Major Events - Lai Kai Pharmaceutical-B (02105) reported positive preliminary results from Phase I clinical MAD study, with LAE102 showing encouraging trends in muscle gain and fat loss [1] - Fuhong Hanlin (02696) received FDA approval for the Phase I clinical trial application of HLX13 for first-line treatment of unresectable hepatocellular carcinoma (HCC) patients [1] - Ningmeng Media (09857) has commenced filming the urban medical emotional drama "Asking Heart 2" [1] - CRRC Corporation (01766) and its subsidiaries signed significant contracts totaling approximately 54.34 billion [1] - Heng Rui Pharmaceutical (01276) received approval to conduct clinical trials for SHR-7787 injection, SHR-4849 injection, Bevacizumab injection, and Atezolizumab injection [1] - Hema Medical (03309) entered into a tripartite global licensing and collaboration agreement with Gilead and Hanmi regarding enecuidar [1] - Jinfang Pharmaceutical-B (02595) completed the enrollment of the first patient in the Phase I/II clinical trial of the molecular glue Pan RAS(ON) inhibitor GFH276 for RAS mutant cancer patients [1] - Gao Shi Medical (02407) obtained international certification for its medical device quality management system [1] Operating Performance - Shenzhen Expressway Company (00548) reported toll revenue of 114 million for the Outer Ring project in August [1] - China National Automobile (00026) announced an annual performance with a post-tax loss attributable to shareholders of 185 million HKD, a year-on-year reduction of 29.64% [1] - OKURA HOLDINGS (01655) reported an annual profit attributable to shareholders of 1.342 billion JPY, a year-on-year decrease of 34.34% [1] - Elephant Future Group (02309) disclosed an annual performance with a loss attributable to owners of approximately 314 million HKD, a year-on-year increase of 71.77% [1] - Henghe Group (00513) reported an annual performance with a loss attributable to owners of approximately 259 million HKD, a year-on-year increase of 0.7% [1]

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Group 1 - The Hang Seng Index increased by 0.74%, while the Hang Seng Tech Index rose by 0.67% [1] - Pharmaceutical stocks showed a rebound, with Lai Kai Pharmaceutical surging nearly 15% [1] - The non-ferrous metals sector strengthened, with Zijin Mining rising over 3% [1]

Core Viewpoint - The stock price of Lai Kai Pharmaceutical-B (2105.HK) surged by 31.72% to HKD 19.6, reaching a new high since August 15, following the announcement of positive preliminary results from the Phase I multi-dose escalation study (MAD study) of LAE102 for obesity treatment in China [1] Group 1: Study Results - The MAD study showed encouraging trends in muscle gain and fat loss [1] - In the 5th week, participants in the LAE102 6mg/kg dosage group had an average lean body mass increase of 1.7% compared to baseline, while average fat mass decreased by 2.2% [1] - After adjusting for the placebo group, the average lean body mass increase reached 4.6%, and average fat mass decreased by 3.6% [1]

Group 1 - The Hong Kong stock market opened higher on September 29, with the Hang Seng Index at 26,321 points, up 193 points, a 0.74% increase, and the Hang Seng Tech Index at 6,236 points, up 41 points, a 0.67% increase [1] - Lai Kai Pharmaceutical-B (02105.HK) saw a surge of over 30% after announcing positive preliminary results from its LAE102 Phase I multi-dose escalation study for obesity, which included overweight/obese participants with an average BMI of 29.4 kg/m² [3] - In the LAE102 study, the 6 mg/kg dose group showed an average lean body mass increase of 1.7% and a fat mass reduction of 2.2% by week 5, with adjusted averages showing a 4.6% increase in lean body mass and a 3.6% reduction in fat mass compared to the placebo group [3] - The study results align with previous Phase I single-dose escalation study findings, demonstrating good tolerability and safety, with no serious adverse events reported [3] - Lai Kai Pharmaceutical is actively negotiating with potential partners to accelerate the clinical development and commercialization of LAE102 [3] Group 2 - The market outlook suggests increased volatility, but the long-term upward trend remains intact, with AI being a key focus for the Hong Kong stock market [6] - The metals sector is expected to benefit from liquidity easing due to interest rate cuts and rising inflation expectations [6] - Recommendations include focusing on technology (including AI internet and high-end manufacturing) and metals as market mainstays, while also considering undervalued insurance stocks and high-dividend value strategies [6] - Some undervalued innovative pharmaceutical stocks may be suitable for bottom-up investment [6]

Core Viewpoint - Lai Kai Pharmaceutical-B (02105) experienced a significant stock increase of nearly 15% following the announcement of positive preliminary results from its Phase I multi-dose escalation study (MAD study) of LAE102 for obesity treatment in China [1] Group 1: Clinical Trial Results - The preliminary results show a promising trend in muscle gain and fat loss, with the 6mg/kg dose group showing an average lean body mass increase of 1.7% and a fat mass reduction of 2.2% by week 5 [1] - After adjusting for the placebo group, the average lean body mass increase reached 4.6%, while the average fat mass decreased by 3.6% [1] Group 2: Strategic Partnerships - The company is actively negotiating with multiple potential partners to accelerate the clinical development and commercialization of LAE102, seeking partners with serious commitments and financial strength [1] Group 3: Competitive Landscape - On September 25, Eli Lilly withdrew its Phase IIb clinical trial of bimagrumab in combination with tirzepatide for treating type 2 diabetes, citing "strategic business reasons," which analysts believe reduces potential competition and highlights the value of Lai Kai's LAE102 pipeline in collaboration with Eli Lilly [1]

智通财经APP获悉，来凯医药-B(02105)高开近15%，截至发稿，涨14.99%，报17.11港元，成交额824.7 万港元。 值得关注的是，9月25日，据美国临床试验登记库显示，礼来撤回了ActRIIA/B单抗bimagrumab与司美格 鲁肽核心成分tirzepatide联用治疗2型糖尿病患者的IIb期临床试验，理由是"战略业务原因"。有分析认 为，礼来叫停bimagrumab糖尿病试验削弱了潜在竞争，另一方面也凸显了来凯与礼来合作的LAE102管 线价值。 消息面上，来凯医药公布，LAE102针对治疗肥胖症在中国进行的I期多剂量递增研究(MAD研究)取得积 极初步结果。公告指出，初步结果展现出令人鼓舞的增肌减脂趋势。在第5周时，LAE1026mg/kg剂量组 的受试者平均瘦体重较基线增加了1.7%，同时平均脂肪质量也减少了2.2%。经安慰剂对照组调整后， 平均瘦体重增加达4.6%，而平均脂肪质量则减少了3.6%。目前，集团正积极与多家潜在合作伙伴进行 磋商，计划寻求具备严肃承诺和资金实力，且意愿将此项目列为优先的合作伙伴，以加速LAE102的临 床开发与商业化进程。 ...

人民财讯9月29日电，来凯医药9月29日在港交所公告，LAE102针对治疗肥胖症在中国进行的I期多剂量 递增研究(MAD研究)取得积极初步结果。MAD研究是一项随机、双盲、安慰剂对照研究，旨在评估皮 下给药的LAE102在超重╱肥胖受试者中的安全性、耐受性、药代动力学和药效学特征。该MAD研究入 组了平均身体质量指数(BMI)为29.4kg/m2的超重╱肥胖受试者，包含3个剂量递增皮下注射组(分别为 2mg/kg、4mg/kg和6mg/kg剂量组，每周皮下给药一次，持续4周)。初步结果展现出令人鼓舞的增肌减脂 趋势。在第5周时，LAE1026mg/kg剂量组的受试者平均瘦体重较基线增加了1.7%，同时平均脂肪质量 也减少了2.2%。经安慰剂对照组调整后，平均瘦体重增加达4.6%，而平均脂肪质量则减少了3.6%。 ...

LAE102在5次皮下周注射后基本达到稳态，其药代动力学特征与SAD研究结果一致。强有力的PK/PD相 关性进一步证实了LAE102在超重及肥胖人群中的潜在疗效。详细研究结果将在后续的科学会议上公 佈。 此外，MAD研究的积极结果为LAE102继续开展针对肥胖症治疗的临床开发提供了支持。目前，集团正 积极与多家潜在合作伙伴进行磋商，计划寻求具备严肃承诺和资金实力，且意愿将此项目列为优先的合 作伙伴，以加速LAE102的临床开发与商业化进程。集团维持稳健的财务状况，使公司能够在评估潜在 合作架构时保持选择性，确保各方利益协同，从而最大化公司资产的全球潜力。 MAD研究是一项随机、双盲、安慰剂对照研究，旨在评估皮下给药的LAE102在超重╱肥胖受试者中的 安全性、耐受性、药代动力学和药效学特征。该MAD研究入组了平均身体质量指数(BMI)为29.4kg/m2 的超重╱肥胖受试者，包含3个剂量递增皮下注射组(分别为2mg/kg、4mg/kg和6mg/kg剂量组，每周皮下 给药一次，持续4周)。初步结果展现出令人鼓舞的增肌减脂趋势。在第5周时，LAE1026mg/kg剂量组的 受试者平均瘦体重较基线增加了1.7%，同 ...

MAD研究是一项随机、双盲、安慰剂对照研究，旨在评估皮下给药的LAE102在超重╱肥胖受试者中的 安全性、耐受性、药代动力学和药效学特征。该MAD研究入组了平均身体质量指数(BMI)为29.4kg/m的 超重╱肥胖受试者，包含3个剂量递增皮下注射组(分别为2mg/kg、4mg/kg和6mg/kg剂量组，每周皮下给 药一次，持续4周)。初步结果展现出令人鼓舞的增肌减脂趋势。在第5周时，LAE102 6mg/kg剂量组的 受试者平均瘦体重较基线增加了1.7%，同时平均脂肪质量也减少了2.2%。经安慰剂对照组调整后，平 均瘦体重增加达4.6%，而平均脂肪质量则减少了3.6%。 格隆汇9月29日丨来凯医药-B(02105.HK)宣布，LAE102针对治疗肥胖症在中国进行的I期多剂量递增研 究("MAD研究")取得积极初步结果。 ...