（文章来源：每日经济新闻） 每经AI快讯，10月14日，港股医药股连日来持续低迷，午后跌幅继续扩大。截至发稿，维亚生物 (01873.HK)跌7.53%，报2.58港元；歌礼制药-B(01672.HK)跌7.09%，报9.17港元；康诺亚-B(02162.HK) 跌5.74%，报64港元。 ...

医药股连日来持续低迷，午后跌幅继续扩大。截至发稿，维亚生物(01873)跌7.53%，报2.58港元；歌礼 制药-B(01672)跌7.09%，报9.17港元；康诺亚-B(02162)跌5.74%，报64港元。 华鑫证券表示，进入2025年Q3之后，出海趋势延续，但上市公司的重磅BD较少，NewCo形式的BD也 未能达到市场预期。短期中美贸易冲突升级，市场可能会担心未来脱钩的风险，但全球创新研发向更高 效率的中国转移是不可阻挡的趋势。该行认为，美国政府与MNC的药价谈判，降价的结果会进一步强 化对高效率低成本的中国新药成果的需求。海外方面，美国参议院通过了新版《生物安全法案》，新法 案并未并未点名相关企业，对中国的CRO企业影响极为有限。 信达证券（601059）认为，中国创新药企业正在走向世界舞台，在很多细分领域具备全球竞争力，尽管 短期受政策影响可能略有回调，但是中长期来看产业趋势没有发生改变，创新药板块仍是未来2-3年的 重要主线。此外，中国CXO企业在全球创新药产业链中扮演重要角色，生物安全法案的版本历经多次 演绎，对于龙头公司的经营几乎没有产生任何影响，CXO行业目前正处于景气度复苏阶段，业绩持续 ...

信达证券认为，中国创新药企业正在走向世界舞台，在很多细分领域具备全球竞争力，尽管短期受政策 影响可能略有回调，但是中长期来看产业趋势没有发生改变，创新药板块仍是未来2-3年的重要主线。 此外，中国CXO企业在全球创新药产业链中扮演重要角色，生物安全法案的版本历经多次演绎，对于 龙头公司的经营几乎没有产生任何影响，CXO行业目前正处于景气度复苏阶段，业绩持续增长有望重 塑市场信心。 智通财经APP获悉，医药股连日来持续低迷，午后跌幅继续扩大。截至发稿，维亚生物(01873)跌 7.53%，报2.58港元；歌礼制药-B(01672)跌7.09%，报9.17港元；康诺亚-B(02162)跌5.74%，报64港元。 华鑫证券表示，进入2025年Q3之后，出海趋势延续，但上市公司的重磅BD较少，NewCo形式的BD也 未能达到市场预期。短期中美贸易冲突升级，市场可能会担心未来脱钩的风险，但全球创新研发向更高 效率的中国转移是不可阻挡的趋势。该行认为，美国政府与MNC的药价谈判，降价的结果会进一步强 化对高效率低成本的中国新药成果的需求。海外方面，美国参议院通过了新版《生物安全法案》，新法 案并未并未点名相关企业，对中国 ...

Core Viewpoint - The Hong Kong biopharmaceutical sector experienced a significant decline, with major companies reporting substantial drops in stock prices, indicating a bearish trend in the market [1]. Group 1: Stock Performance - Innovent Biologics (099660) saw a decline of 11.54%, with a latest price of 16.640 and a market capitalization of 293.36 billion, despite a year-to-date increase of 171.90% [2]. - Rongchang Biologics (09995) dropped by 9.20%, priced at 108.600, with a total market value of 612.08 billion, and a remarkable year-to-date increase of 654.17% [2]. - Kelun-Biotech (06990) fell by 7.71%, with a latest price of 533.000 and a market cap of 1,242.88 billion, while still showing a year-to-date increase of 226.39% [2]. - Tigermed (03347) decreased by 6.86%, priced at 43.960, with a market capitalization of 378.51 billion and a year-to-date increase of 44.25% [2]. - WuXi AppTec (02268) experienced a decline of 6.22%, with a latest price of 77.650 and a market cap of 954.09 billion, maintaining a year-to-date increase of 153.34% [2]. - CanSino Biologics (09926) dropped by 5.15%, priced at 134.500, with a market capitalization of 1,238.94 billion, and a year-to-date increase of 121.58% [2]. - Other companies like Junshi Biosciences (01877) and BeiGene (06160) also reported declines, with respective decreases of 3.16% and 2.48% [2].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康諾亞生物醫藥科技有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02162 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | 本月底法定/註冊股本總額 ...

Core Insights - The public fund industry has experienced a fruitful year in the structural bull market, with active equity funds making a significant comeback, particularly supported by the AI computing and innovative pharmaceutical sectors [1][2]. Group 1: Fund Performance - A total of 53 funds have achieved over 100% returns year-to-date as of September 30, with 42 of these being active equity funds, showcasing the fund managers' effective strategies in high-growth sectors [2][4]. - The top-performing fund, managed by Ren Jie, achieved a return of 194.49%, heavily investing in the overseas computing industry chain, with significant contributions from stocks like Shenghong Technology, which surged 581% this year [2][3]. - Other notable funds include Zhang Wei's fund with a 155.09% return, focusing on Hong Kong's innovative pharmaceuticals, and Feng Ludan's fund with a 140.86% return, both capitalizing on the AI industry chain [3]. Group 2: Commodity Performance - Gold ETFs have emerged as the standout performers in the commodity fund sector, with all 14 gold ETFs showing gains exceeding 40% year-to-date, driven by rising international gold prices [5][6]. - The highest-performing gold ETFs, managed by Zhao Xu and Rong Ying, reported returns of 41.48% and 41.47%, respectively, reflecting strong long-term investment value [5][6]. Group 3: Market Outlook - Looking ahead to Q4, several fund companies suggest maintaining a focus on growth sectors while also considering cyclical and consumer stocks, as the market has already seen significant gains [7][8]. - The ongoing AI technology innovation is expected to provide a premium valuation for related assets, despite potential short-term volatility [8][9]. - The overall market sentiment remains bullish, with continued optimism for emerging technologies and cyclical financial sectors, particularly in the context of the "anti-involution" policies that may enhance competition in the renewable energy sector [9].

Core Insights - The report by Zhongyou Securities focuses on the development of drugs in the autoimmune (self-immune) field, analyzing market demand, dual-antibody research priorities, and related investment targets [1][3]. Market Demand - The autoimmune field has a large patient base and long medication cycles, leading to the potential for blockbuster drugs, such as Dupilumab (Dupi), which has annual sales exceeding $10 billion. Key indications like atopic dermatitis (AD), asthma, and chronic obstructive pulmonary disease (COPD) have millions of affected patients, with nearly 9 million patients accessible to biological agents [1][2]. - Existing therapies still have unmet needs, including the need for long-acting formulations to reduce dosing frequency and improve efficacy, as well as expanding the patient population currently limited by screening criteria [1][2]. Dual-Antibody Research Focus - From the perspective of type 2 inflammation mechanisms, targets can be categorized into upstream (e.g., TSLP, IL-33) and downstream (e.g., IL-4, IL-13). Single-target monoclonal antibodies have limited efficacy, making dual antibodies an important direction due to their synergistic effects. In respiratory diseases, the TSLP×IL-13 (or IL-4R) dual antibody shows significant advantages, with clinical data indicating better reductions in FeNO and eosinophils compared to single-target drugs [2][3]. - The report emphasizes the potential of TSLP dual antibodies, highlighting leading global progress from companies like Sanofi (Lunsekimig) and Pfizer (triple antibodies), as well as domestic advancements from companies like Kangnuo (CM512) and Innovent (IBI3002) [2][3]. Investment Targets - Key investment targets include Kangnuo (CM512), which is leading in domestic progress, Innovent (IBI3002), and Qianxin Biotechnology (QX030N), with a focus on dual-antibody development [3]. Conclusion - Overall, TSLP dual antibodies in the autoimmune field show significant potential and may become the next generation of blockbuster drugs, driven by high patient numbers and unmet medical needs [1][3].

Keymed Biosciences Inc. 康 諾 亞 生 物 醫 藥 科 技 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2162） 中期報告 2025 目 錄 | 2 | 釋義 | | --- | --- | | 5 | 公司資料 | | 7 | 管理層討論與分析 | | 22 | 補充資料 | | 35 | 獨立審閱報告 | | 36 | 中期簡明綜合損益表 | | 37 | 中期簡明綜合全面收益表 | | 38 | 中期簡明綜合財務狀況表 | | 40 | 中期簡明綜合權益變動表 | | 42 | 中期簡明綜合現金流量表 | | 44 | 中期簡明綜合財務資料附註 | 在本中期報告內，除文義另有所指外，下列詞語具有以下涵義。 「審核委員會」 指 董事會審核委員會 「BLA」 指 生物製劑許可申請 「董事會」 指 董事會 「藥審中心」 指 國家藥品監督管理局藥品審評中心 「《企業管治守則》」 指 《上市規則》附錄C1所載「《企業管治守則》」 「成都康諾亞」 指 康諾亞生物醫藥科技（成都）有限公司，一家於中國成立的有限公司，為 本公司全資附屬公司 「中國 ...

据医药魔方Info报道，9月18日，全球临床试验收录网站显示，康诺亚的CM336启动了首个III期研究。 该药物是康诺亚旗下首款进入III期阶段的双抗药物。此次启动的III期研究是一项随机、开放标签、多中 心临床试验（n=280），旨在评估CM336单药对比研究者选择的标准治疗方案治疗既往至少接受过二线 治疗的复发或难治性多发性骨髓瘤（R/R MM）患者的有效性和安全性。研究的主要终点为无进展生存 期（PFS）。 此前，CM336已完成一项针对R/R MM的I/II期研究。在剂量递增队列中，23例患者可评估疗效。结果显 示，中位随访12.1个月时，≤5mg组、20-40mg组和80-160mg组患者的客观缓解率（ORR）分别为17%、 71%和80%，实现严格的完全缓解或完全缓解的患者比例分别为17%、71%和60%。 来源：新浪港股 康诺亚-B（02162）盘中涨超5%，截至发稿，股价上涨3.75%，现报74.80港元，成交额8907.02万港元。 ...

Core Viewpoint - Connaissance-B (02162) has initiated its first Phase III clinical trial for CM336, a dual antibody drug, which has led to a significant increase in its stock price, reflecting positive market sentiment towards the company's progress in drug development [1] Company Summary - Connaissance-B's stock price rose over 5% during trading, closing at 75.4 HKD with a trading volume of 87.53 million HKD [1] - The Phase III trial for CM336 is a randomized, open-label, multi-center study involving 280 patients, aimed at evaluating the drug's efficacy and safety in treating relapsed or refractory multiple myeloma (R/R MM) patients who have previously undergone at least two lines of treatment [1] - The primary endpoint of the study is progression-free survival (PFS) [1] Clinical Trial Summary - CM336 has previously completed a Phase I/II study for R/R MM, where 23 patients were evaluated for efficacy [1] - Results from the earlier study indicated that at a median follow-up of 12.1 months, the objective response rates (ORR) for the ≤5 mg, 20-40 mg, and 80-160 mg groups were 17%, 71%, and 80% respectively [1] - The rates of strict complete response or complete response among patients in these groups were 17%, 71%, and 60% respectively [1]