Market Performance - The Hang Seng Index increased by 1.26% this week, closing at 26,572.46 points, while the Tech Index decreased by 0.42% to 5,812.80 points, and the National Enterprises Index rose by 1.41% to 9,397.96 points [2][4]. Market Dynamics - The fluctuations in the Hong Kong stock market are closely related to external environments, particularly the impact of the U.S. government shutdown, which temporarily locked nearly one trillion dollars in liquidity, raising the cost of dollar funds and pressuring risk assets like U.S. and Hong Kong stocks [4]. - A recent report from Western Securities suggests that the end of the U.S. government shutdown may release previously "frozen" dollar liquidity, potentially leading to a liquidity-driven rally in the Hong Kong stock market [4]. Capital Inflows - Southbound capital has provided strong support, with net purchases through the Stock Connect exceeding HKD 1.3 trillion this year, totaling over HKD 5 trillion, indicating a shift towards a "semi-onshore market" where domestic capital plays a more significant role in pricing [4]. Sector Performance - Pharmaceutical stocks have seen renewed interest, with notable gains: - Gilead Sciences (01672.HK) up 45.40% - Clover Biopharmaceuticals (02197.HK) up 29.95% - Yummy (02589.HK) up 18.81% - The positive performance is attributed to strong Q3 results in innovative drugs and life sciences sectors [5]. - Other notable performers include: - HuShang Ayi (02589.HK) up 31.44% due to a new ten-year H-share incentive plan and reaching over 10,739 stores [5]. - Lee & Man Paper (00746.HK) up 17.37% benefiting from rising paper prices [5]. - Conversely, companies like Sanhua Intelligent Control (02050.HK) and Legend Holdings (06683.HK) faced declines of 10.93% and 19.82%, respectively, due to market risk aversion and concerns over equity dilution from a recent share placement [5]. Gold and Automotive Sectors - Gold stocks weakened following hawkish comments from Federal Reserve officials, with China Gold International (02099.HK) down 3.94% and Zijin Mining (02899.HK) down 2.94% [6][7]. - The automotive sector also faced declines, with Xpeng Motors (09868.HK) down 6.80% amid a drop in retail sales of passenger cars by 19% year-on-year for the first nine days of November [10][11]. Brokerage and Semiconductor Stocks - Chinese brokerage stocks adjusted, with major firms like GF Securities (01776.HK) and China Galaxy (06881.HK) experiencing declines due to a significant drop in new account openings [13]. - Semiconductor stocks also fell, influenced by a broader sell-off in U.S. tech stocks, with Shanghai Fudan (01385.HK) down 5.92% and SMIC (00981.HK) down 2.78% [14][16]. Individual Stock Movements - Lehua Entertainment (02306.HK) rose nearly 8% amid speculation regarding a contract renewal with a prominent artist [18]. - Zhonghui Biopharmaceuticals (02627.HK) increased by over 6% after announcing the initiation of Phase I clinical trials for its flu vaccines [19].

FF301 致：香港交易及結算所有限公司 公司名稱: 三葉草生物製藥有限公司 (「本公司」) (於開曼群島註冊成立的有限公司) 呈交日期: 2025年11月5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) | 02197 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 2,000,000,000 | USD | | 0.0001 USD | | 200,000 | 本月底法定/註冊股本總額： USD 200,000 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 ...

Core Insights - The company has appointed Nicholas Jackson as the President of Global R&D and Strategic Alliances [1] - Nicholas Jackson will work closely with CEO Liang Guo to accelerate the development of the company's combined vaccine candidate RSV+hMPV±PIV3 [1] Company Developments - The appointment of Nicholas Jackson is aimed at enhancing the company's research and development capabilities [1] - The focus on the RSV+hMPV±PIV3 vaccine candidate indicates the company's commitment to addressing respiratory viral infections [1]

Core Insights - The biotechnology sector in the Hong Kong stock market has shown strong performance, with several stocks experiencing significant gains today, particularly药捷安康-B which surged over 30% [1] Stock Performance Summary - 药捷安康-B: Increased by 31.25%, latest price at 218.000, total market value of 86.524 billion, year-to-date increase of 1557.79% [2] - 康宁杰瑞制药-B: Increased by 7.15%, latest price at 14.680, total market value of 14.245 billion, year-to-date increase of 319.43% [2] - 帝王国际投资: Increased by 5.50%, latest price at 0.115, total market value of 0.0213 billion, year-to-date increase of 155.56% [2] - 映恩生物-B: Increased by 5.00%, latest price at 336.000, total market value of 29.58 billion, year-to-date increase of 255.18% [2] - 基石药业-B: Increased by 4.66%, latest price at 7.190, total market value of 10.612 billion, year-to-date increase of 212.61% [2] - 三叶草生物-B: Increased by 4.39%, latest price at 2.140, total market value of 2.776 billion, year-to-date increase of 787.97% [2] - 百奥塞图-B: Increased by 3.86%, latest price at 24.220, total market value of 9.673 billion, year-to-date increase of 184.94% [2] - 来凯医药-B: Increased by 3.71%, latest price at 14.540, total market value of 6.49217 billion, year-to-date increase of 55.18% [2] - 君实生物: Increased by 3.29%, latest price at 27.600, total market value of 28.337 billion, year-to-date increase of 138.34% [2] - MIRXES-B: Increased by 3.26%, latest price at 72.900, total market value of 20.145 billion, year-to-date increase of 212.88% [2]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) experienced a significant increase in stock price, rising by 5.67% to HKD 2.98, with a trading volume of HKD 1.3738 million, following the announcement of positive preliminary data from two ongoing clinical trials [1] Group 1: Clinical Trials - The company announced positive preliminary data from two Phase I clinical trials [1] - One trial is being conducted in Australia to evaluate the respiratory combination vaccine candidates SCB-1022 and SCB-1033 against SCB-1019, targeting elderly individuals who have not previously received any RSV vaccine [1] - The second trial is taking place in the United States, assessing the head-to-head comparison of SCB-1019 with AREXVY in elderly individuals who had received at least two seasonal doses of AREXVY prior to enrollment [1] Group 2: Future Plans - Based on the positive results from the Phase I clinical trials, Clover Biopharmaceuticals plans to advance SCB-1022 and SCB-1033 to Phase II clinical trials in the first half of 2026 [1]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) experienced a significant stock increase of over 5%, reaching HKD 2.98, following the announcement of positive preliminary data from two ongoing clinical trials [1] Group 1: Clinical Trials - The company is conducting a Phase I clinical trial in Australia to evaluate the respiratory combination vaccine candidates SCB-1022 and SCB-1033 against SCB-1019, targeting elderly individuals who have not previously received any RSV vaccine [1] - In the United States, a Phase I clinical trial is underway to compare SCB-1019 with AREXVY in a head-to-head assessment, focusing on elderly participants who had received at least one dose of AREXVY in the two preceding flu seasons [1] - Based on the positive results from these Phase I trials, Clover Biopharmaceuticals plans to advance SCB-1022 and SCB-1033 to Phase II clinical trials in the first half of 2026 [1]

Core Insights - The company announced positive preliminary data from two ongoing clinical trials for its proprietary Trimer-Tag vaccine platform, focusing on the RSV+hMPV±PIV3 candidates [1] Group 1: Clinical Trials Overview - In Australia, a Phase I trial compared SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (RSV) in elderly participants who had not previously received any RSV vaccine [1][2] - The trial showed that both SCB-1022 and SCB-1033 induced neutralizing antibody responses for RSV-A and RSV-B with a mean fold increase of approximately 6-8 times, comparable to the control group [2] - The hMPV neutralizing antibody responses were also significant, with mean fold increases of about 6-7 times for hMPV-A and 8-9 times for hMPV-B [2] Group 2: Safety and Tolerability - Both SCB-1022 and SCB-1033 demonstrated good overall tolerability, with adverse events being mild and comparable to the control group [4] - No serious adverse events related to the vaccines were reported, indicating a favorable safety profile [4] Group 3: U.S. Clinical Trial Insights - A Phase I trial in the U.S. is assessing the immunogenicity of SCB-1019 in elderly participants who previously received the GSK RSV vaccine (AREXVY) [5] - Preliminary results indicated that SCB-1019 induced RSV-A and RSV-B neutralizing antibody responses with a mean fold increase of approximately 3.0-3.3 times, significantly higher than the 1.8-1.9 times observed with AREXVY [6][7] - The proportion of participants showing at least a 2-fold increase in neutralizing antibodies was about 69-75% for SCB-1019, compared to 33-40% for AREXVY [6][7] Group 4: Future Plans - Based on the positive Phase I results, the company plans to advance SCB-1022 and SCB-1033 to Phase II clinical trials in the first half of 2026 [4][8]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) announced positive preliminary data from two ongoing clinical trials utilizing its proprietary and fully validated Trimer-Tag vaccine development platform for evaluating its PreF respiratory combination vaccine candidates (RSV+hMPV±PIV3) [1] Group 1: Clinical Trials - The first Phase I clinical trial is being conducted in Australia to evaluate the combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (Clover's RSV candidate vaccine) in a head-to-head comparison, targeting elderly individuals who have not previously received any RSV vaccine [1] - The second Phase I clinical trial is taking place in the United States, assessing SCB-1019 (Clover's RSV candidate vaccine) against AREXVY (GSK's RSV vaccine) in a head-to-head evaluation, focusing on elderly individuals who have received at least two seasonal doses of AREXVY prior to enrollment [1]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) announced positive preliminary data from two ongoing clinical trials utilizing its proprietary and fully validated Trimer-Tag vaccine development platform for evaluating its PreF respiratory combination vaccine candidates (RSV+hMPV±PIV3) [1] Group 1: Clinical Trials - The first Phase I clinical trial is being conducted in Australia to assess the combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (Clover's RSV candidate vaccine) in a head-to-head comparison among elderly participants who have not received any RSV vaccine previously [1] - The second Phase I clinical trial is taking place in the United States, evaluating SCB-1019 (Clover's RSV candidate vaccine) against AREXVY (GSK's RSV vaccine) in a head-to-head assessment among elderly participants who have received at least one dose of AREXVY in the two preceding flu seasons [1]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) announced positive preliminary data from two ongoing clinical trials based on its proprietary and fully validated Trimer-Tag vaccine development platform, evaluating the company's PreF respiratory combination vaccine candidates (RSV+hMPV±PIV3) [1] Group 1: Clinical Trials - An ongoing Phase I clinical trial in Australia is assessing the combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (Clover's RSV candidate vaccine) in a head-to-head comparison, targeting elderly individuals who have not previously received any RSV vaccine [1] - A Phase I clinical trial in the United States is conducting a head-to-head evaluation of SCB-1019 (Clover's RSV candidate vaccine) against AREXVY (GSK's RSV vaccine) in elderly individuals who have received at least two seasonal doses of AREXVY prior to enrollment [1]