Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

Core Viewpoint - The company Kintor Pharmaceutical (科济药业-B) has announced a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026, focusing on a combination therapy for solid tumors [1][5]. Group 1: Company Developments - Kintor Pharmaceutical's stock price increased by 4.22%, currently trading at HKD 16.31, with a trading volume of HKD 7.3022 million [1][5]. - The collaboration with Dispatch Bio involves the evaluation of the combination therapy DISP-11, which includes Dispatch's novel tumor-specific virus DV-10 and Kintor's targeted BCMA autologous CAR-T cell product, Kintor's ZKAB (泽沃基奥仑赛注射液) [1][5]. - Kintor's ZKAB has already received approval from the National Medical Products Administration (NMPA) in China for the treatment of multiple myeloma [1][5].

Core Viewpoint - 科济药业-B (02171) has seen a nearly 4% increase in stock price, currently trading at 16.27 HKD, with a transaction volume of 4.9417 million HKD. The company announced a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026, focusing on the application of the combined therapy DISP-11 in solid tumor patients [1]. Group 1 - The collaboration with Dispatch Bio involves the use of the Flare platform to develop a universal treatment for solid tumors [1]. - The combined therapy consists of Dispatch's investigational therapy, including the novel tumor-specific virus DV-10, and 科济药业's targeted BCMA autologous CAR-T cell product,赛恺泽 (泽沃基奥仑赛注射液) [1]. - 赛恺泽 has already received approval from the National Medical Products Administration (NMPA) in China for the treatment of multiple myeloma [1].

Core Viewpoint - Kintor Pharmaceutical Co., Ltd. (02171) has seen a nearly 4% increase in stock price following the announcement of a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a combination therapy targeting solid tumors [1] Group 1: Company Developments - Kintor Pharmaceutical has partnered with Dispatch Bio, a biotechnology company that utilizes its proprietary Flare platform to develop treatments for solid tumors [1] - The planned Phase I clinical trial will evaluate the application of the combination therapy DISP-11 in patients with solid tumors [1] Group 2: Product Information - The combination therapy consists of Dispatch's investigational therapy, including the novel tumor-specific virus DV-10, and Kintor's targeted BCMA autologous CAR-T cell product, SaiKezai (Zevorikioran injection) [1] - SaiKezai has already received approval from the National Medical Products Administration (NMPA) in China for the treatment of multiple myeloma [1]

Core Insights - The article discusses the rapid growth and development of immunotherapy for cancer treatment, particularly focusing on immune cell therapies such as CAR-T, CAR-NK, TCR-T, and TIL therapies, which have become a significant fourth modality in cancer treatment alongside surgery, radiation, and drug therapy [1][4]. Industry Overview - Immunotherapy involves collecting young, healthy immune cells, expanding them in vitro, enhancing their targeting capabilities, and reinfusing them into patients to combat pathogens, cancer cells, and mutated cells [1][4]. - The global market for tumor immunotherapy products is projected to grow at a compound annual growth rate (CAGR) of 149.1% from 2017 to 2024, reaching a market size of $7.1 billion by 2025 [1][6]. - In China, the market for tumor immunotherapy products is expected to reach 2.1 billion yuan by 2025, driven by the approval of various immune cell therapy products [1][8]. Development Background - China has the highest incidence and mortality rates of cancer globally, with 4.8247 million new cases and 2.5742 million deaths reported in 2022, accounting for 24.1% and 26.5% of global totals, respectively [4]. - The increasing disposable income of Chinese residents has improved their ability to pay for medical care, with healthcare spending projected to reach 2,547 yuan per capita in 2024, growing by 3.6% [4][5]. Current Market Status - As of the end of 2024, there are 1,040 immunotherapy products in clinical trials, with the U.S. and China leading in the number of trials [10]. - CAR-T therapy is the most commercially mature and widely tested method, with 15 drugs approved globally by December 2025, 8 of which are approved in China [12]. Future Trends - The clinical transformation of immunotherapy is expected to accelerate, with market penetration likely to expand, potentially exceeding 10 billion yuan by 2027 [13]. - Advances in gene editing and AI-assisted target selection are anticipated to enhance treatment precision, while universal and multi-target cell products are expected to become mainstream in research [13][14].

Group 1 - The company achieved a significant milestone by commercializing its CAR-T therapy, Zevokiorunsai (CT053), for the treatment of relapsed/refractory multiple myeloma (R/R MM), marking a successful transition from research to commercialization [1] - Zevokiorunsai received NMPA approval in February 2024, becoming one of the first BCMA-targeted CAR-T drugs approved in China, with a 71.6% sCR/CR rate among R/R MM patients [1] - The company has established a deep collaboration with East China Pharmaceutical, which has formed a dedicated commercialization team to promote Zevokiorunsai, with over 111 valid orders received [1] Group 2 - The company is advancing its pipeline in solid tumors with its core product, Shurujikiorunsai (CT041), targeting CLDN18.2 for gastric and gastroesophageal junction adenocarcinomas, which has entered the NDA stage [2] - CT041 demonstrated significant improvements in progression-free survival (mPFS) and overall survival (mOS) in clinical trials, particularly in patients with CLDN18.2 positive G/GEJC [3] Group 3 - The company is developing a universal CAR-T platform, THANK-u Plus, aimed at standardizing and scaling cell therapy production, with promising results in overcoming immune rejection issues [3] - CT0596, targeting BCMA, has received IND applications for clinical trials in R/R MM and primary plasma cell leukemia (pPCL), while CT1190B is in trials for R/R B-NHL [4] Group 4 - Preliminary results for CT0596 in R/R MM show a median follow-up of 4.14 months, with 6 out of 8 evaluable patients achieving at least partial response, and no severe adverse events reported [4] - The company has a pipeline for in vivo CAR-T therapies, demonstrating significant efficacy in mouse models for targeting CD19/CD20 [4] Group 5 - Revenue projections for the company are estimated at 118 million, 310 million, and 714 million yuan for 2025, 2026, and 2027 respectively, with net losses expected to decrease over the same period [4]

Core Viewpoint - The announcement highlights a clinical collaboration between Kogei Pharmaceuticals and Dispatch Bio to initiate a Phase I clinical trial in China by 2026, focusing on the application of the combined therapy DISP-11 in patients with solid tumors [1] Group 1: Clinical Trial Details - The Phase I clinical trial will evaluate the combined therapy DISP-11, which includes Dispatch's investigational therapy developed on the Flare platform, featuring a novel tumor-specific virus DV-10 [1] - The combined therapy will also utilize Kogei Pharmaceuticals' targeted BCMA autologous CAR-T cell product, Zekai (CT053), which has already received approval from the National Medical Products Administration (NMPA) in China for the treatment of multiple myeloma [1]

Core Insights - The new medical insurance directory has entered a substantial implementation phase, with several innovative drugs, including Tislelizumab and Fuzhengzhu, being prescribed under insurance in various hospitals, indicating a reduction in access barriers for patients [1] - The adjustment includes 114 new drugs and introduces a commercial health insurance directory for innovative drugs, marking a significant shift towards a multi-tiered insurance system [1][5] - The rapid inclusion of innovative drugs in the insurance directory reflects increased support for "true innovation" with high clinical value [5] Group 1: New Drug Inclusion - The new medical insurance directory has added 124 unique products, including Tislelizumab, the first targeted drug for thyroid eye disease, and Fuzhengzhu, a biological agent for psoriasis [5] - Heng Rui Medicine is a major beneficiary, with 20 products and indications adjusted, including 10 new drugs entering the directory for the first time [5][6] - Other biotech companies like BeiGene and Innovent Biologics have also benefited, with multiple products included in the new directory, enhancing their commercialization prospects [7] Group 2: Commercial Health Insurance Directory - The introduction of the commercial health insurance directory provides a secondary market for high-value innovative drugs, with price reductions ranging from 15% to 50%, which is less severe than the basic insurance cuts [9] - The directory aims to improve accessibility for high-priced drugs while ensuring adequate returns for pharmaceutical companies [9] - Notable CAR-T therapies have been included in the commercial directory, overcoming previous barriers to entry, with prices for these therapies exceeding 1 million yuan [8][10] Group 3: Market Dynamics and Drug Exits - The adjustment process has also seen the removal of 29 drugs from the insurance directory, including Benarutide, which faced competition from more effective alternatives [12][14] - The dynamic adjustment mechanism emphasizes the need for drugs to demonstrate clinical value, reinforcing a "can enter, can exit" policy [14] - Companies are encouraged to shift from "me-too" products to genuine innovations, focusing on high-value areas such as oncology and rare diseases [10][14]

致：香港交易及結算所有限公司 公司名稱: 科濟藥業控股有限公司 呈交日期: 2026年1月7日 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12月31日 狀態: 新提交 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02171 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 574,242,655 | | 3,730,500 | | 577,973,155 | | 增加 / 減少 (-) | | | -3,943,656 | | 4,087,500 | | | | 本月底結存 | | | 570,298,999 | | 7,818,000 | | ...

（文章来源：每日经济新闻） 每经AI快讯，科济药业-B(02171.HK)涨近6%，截至发稿涨5.94%，报16.23港元，成交额1880.74万港 元。 ...