Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The in vivo CAR-T technology is emerging as a new hotspot in cell therapy, with significant investment opportunities in the domestic market. Major pharmaceutical companies are actively entering this field, with multiple high-value transactions occurring in 2025 [5][14] - Compared to traditional CAR-T, in vivo CAR-T offers advantages such as reduced manufacturing costs, shortened processing times, and improved accessibility for patients, making it applicable in various diseases including B-cell malignancies and autoimmune diseases [6][15] - The report highlights the performance of various sub-sectors within the pharmaceutical industry, noting that the hospital sector showed the highest increase, while the medical R&D outsourcing sector experienced the largest decline [7][24] Summary by Sections Section 1: In Vivo CAR-T Transactions - Numerous significant transactions in the in vivo CAR-T space have occurred in 2025, indicating strong interest and investment potential. Notable deals include AstraZeneca's acquisition of EsoBiotech for $1 billion and BMS's agreement to acquire Orbital Therapeutics for $1.5 billion [5][14] Section 2: Market Performance - In the second week of October 2025, the pharmaceutical sector declined by 1.20%, underperforming the CSI 300 index by 0.69 percentage points, ranking 25th among 31 sub-industries. The hospital sector saw the largest increase at 1.79% [7][18] - The report provides a detailed analysis of sub-sector performance, with the hospital sector leading gains and the medical R&D outsourcing sector facing the most significant losses [24][28] Section 3: Recommended Stocks - The report recommends several stocks for investment, including Shiyao Group, Sunshine Nuohuo, and Yuekang Pharmaceutical, among others [8][16]

Core Insights - Wu Yifang has joined Cloudbreak Capital as the Chairman of the Board of Cloudtop New Horizon after leaving Fosun Pharma, marking a new chapter in his career [1][2] Company Changes - Cloudtop New Horizon announced several board changes, including the appointment of Wu Yifang as Chairman, the transition of Fu Wei to a non-executive director, and the resignation of Feng Honggang as a non-executive director [1] - The adjustments aim to strengthen corporate governance, optimize strategic layout, and enhance overall company strength [1] Background of Wu Yifang - Wu Yifang has over 20 years of experience at Fosun Pharma, where he served as Chairman and CEO for nearly a decade, leading the company to achieve significant revenue growth [2][3] - Under his leadership, Fosun Pharma's revenue reached 41.07 billion yuan in 2024, with a steady increase from 30.31 billion yuan in 2020 [2] Strategic Focus - Wu Yifang's role at Cloudtop New Horizon will involve working closely with CEO Luo Yongqing to drive company development and provide strategic guidance on key initiatives, including strategic transactions and R&D innovation [1] - Cloudtop New Horizon is actively developing its mRNA business, which aligns with Wu Yifang's previous success in introducing BioNTech's mRNA technology to the Greater China region during his tenure at Fosun Pharma [4] Investment Management - Cloudtop New Horizon is a representative case incubated by Cloudbreak Capital, which manages assets worth $10.5 billion and focuses on the healthcare sector [4] - Cloudbreak Capital remains the largest shareholder of Cloudtop New Horizon, holding a 24.19% stake after a share placement [4] R&D Initiatives - Cloudtop New Horizon showcased its AI+mRNA technology platform during the "2025 Cloudtop New Horizon mRNA Innovation Technology Platform R&D Day," highlighting advancements in core pipelines for cancer and autoimmune diseases [5] - The company has initiated clinical trial applications for its therapeutic vaccines, EVM14 and EVM16, with EVM14's application officially accepted by the National Medical Products Administration [6]

Core Viewpoint - CloudTop New Horizon (01952) announced the granting of stock options and awards as part of its employee incentive plans, indicating a focus on employee retention and motivation [1] Group 1 - The company granted 1.2374 million stock options under the post-IPO stock option plan [1] - The company also granted 530,300 awards under the pre-IPO employee stock option plan, pending independent shareholder approval [1]

Core Viewpoint - Genting New Year (01952) announced the granting of stock options and awards as part of its employee incentive plans, which are subject to independent shareholder approval [1] Group 1 - The company granted 1,237,400 stock options under the post-IPO stock option plan [1] - The company also granted 530,300 awards under the pre-IPO employee stock option plan, pending independent shareholder approval [1]

Core Viewpoint - Genting New Year (01952.HK) announced the granting of stock options and awards as part of its employee stock option plans, indicating a strategic move to incentivize employees and align their interests with shareholders [1] Group 1 - The company granted 1,237,374 stock options under the post-IPO stock option plan [1] - Additionally, the company awarded 530,303 options under the pre-IPO employee stock option plan, pending independent shareholder approval [1]

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。 （於開曼群島註冊成立的有限公司） （股份代號：1952） Everest Medicines Limited 雲 頂 新 耀 有 限 公 司 (1) 授出購股權 (2) 非豁免關連交易— 建議向關連人士授出獎勵 本公告乃根據上市規則第17.06A、17.06B及17.06C條刊發。 於2025年10月10日，董事會(i)根據首次公開發售後購股權計劃授出1,237,374份購 股權；及(ii)根據首次公開發售前僱員購股權計劃授出530,303份獎勵（ 須經獨立股 東批准 ）。有關上述授出的詳情如下： (1) 授出購股權 董事會宣佈，於2025年10月10日，本公司根據首次公開發售後購股權計劃向 執行董事兼董事會主席吳以芳先生（「吳先生」）授出1,237,374份購股權。 授出購股權的詳情如下： 授出日期： 2025年10月10日 所授出購股權的數目： 1,237,374份 所授出購股權的行使價： 56.6 ...

据介绍，在加入云顶新耀之前，吴以芳曾任复星国际执行总裁，并在复星医药（600196）担任董事长兼 首席执行官近十年，期间，作为管理团队的核心成员，主导复星医药转型为全球领先的生物制药企业， 并成功为大中华区引入BioNTech的mRNA技术。此外，吴以芳还联合创立万邦生化医药，并担任董事长 兼首席执行官，为该企业在生物医药创新领域奠定了坚实基础。吴以芳于2005年获得美国圣约瑟夫大学 （Saint Joseph's University）行政人员工商管理硕士（EMBA）学位。 中证报中证网讯（记者 李梦扬）据"云顶新耀"微信公众号10月10日消息，云顶新耀宣布，委任吴以芳 为公司董事会主席。同时，公司对董事会进行了相关调整，旨在进一步强化公司治理，优化战略布局， 提升公司整体实力。吴以芳同时获委任提名委员会主席及薪酬委员会成员。据了解，吴以芳在生物制药 行业拥有逾35年经验，现为云顶新耀主要股东康桥资本的Executive Operating Partner（执行运营合伙 人）。 ...

Group 1 - Wu Yifang has been appointed as the Chairman of the Board of Directors at Genscript Biotech (云顶新耀) after becoming an Executive Operating Partner at Kangqiao Capital [1][3] - The board adjustments at Genscript Biotech aim to enhance corporate governance, optimize strategic layout, and improve overall strength [1][3] - Wu Yifang has over 30 years of experience in the pharmaceutical industry and previously served as Chairman and CEO of Fosun Pharma, leading its transformation into a global biopharmaceutical leader [3] Group 2 - Genscript Biotech is focusing on developing its mRNA business, with a fully integrated and localized AI+mRNA platform targeting oncology and autoimmune diseases [3][4] - The company is advancing its product pipeline, including the universal therapeutic vaccine EVM14 and personalized therapeutic vaccine EVM16, with the first patient dosing of EVM16 completed in March this year [3] - Genscript Biotech is implementing a "dual-driven" strategy of "licensing in + independent research and development," aiming for operational profitability by the second half of 2025 [4]

云顶新耀(01952)发布公告，自2025年10月10日起：1.傅唯先生已调任为公司非执行董事，并不再担任董 事会主席、提名委员会主席及薪酬委员会成员;2.傅唯先生已获委任为董事会荣誉主席;3.吴以芳先生已 获委任为公司执行董事、董事会主席、提名委员会主席及薪酬委员会成员;4.冯洪刚先生已辞任公司之 非执行董事。 ...

格隆汇10月10日丨云顶新耀(01952.HK)发布公告，自2025年10月10日起：傅唯已调任为公司非执行董 事，并不再担任董事会主席、提名委员会主席及薪酬委员会成员；傅唯已获委任为董事会荣誉主席；吴 以芳已获委任为执行董事、董事会主席、提名委员会主席及薪酬委员会成员；及冯洪刚已辞任非执行董 事。 ...