (Business Development) transactions in innovative drugs, with significant growth expected in 2026 [4][15] Summary by Sections 1. Key Events in the Pharmaceutical Industry During the Spring Festival - Innovative drug BD transactions have seen a strong start, with significant overseas development and registration progress for key products [13][14] - The total amount of BD transactions for innovative drugs in China for 2026 has already surpassed one-third of the total for 2025 [15] - The revision of the National Essential Medicines List Management Measures may signal changes in the essential medicines directory [28] 2. Pharmaceutical Market Review and Hotspot Tracking - The pharmaceutical sector's performance was relatively weak, with a weekly decline of 0.81%, ranking 20th among all industries [34][38] - The total trading volume for pharmaceuticals was 401.12 billion yuan, accounting for 3.83% of the total market, below the historical average of 7.09% [55] - The report notes a rising valuation level for the pharmaceutical industry, with a PE ratio of 29.25, which is below the historical average [52] 3. Stock Performance Review - The report lists the top-performing stocks, including Dongyangguang and Zhendemedical, while highlighting the underperformers like Huayuan Biology and *ST Sailong [58][59]