Core Viewpoint - WuXi AppTec's CAR-T cell therapy, Rukiyou Lunsai injection, is making progress in negotiations to be included in the commercial health insurance innovative drug directory, which is expected to reduce patient medication costs and benefit more patients [1] Group 1 - WuXi AppTec's stock price increased by over 10%, reaching HKD 3.82 with a trading volume of HKD 4.63 million [1] - The CAR-T therapy is the first domestically approved Class 1 CAR-T product in China, with a post-launch pricing of RMB 1.29 million per injection [1] - On October 30, WuXi AppTec announced a strategic cooperation supplementary agreement with Regeneron Pharmaceuticals, marking a significant upgrade in their long-term partnership [1] Group 2 - The supplementary agreement allows WuXi AppTec to receive up to USD 50 million in payments, which includes milestone payments for the development of the MAGE-A4 product, regulatory oversight of drug manufacturing processes, option exercise fees, and milestone payments for lentiviral vector manufacturing processes [1]

Group 1 - The Ministry of Commerce of China is pushing to resume negotiations on the China-Japan-Korea Free Trade Agreement, emphasizing the importance of maintaining stable industrial and supply chains between China and Korea [2] - The Minister of Commerce urged Japan to remove Chinese entities from the export control end-user list, highlighting the need for cooperation to stabilize supply chains amid rising unilateralism and protectionism [2] Group 2 - The Shanghai Futures Exchange announced updates regarding the gold futures entry and exit processes, stating that existing rules inconsistent with the new notification will no longer be enforced [3] Group 3 - Hainan Province has announced adjustments to its automobile scrapping and renewal subsidy policy, specifying requirements for the registration locations of old and new vehicles starting from November 4, 2025 [4] Group 4 - Jiangsu Province reported that all residents were evacuated from a building in Danyang due to uneven settlement causing structural cracks, with no casualties reported [5] Group 5 - The former Party Secretary and Chairman of Guangxi Financial Investment Group, Meng Kunwei, is under investigation for serious violations of discipline and law [6] Group 6 - Malaysia's richest man's son purchased a luxury apartment in Shanghai for approximately 117 million yuan, indicating confidence in the Chinese real estate market [9] Group 7 - A Southern Airlines employee passed away during a physical fitness test, prompting the company to form a special task force to assist the family [11] Group 8 - WuXi AppTec's CAR-T cell therapy is expected to enter the commercial insurance directory, potentially reducing the financial burden on patients [13] Group 9 - The 15th National Games featured a humanoid robot named "Kua Fu" as a torchbearer, showcasing advancements in robotics technology [14] Group 10 - Suir Technology has initiated its listing guidance with CITIC Securities as the advisory institution, indicating a clear structure of actual controllers [17] Group 11 - Yang Guofu's high price for mung bean sprouts has sparked public debate, highlighting consumer sensitivity to pricing and potential impacts on brand perception [18] Group 12 - Tesla is facing controversy over a $1 trillion compensation plan for CEO Elon Musk, with institutional investors' advisory firms opposing the proposal, leading to public disputes [19] Group 13 - Various automotive companies reported significant year-on-year sales growth in October, with BYD achieving cumulative sales of 3.70 million new energy vehicles [21]

Group 1 - The core viewpoint of the article highlights the progress of WuXi AppTec's CAR-T cell therapy, Rukiyou Lunsai injection, in negotiations for inclusion in the commercial health insurance innovative drug directory, which is expected to reduce the financial burden on patients and benefit more individuals [1] - This therapy is noted as the first domestically approved Class 1 CAR-T product in China, with a listed price of 1.29 million yuan per injection [1]

Core Viewpoint - WuXi AppTec's CAR-T cell therapy, Rikeolunase injection, is making progress in negotiations to be included in the commercial insurance innovative drug directory, which is expected to reduce the financial burden on patients and benefit more individuals [1] Group 1 - Rikeolunase injection is the first domestically approved Class 1 CAR-T therapy in China [1] - The pricing for the therapy post-launch is set at 1.29 million yuan per injection [1]

Core Viewpoint - WuXi AppTec's CAR-T cell therapy, Rukiyou Lunsai injection, is making significant progress in negotiations to be included in the commercial health insurance innovative drug directory, which is expected to reduce the financial burden on patients and benefit more individuals [1] Company Summary - WuXi AppTec's Rukiyou Lunsai injection is the first domestically approved Class 1 CAR-T therapy in China [1] - The pricing for the therapy post-launch is set at 1.29 million yuan per injection [1]

Core Insights - The ETF market is experiencing explosive growth, with the total scale of non-money ETFs surpassing 5.6 trillion yuan and the number of products exceeding 1,300 as of the end of September [1][2] - The rapid growth of ETFs is significantly driven by policy support, particularly noted in 2024, where the scale increased by nearly 1.7 trillion yuan [2] - ETFs are playing a stabilizing role in the market, smoothing out volatility and providing liquidity during downturns, while also being a preferred tool for investors looking to "buy the dip" [1][6][7] ETF Market Growth - The ETF scale grew from 1 trillion yuan to 5 trillion yuan in less than six years, with a notable acceleration starting in 2020 [2] - By the end of Q3 2025, passive fund scale accounted for approximately 33.55% of the market, with ETFs making up 78% of passive funds [2][3] Fund Company Landscape - As of the latest data, there are 54 fund companies engaged in ETF business, with a high concentration of management scale among the top firms [3] - The top five non-money ETF management companies are 华夏基金, 易方达基金, 华泰柏瑞基金, 南方基金, and 嘉实基金, collectively managing over 25% of the total ETF scale [4] Market Stability Role - ETFs are seen as market stabilizers, helping to reduce volatility caused by large inflows and outflows of capital [6][7] - Institutional investors, such as 中央汇金, are using ETFs to stabilize the market, particularly focusing on broad-based ETFs [7] Individual Stock Impact - While ETFs help smooth market fluctuations, they can also contribute to significant price movements in individual stocks during rebalancing events [10][11] - For instance, the stock price of 寒武纪 experienced a notable decline due to ETF rebalancing, highlighting the dual role of ETFs in both stabilizing and amplifying market movements [11][12] Sector Trends - The trend of investing through ETFs in popular sectors is increasing, with significant inflows into themes like robotics and innovative pharmaceuticals [3][8] - The performance of individual stocks, such as 药捷安康, has been heavily influenced by their inclusion in ETF indices, leading to rapid price increases followed by sharp corrections [12]

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就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。 JW (Cayman) Therapeutics Co. Ltd （股份代號：2126） 有關合作協議第1號修訂之主要交易 茲提述藥明巨諾（開曼）日期為2022年10月27日的公告（「2022年公告」），內容有關藥明 巨諾（開曼）與2seventy bio訂立合作協議，據此，藥明巨諾（開曼）與2seventy bio同意建 立戰略聯盟，在大中華開發及商業化用於腫瘤適應症的MAGE-A4產品，且有可能擴 大合作，納入其他項目及額外產品。除非本公告另有界定，否則本公告所用而本公 告並無界定之詞彙與2022年公告所賦予的涵義相同。 根據2seventy bio與再生元於2024年1月29日訂立的資產購買協議，該合作協議已於2024 年4月1日全部轉讓予再生元。 藥明巨諾（開曼）有限公司* （於開曼群島註冊成立的有限公司） 董事會欣然宣佈，本公司與再生元已訂立日期為2025年10月30日的合作協議第1號修 訂（ ...

Investment Rating - The report maintains an investment rating of "Outperform" with a rating of A [5] Core Insights - The report highlights the significant performance of domestic new drugs showcased at the ESMO 2025 conference, with several companies presenting excellent clinical data [3][21] - The report emphasizes the importance of academic conferences as key catalysts for the innovative drug sector, particularly mentioning ESMO, ASCO, and WCLC as critical events for Chinese pharmaceutical companies [20] Weekly New Drug Market Review - From October 20 to October 26, 2025, the top five gainers in the new drug sector were: - 欧康维视 (+8.87%) - 君圣泰 (+8.21%) - 诺思兰德 (+7.07%) - 友芝友 (+4.42%) - 海创药业 (+3.73%) - The top five losers were: - 康宁杰瑞 (-17.72%) - 北海康成 (-14.42%) - 创胜集团 (-14.29%) - 宜明昂科 (-13.40%) - 来凯医药 (-12.40%) [16][17] Recommended Focus Stocks - The report suggests focusing on several stocks with potential catalysts, including: 1. Products with high overseas volume certainty after MNC certification: - PD-1 upgraded product: 三生制药 - GLP-1 asset: 联邦制药 - ADC assets: 科伦博泰, 百利天恒 2. Potential heavyweights for overseas MNC authorization: - PD-1 upgraded products: 康方生物, 信达生物 - Breakthroughs in autoimmune fields: 益方生物, 中国抗体 - Innovative target ADC: 复宏汉霖, 石药集团 3. Stocks likely to benefit from medical insurance negotiations and commercial insurance innovative drug directories: - Beneficiaries of medical insurance directory: 恒瑞医药, 康诺亚, 迈威生物, 智翔金泰, 海创药业 - Beneficiaries of commercial insurance innovative drug directory: 药明巨诺, 科济药业 [2][20] New Drug Approval and Acceptance - This week, four new drug or new indication applications were approved, and five new drug or new indication applications were accepted in the domestic market [9] - A total of 46 new drug clinical applications were approved, and 31 new drug clinical applications were accepted [10] Key Domestic Market Events - 信达生物 announced a global strategic partnership with Takeda to accelerate the development of new generation tumor immunotherapy and antibody-drug conjugate therapies [11] - 康宁杰瑞 and 石药集团 announced that their HER2 bispecific antibody-drug conjugate JSKN003 received breakthrough therapy designation from the CDE [11] - 和黄医药 presented clinical data for HMPL-A251 at the AACR-NCI-EORTC conference [11] Key Overseas Market Events - 罗氏 received FDA approval for Gazyva/Gazyvaro for the treatment of active lupus nephritis in adult patients [12] - Electra Therapeutics announced that its therapy ELA026 received breakthrough therapy designation from the FDA and PRIME qualification from the EMA [12] - 安斯泰来 announced that the FDA accepted its supplemental biologics license application for the antibody-drug conjugate Padcev in combination with Keytruda [12]

Core Viewpoint - The article highlights a significant surge in the innovative drug sector, driven by a strategic collaboration between Innovent Biologics and Takeda Pharmaceutical, which could lead to a total transaction value of up to $11.4 billion (approximately 81.2 billion RMB) [3][5]. Group 1: Market Performance - On October 22, A-shares and Hong Kong stocks related to innovative drugs experienced a strong rally, with several stocks like Innovent Biologics and Haisco Pharmaceutical hitting the daily limit [4]. - The global oncology drug market has surpassed $200 billion, with the expiration of PD-1 patents creating new competitive opportunities [6]. Group 2: Strategic Collaboration - Innovent Biologics announced a global strategic partnership with Takeda to accelerate the development of next-generation immuno-oncology (IO) and antibody-drug conjugate (ADC) therapies [4][6]. - The collaboration includes two late-stage therapies, IBI363 and IBI343, and an early-stage project, IBI3001, with Takeda leading the global development and commercialization efforts outside of Greater China and the U.S. [4][5]. Group 3: Financial Implications - Innovent Biologics will receive an upfront payment of $1.2 billion, including a strategic equity investment of $100 million, and could earn up to $10.2 billion in potential milestone payments [5]. - The partnership is expected to significantly enhance Takeda's oncology pipeline, which has faced challenges in recent years [6]. Group 4: Industry Trends - The trend of Chinese innovative drugs entering international markets continues, with contract values exceeding $100 billion in the first three quarters of the year, marking a 170% year-on-year increase [7]. - The fourth quarter is anticipated to see an acceleration in business development (BD) activities, with major pharmaceutical companies likely to allocate their annual budgets during this period [8].

Core Viewpoint - WuXi AppTec's subsidiary WuXi Biologics has submitted data for the Phase I study of Relma-cel in adult patients with active systemic lupus erythematosus (SLE) to the National Medical Products Administration (NMPA) in China, marking a significant step in the development of CAR-T therapies for autoimmune diseases [1][4] Group 1: Study Overview - The Phase I study is a single-arm, open-label, multi-center, dose-exploration trial aimed at assessing the safety of Relma-cel in SLE patients, with an initial dose set at 50×10^6 CAR+T cells [1] - The study has enrolled 12 participants as of July 2025, focusing on safety, efficacy, pharmacokinetics, and pharmacodynamics across three dose levels: 50×10^6, 75×10^6, and 100×10^6 CAR+T cells [1][4] Group 2: Patient Demographics and Baseline Characteristics - All 12 enrolled patients were female, with a median age of 27 years and a median disease history of 9.5 years [2] - The patients exhibited moderate to severe active SLE, with 100% having renal involvement and other common organ systems affected including skin (50%) and hematologic systems (50%) [2] Group 3: Efficacy Results - Among the 12 patients evaluated for 6-month efficacy, 100% achieved SRI-4 response, 50% met LLDAS criteria, and 100% were drug-free [2] - Various disease activity metrics, including SLEDAI-2K and SELENA-SLEDAI scores, showed a downward trend, indicating significant therapeutic effects [2] Group 4: Safety Results - Initial safety results indicated that 11 out of 12 patients experienced grade 1 cytokine release syndrome (CRS), while one patient experienced grade 2 immune effector cell-associated neurotoxicity syndrome (ICANS) [3] - No dose-limiting toxicities (DLT) were reported, suggesting a favorable safety profile for Relma-cel in treating moderate to severe active SLE [3][4] Group 5: Future Prospects - The ongoing study aims to gather longer follow-up data, with the potential for Relma-cel to advance to the biologics license application (BLA) stage [4] - As the first commercial CAR-T therapy approved for clinical trials in the SLE treatment space, Relma-cel demonstrates significant potential for providing breakthrough treatment options for SLE patients [4]