Core Viewpoint - The inclusion of stocks such as 九方智投控股 (09636) and others in the FTSE Global Equity Index Series reflects international capital market recognition of their future development potential and long-term investment value [1] Group 1: Index Inclusion - 九方智投控股 (09636), 和誉-B (02256), 第四范式 (06682), 科济药业-B (02171), and 顺丰同城 (09699) have been added to the FTSE China Small Cap Index, effective after market close on September 19 [1] - The FTSE Russell is a leading player in the global index industry, providing benchmarks, analytics, and data solutions widely used by institutional and retail investors [1] Group 2: Market Impact - The inclusion in the FTSE Russell Global Equity Index Series is expected to bring more potential incremental capital inflows to the companies' stocks, enhancing liquidity in the secondary market [1] - The endorsement from a globally recognized index is likely to increase the companies' visibility and recognition in the global capital markets, aiding in the realization of their long-term investment value [1]

智通财经APP获悉，和誉-B(02256)早盘涨超6%，截至发稿，涨4.92%，报17.93港元，成交额3907.14万 港元。 中金发布研报称，ABSK043 是公司具备全球权益的潜力口服小分子PD-L1 抑制剂。该行认为，公司持 续布局的口服+口服联用方案相较注射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展 值得关注。此外，公司被纳入MSCI全球小盘股指数成分股，有望提升公司的全球资金关注度，或对流 动性产生积极影响。 消息面上，和誉近日宣布，在研口服PD-L1 抑制剂ABSK043 和艾力斯的KRAS G12C抑制剂戈来雷塞片 联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准，意味着ABSK043 联用戈来雷塞进入二 期临床。此外，近日公司被纳入MSCI全球小盘股指数成分股。 ...

和誉-B(02256)早盘涨超6%，截至发稿，涨4.92%，报17.93港元，成交额3907.14万港元。 消息面上，和誉近日宣布，在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片 联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准，意味着ABSK043联用戈来雷塞进入二 期临床。此外，近日公司被纳入MSCI全球小盘股指数成分股。 中金发布研报称，ABSK043是公司具备全球权益的潜力口服小分子PD-L1抑制剂。该行认为，公司持续 布局的口服+口服联用方案相较注射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展值 得关注。此外，公司被纳入MSCI全球小盘股指数成分股，有望提升公司的全球资金关注度，或对流动 性产生积极影响。 ...

Summary of He Yu Pharmaceutical Conference Call Company Overview - He Yu Pharmaceutical is focused on the commercialization of its drug, Pimitinib, expected in the first half of 2026, which is anticipated to generate sustainable cash flow and has secured an upfront payment from Merck for operational funding [2][7]. Key Products and Market Potential - **Pimitinib**: Expected peak sales could reach $1 billion or more, with a combined peak sales potential of $2-2.5 billion for two indications [4][11]. - **ABSK061 (FGFR23 Inhibitor)**: Targeting ACH, with a market potential of $4-5 billion, competing against BioMarin, which had sales of approximately $500-600 million last year [2][4][5]. - **ABSK043 (Oral PD-L1 Inhibitor)**: Expected to have data by the end of the year in combination with third-generation EGFR, potentially leading to a competitive advantage due to fewer side effects compared to previous antibody treatments [5][11]. - **KRAS G12D and pan-KRAS Products**: Early-stage research shows best-in-class characteristics, indicating significant overall company value and potential for increased value through international collaborations [2][6]. Financial Performance - The company has shown a clear trend towards profitability, with a stable financial condition and strong cash flow [2][7]. - Market capitalization is projected to reach between 40-50 billion yuan upon market entry in 2026, driven by the pipeline of products including FGFR4 and PD-L1 inhibitors [8]. Future Development and Pipeline - Multiple important pipeline advancements are expected in 2025, including NDA submissions for projects 021 and 0,570, and a pivotal Phase III trial for liver cancer treatment [3]. - The FGFR4 inhibitor is anticipated to enter commercialization by late 2027 to 2028, further enhancing the company's product offerings [3]. Strategic Partnerships and Investments - The company has received investments from Allianz and other high-quality foreign investors, indicating recognition of its fundamental value [13]. - Active share buybacks reflect management's confidence in long-term growth and commitment to shareholder interests [13]. Market Dynamics and Competitive Landscape - The PD-L1 small molecule is positioned to address significant market needs in non-small cell lung cancer, with a potential peak sales of $5 billion [9][10]. - The company is also exploring opportunities in large molecules and non-oncology fields, such as ADCs, showcasing a broad development potential [12]. Conclusion - He Yu Pharmaceutical is strategically positioned with a robust pipeline and strong financial backing, indicating significant growth potential and investment opportunities in the biopharmaceutical sector.

Group 1: Hong Kong Stock Market Highlights - China Tobacco Hong Kong (06055) rose over 2% after announcing exclusive distribution agreements for brand cigars with Hubei and Shandong Tobacco [1] - Sportswear stocks generally increased, with Li Ning (02331) up nearly 1% and Tmall (06110) up nearly 2%, following a government directive to enhance the modern sports industry and boost consumption [1] - He Yu-B (02256) surged over 3% as the company announced multiple positive developments, including the approval of oral PD-L1 combined with Gorai Leisai for Phase II clinical trials [1] - Gold stocks collectively rose, with Lingbao Gold (03330) up over 4%, China Gold International (02099) up over 1%, and Zijin Mining (02899) up over 3%, amid expectations of a U.S. interest rate cut [1] - UBTECH (09880) increased over 2% after Citigroup reported that the company has received 400 million RMB in humanoid robot orders and secured a $1 billion strategic investment from a Middle Eastern fund [1] - Huimai Technology (01860) surged over 12%, reaching a historical high, with a year-to-date stock price increase of over 110% due to the continuous iteration of its AI-driven smart bidding system [1] Group 2: Other Notable Stocks - Wanka Yilian (01762) rose over 11% after announcing a comprehensive cooperation memorandum with Alibaba Cloud to create an AI marketing ecosystem [2] - Longpan Technology (02465) increased over 10%, with Citic Securities indicating potential opportunities in the battery sector due to an upcoming significant meeting [2] - Juzi Bio (02367) rose over 4%, with institutions optimistic about the recovery of live streaming during the upcoming Double Eleven shopping festival [2] - Shoucheng Holdings (00697) increased over 8% after its subsidiary announced additional investment in Songyan Power amounting to several million RMB [2] Group 3: U.S. Stock Market Highlights - Salesforce (CRM.US) fell 4.85% after reporting a 9.8% year-over-year revenue growth for Q2, with Q3 revenue guidance slightly below expectations [3] - American Eagle (AEO.US) surged 37.96% after exceeding expectations in its Q2 earnings report [3] - Hewlett Packard Enterprise (HPE.US) rose 1.49% with a 19% year-over-year revenue growth in Q3, marking a record high [3] - United Microelectronics (UMC.US) increased 3.46%, reporting a 1.86% year-over-year sales growth for the first eight months of the year [3] - ZTO Express (ZTO.US) continued to rise by 0.94%, with the logistics industry index in China at 50.9%, up 0.4 percentage points from the previous month [3] - Bilibili (BILI.US) rose 0.99%, with research indicating high growth in the gaming industry supported by policy, expecting continued quarter-over-quarter improvement [3] - Waterdrop (WDH.US) increased 2.25%, reporting nearly a 120% growth in net profit attributable to shareholders, driven by AI model empowerment [3] Group 4: Additional U.S. Stock Movements - Sanofi (SNY.US) fell 9.14% despite achieving all primary and secondary endpoints in a Phase III study for Amlitelimab, as results did not meet market expectations [4] - Toyota (TM.US) rose 2.40% after announcing plans to produce a pure electric vehicle model at its Czech factory, marking its first electric vehicle production in Europe [4] - Baidu (BIDU.US) increased 1.88% following the release of an action plan by the Ministry of Industry and Information Technology to enhance intelligent cloud services [4] Group 5: Earnings Reports and Forecasts - C3.ai (AI.US) fell 7.31% after reporting Q1 results and revenue guidance for FY2026 that fell short of expectations [5] - Samsara (IOT.US) rose over 10% with a 30% year-over-year revenue growth in Q2 [5] - UiPath (PATH.US) increased nearly 5%, reporting Q2 revenue of $362 million, a 14% year-over-year growth, and projecting FY2026 revenue between $1.571 billion and $1.576 billion [5] - DocuSign (DOCU.US) rose nearly 9% after reporting Q2 revenue of $800.6 million, a 9% year-over-year increase, with GAAP gross margin at 79.3% [5]

Core Viewpoint - The company has achieved significant milestones with its drug development and stock market performance, indicating strong investor interest and potential growth opportunities. Group 1: Drug Development - The company announced that its oral PD-L1 inhibitor ABSK043 and the KRAS G12C inhibitor from Elysium, Goretinib, received IND approval in China for a Phase II clinical trial targeting KRAS G12C mutated NSCLC [1] - In March, the company entered into a collaboration agreement with Elysium regarding ABSK043, which is now being evaluated in combination with Goretinib [1] Group 2: Stock Market Performance - The company's stock opened over 6% higher, reaching a historical high of 18.92 HKD, and is currently trading at 18.28 HKD with a trading volume of 11.2474 million HKD [1] - On August 13, the company was included in the MSCI Global Small Cap Index, effective after the market close on August 26 [1] - Allianz SE increased its stake in the company from 4.81% to 5.10%, joining other notable foreign investors such as Eli Lilly Asia, Qiming Venture Partners, and Morgan Stanley [1] - The company repurchased 200,000 shares on August 27 and another 100,000 shares on August 28, totaling 9.545 million shares repurchased for 75.3 million HKD as of June 30, 2025 [1]

Core Viewpoint - The company, He Yu-B (02256), has experienced a significant stock price increase following the approval of its IND application for the oral PD-L1 inhibitor ABSK043 in combination with Elysium's KRAS G12C inhibitor for treating KRAS G12C mutated NSCLC [1] Group 1: Clinical Developments - The IND application for the combination therapy of ABSK043 and Elysium's KRAS G12C inhibitor has been approved in China [1] - The approval pertains to a Phase II clinical trial evaluating the efficacy of the combination treatment for KRAS G12C mutated NSCLC [1] Group 2: Market Performance - The stock opened over 6% higher, reaching a historical high of 18.92 HKD, and is currently trading at 18.5 HKD with a trading volume of 56,300 HKD [1] - The company has been included in the MSCI Global Small Cap Index as of August 26, following the latest index review [1] Group 3: Shareholder Activity - Allianz SE has increased its stake in the company from 4.81% to 5.10% [1] - The company has conducted share buybacks, repurchasing 200,000 shares on August 27 and another 100,000 shares on August 28, totaling 9.545 million shares repurchased for 75.3 million HKD as of June 30, 2025 [1]

Core Viewpoint - The company, He Yu-B (02256), has seen a significant increase in stock price following the approval of its IND application for the oral PD-L1 inhibitor ABSK043 in combination with ELI LILLY's KRAS G12C inhibitor for treating KRAS G12C mutated NSCLC [1] Group 1: Stock Performance - He Yu-B's stock opened over 6% higher, reaching a historical high of 18.92 HKD, and is currently trading at 18.5 HKD with a trading volume of 56,300 HKD [1] - The stock has experienced a 3.87% increase as of the latest report [1] Group 2: Clinical Development - The IND application for the combination treatment of ABSK043 and ELI LILLY's KRAS G12C inhibitor for KRAS G12C mutated NSCLC has been approved in China [1] - The approval pertains to a Phase II clinical trial for the combination therapy [1] Group 3: Index Inclusion and Shareholder Activity - He Yu-B has been included in the MSCI Global Small Cap Index as of August 26, following the latest index review [1] - Allianz SE has increased its stake in He Yu-B from 4.81% to 5.10%, joining other notable foreign investors such as Eli Lilly Asia, Qiming Venture Partners, and Morgan Stanley [1] - The company has repurchased a total of 9.545 million shares, amounting to 75.3 million HKD, with recent buybacks of 200,000 shares on August 27 and 100,000 shares on August 28 [1]

Group 1 - UBS maintains a "Buy" rating for Innovent Biologics, raising the target price to HKD 137.4, citing the promising product line and significant global R&D potential for IBI363 [1] - CMB (Hong Kong) maintains a "Buy" rating for China Life, increasing the target price to HKD 29, with a projected 7% YoY net profit growth in H1 2025 and a 20.3% increase in new business value [1] - CMB (Hong Kong) maintains a "Buy" rating for ZTE Corporation, raising the target price to HKD 42, with a 15% YoY revenue growth expected in H1 2025, driven by strong enterprise business performance [2] Group 2 - DBS reaffirms a "Buy" rating for China Merchants Bank, lowering the target price to HKD 53.5, with a projected CAGR of 2.5% for earnings from 2025 to 2027 [3] - Huatai Securities maintains a "Buy" rating for Li Auto, reducing the H-share target price to HKD 105.43, optimistic about the sales performance of the new i6 model [4] - CMB (Hong Kong) maintains an "Outperform" rating for Cha Bai Dao, with a target price of HKD 12, reporting a 4.3% YoY revenue growth and a 37.5% increase in net profit for H1 2025 [5] Group 3 - CMB (Hong Kong) maintains an "Outperform" rating for Chaoyun Group, setting a target price of HKD 3.65, with a 7.2% YoY revenue growth and a 101.4% increase in pet business revenue [6] - CMB (Hong Kong) maintains an "Outperform" rating for He Yu-B, raising the target price to HKD 20, highlighting the approval of a key clinical trial and strong financial position [7] - UBS gives a "Buy" rating to CanSino Biologics, setting a target price of HKD 224.3, anticipating updates on key data and potential collaborations [8]

Group 1 - The core viewpoint of the article is that HeYu has received IND approval in China for its oral PD-L1 inhibitor ABSK043 and the KRAS G12C inhibitor, which is expected to attract market attention due to its clinical progress [1] - HeYu has been included in the MSCI Global Small Cap Index, which is anticipated to enhance the company's global funding visibility and positively impact its liquidity [1] - The company maintains its profit forecast for the next two years at 48 million and 320 million, respectively, and has raised the target price by 33.3% to HKD 20, while maintaining an "outperforming the industry" rating [1]