Core Viewpoint - GFH276, a novel Pan RAS(ON) inhibitor developed by the company, has entered clinical trials for treating RAS-mutated advanced solid tumors, marking a significant advancement in the company's oncology pipeline [1][2] Group 1: Clinical Development - The first patient has been enrolled in the Phase I/II trial of GFH276, which was approved by the National Medical Products Administration in early September [1] - The Phase I trial will be conducted at approximately 10 research centers, including Sun Yat-sen University Cancer Center and Fudan University Shanghai Cancer Center, focusing on safety, tolerability, pharmacokinetics, and preliminary efficacy [1] Group 2: Market Context - According to Frost & Sullivan, the global cancer incidence is expected to reach nearly 22 million by 2025, with about 30% (over 6.5 million) of patients having tumors with various RAS gene mutations [1] - Currently, there are no approved pan-RAS targeted therapies globally, positioning GFH276 among the top three in the development of Pan RAS(ON) inhibitors [1] Group 3: Competitive Advantage - GFH276 demonstrates lower effective doses and better pharmacokinetic properties compared to similar overseas products, along with good safety and specificity in kinase selectivity tests [2] - The drug maintains strong efficacy against multiple KRAS inhibitor-resistant cell lines, indicating potential for overcoming drug resistance [2] Group 4: Company Strategy - The company has gained substantial experience in RAS-targeted therapy development through the successful launch of the KRASG12C inhibitor, Furazadore (GFH925), and is advancing GFH375, an oral KRASG12D inhibitor [1][2] - GFH276 is the first molecular glue product to enter clinical research in the company's pipeline, reflecting a diversified approach to RAS therapies [2]

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的內容概不負責，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依賴 該等內容引致的任何損失承擔任何責任。 GenFleet Therapeutics (Shanghai) Inc. 勁方醫藥科技（上海）股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2595） 勁方首席醫學官汪裕博士表示：「通過氟澤雷塞和GFH375的成功開發，我們已 經積累了豐富的RAS靶向療法研發經驗。GFH276是勁方管線中首個進入臨床研 究的分子膠產品，公司自研的EGFR-Pan RAS ADC也進入臨床申報階段。多靶 點、多元化分子形態的創新產品展現了公司RAS療法矩陣的深度。我們也期待 GFH276在臨床研究中展現良好療效、造福全球患者。」 關於RAS蛋白及GFH276 RAS蛋白為二元分子開關，在與GDP（二磷酸鳥苷）結合的失活狀態和與GTP（三 磷酸鳥苷）結合的活化狀態之間切換，以此調控RAF-MEK-ERK、PI3K-AKT- mTOR等通路。RAS的致癌突變導致其GTP水解酶活性被破壞，從而令RAS蛋白 ...

Market Overview - The Hang Seng Index rose by 0.91%, gaining 238 points to reach 26,397 points, while the Hang Seng Tech Index increased by 2.19% [1] - The trading volume in Hong Kong's stock market reached 150.9 billion HKD in the morning session [1] Key Company Performances - Alibaba-W (09988) surged over 6% as CEO Wu Yongming announced active progress on a 380 billion HKD AI infrastructure project [1] - Kingdee International (00268) increased nearly 6% following the re-integration of Yunzhijia, aligning with the company's strategic direction [2] - China Foods (00506) rose over 4%, accumulating a total increase of over 20% since its inclusion in the stock index, being well-positioned within COFCO Group for food business [3] - Jinfo Pharmaceutical-B (02595) saw a rise of 6.77% as the company presented research data at the AACR annual meeting, establishing a RAS-targeted therapy matrix [4] - Hong Kong Broadband (01310) increased by over 5% as China Mobile sold shares to comply with regulatory requirements, which is expected to improve the company's financial situation [5] - Zhongchu Innovation (03931) rose over 7% due to the strong domestic energy storage market, benefiting from a trend towards centralized orders [6] - Hisense Home Appliances (00921) surged by 9.69% after forming a strategic partnership with Dow, with management expressing optimism about overseas appliance business [7] - ASMPT (00522) increased by over 8% as the direction for semiconductor equipment localization became clear, with a 50% increase in TCB equipment orders in the first half of the year [8] - Xixiang Group (02473) saw a peak increase of over 9%, with a morning rise of 5.86% after reaching a strategic cooperation intention with Smart Donkey to accelerate smart logistics deployment [9]

Group 1 - The stock of Jinfang Pharmaceutical-B (02595) increased by over 11%, currently up 10.67% at HKD 43.78, with a trading volume of HKD 78.4735 million [1] - At the recent American Association for Cancer Research (AACR) annual meeting, numerous Chinese new drug research companies had their product research abstracts selected, with RAS-targeted therapies and antibody/antibody-drug conjugates being popular areas for small and large molecules [1] - Jinfang Pharmaceutical's pipeline includes three innovative products (GFH276, GFS202A, GFH375) that were featured in the poster session of the AACR meeting, indicating their leading position in the domestic targeted therapy landscape and targeting multiple broad indications [1] Group 2 - Guotou Securities noted that Jinfang Pharmaceutical is a globally positioned innovative drug development company focusing on unmet clinical needs in oncology and immune-related diseases [2] - The company has established an integrated matrix for RAS-targeted therapies and is actively expanding its pipeline to include other "global new" targeted drugs and novel therapies [2] - The most noteworthy product in the pipeline is the core KRAS G12D inhibitor GFH375, which has shown positive data in pancreatic cancer and non-small cell lung cancer (NSCLC), with future clinical progress being closely monitored [2]

Group 1 - The core viewpoint is that Jingfang Pharmaceutical-B (02595) has seen a significant stock increase of over 11%, currently trading at 43.78 HKD with a transaction volume of 78.47 million HKD, driven by positive developments in its drug pipeline presented at the AACR annual meeting [1] - The AACR annual meeting highlighted the advancements in RAS-targeted therapies and antibody-drug conjugates, with Jingfang's three products (GFH276, GFS202A, GFH375) being recognized in the poster session, showcasing their leading position in the domestic market for targeted therapies [1] - The company’s pipeline demonstrates innovation and diversity, targeting multiple broad indications, which reflects its strong research capabilities in the oncology sector [1] Group 2 - Guotou Securities notes that Jingfang Pharmaceutical is a globally positioned innovative drug development company focusing on unmet clinical needs in oncology and immune-related diseases [2] - The company has established an integrated matrix for RAS-targeted therapies and is actively expanding its pipeline to include other global new targeted drugs and novel therapeutic types [2] - The core product of interest is the KRAS G12D inhibitor GFH375, which has shown positive data in pancreatic cancer and NSCLC, indicating promising future clinical developments [2]

Group 1 - The stock price of Jinfang Pharmaceutical-B (02595) increased by over 11%, reaching 43.78 HKD with a trading volume of 78.47 million HKD [1] - At the recent American Association for Cancer Research (AACR) annual meeting, numerous Chinese new drug research enterprises had their product research abstracts selected, with RAS-targeted therapies and antibody/antibody conjugate drugs being prominent areas of focus [1] - Jinfang Pharmaceutical's pipeline includes three innovative products (GFH276, GFS202A, GFH375) that were featured in the poster session of the AACR meeting, indicating their leading position in the domestic targeted therapy landscape [1] Group 2 - Guotou Securities highlighted that Jinfang Pharmaceutical is a globally positioned innovative drug development company focusing on unmet clinical needs in oncology and immune-related diseases [2] - The company has established an integrated matrix for RAS-targeted therapies and is actively expanding its pipeline to include other global new targeted drugs and novel therapy types [2] - The core product of interest in the pipeline is the KRAS G12D inhibitor GFH375, which has shown positive data in pancreatic cancer and non-small cell lung cancer (NSCLC) [2]

Group 1 - The core viewpoint of the article highlights the significant market activity surrounding Jinfang Pharmaceutical-B (02595), including a stock transfer valued at HKD 437 million, representing 3.42% of the company [1] - On September 19, Jinfang Pharmaceutical-B was listed on the Hong Kong Stock Exchange, with its stock price reaching a peak of HKD 50.20, an increase of 146.20% from the issue price, and closing with a gain of 106.47%, bringing its market capitalization close to HKD 15 billion [1] - Jinfang Pharmaceutical focuses on developing new treatment solutions for oncology, autoimmune, and inflammatory diseases, with a product pipeline that includes eight candidate products, five of which are in clinical development, including two core products GFH925 and GFH375 [1]

Core Viewpoint - The recent IPO of Jinfang Pharmaceutical-B (02595) on the Hong Kong Stock Exchange reflects the ongoing bullish trend in the innovative drug sector, with its stock price surging significantly on the first day of trading [1][9]. Market Performance - The Hong Kong Stock Connect Innovative Drug Index has seen a remarkable increase of over 110% since the beginning of the year, following a historical low of 460.24 points last April [3]. - Despite the strong IPO activity, there has been a recent stagnation in the performance of the Hong Kong healthcare indices, raising concerns among investors [3]. Federal Reserve's Impact - The Federal Reserve's recent interest rate cut of 25 basis points is expected to enhance liquidity in the market, potentially benefiting the Hong Kong innovative drug sector as it attracts foreign investment [4]. - The current price-to-earnings ratios for the Hong Kong innovative drug index and the Hang Seng Healthcare Index are significantly lower than their counterparts in A-shares and U.S. biotech indices, indicating a valuation advantage [4]. Long-term Drivers - The current bullish trend in the innovative drug sector is driven by both policy support and the intrinsic value of companies, focusing on "hardcore innovation, global monetization, and performance validation" [5]. - Recent government policies have aimed to support the development of innovative drugs, including a comprehensive plan for drug development and pricing mechanisms [5]. Financial Performance - By mid-2025, 149 Hong Kong-listed pharmaceutical companies are projected to generate a total revenue of 896.12 billion yuan, with a net profit of 61.99 billion yuan, indicating a significant improvement in the sector's fundamentals [6]. - Among these, 36 innovative drug companies are expected to achieve a revenue growth of 15.8%, outperforming the overall industry [6]. Investment Sentiment - Jinfang Pharmaceutical's IPO has set multiple records in the Hong Kong market, reflecting the high investor interest in the innovative drug sector [8]. - The company raised approximately $268 million through its IPO, attracting significant cornerstone investments, which indicates strong market confidence [8]. Investor Outlook - Investors are optimistic about Jinfang Pharmaceutical due to its differentiated product pipeline and proven commercial success, positioning it as a valuable asset in the ongoing innovative drug bull market [11].

以港股通创新药指数(931250)为例，从去年4月触及460.24点历史低点确认双底形态后，今年以来该指数已突破年线，年初至今涨幅已超过110%，且对应板 块成交量持续放大，今年二季度以来，其日均成交额同比增长300%，足以反映市场交投的热情。 但最近三周，无论是港股通创新药指数还是恒生医疗保健指数都出现了高位滞涨。其中恒生医疗保健指数更是在9月第二周和第三周出现连续两周收跌现 象，这在今年还尚属首次。一边是继续火热的IPO，一边又是出现滞涨的板块，也难免市场出现担忧及"落袋为安"的声音。所以在此关键时间节点，研判创 新药板块后续方向对投资者便意义重大。 美联储降息带来新一轮机会? 美东时间9月17日周三，美联储在货币政策委员会FOMC会后宣布降息25个基点，联邦基金利率目标区间从4.25%至4.5%降至4.00%至4.25%。这是美联储今 年的首次降息。而在美国就业增长放缓、失业率略升、就业下行风险增加背景下，市场预计年内还会以此幅度再降息两次。 从历史数据来看，美联储通过降息降低美元借贷成本，降低美元的吸引力，往往会推动全球资金流向新兴市场。而从短期来看，美联储降息周期带来流动性 宽松，有望对正处于多板块 ...

Summary of Key Points Core Viewpoint The article discusses the recent activities on the Hong Kong Stock Exchange (HKEX) from September 15 to September 21, highlighting the number of companies that submitted applications, those that passed hearings, and new listings. Group 1: Companies Submitting Applications - A total of 11 companies submitted applications to the HKEX during the specified period [1] - Notable companies include: - **Meilian Steel Structure (Shanghai) Co., Ltd.**: Ranked third in China's prefabricated steel structure market with a market share of 3.5% [2] - **Hangzhou New Element Pharmaceutical Co., Ltd.**: Focused on developing therapies for metabolic, inflammatory, and cardiovascular diseases [3] - **Jiangsu Zhongrun Solar Technology Co., Ltd.**: Second in global photovoltaic cell manufacturing with a market share of 14.6% [4] - **Beijing Junzheng Integrated Circuit Co., Ltd.**: A leading provider of chips for various high-tech applications [5] - **Shanghai Aike Baifa Biopharmaceutical Technology Co., Ltd.**: Focused on therapies for respiratory and pediatric diseases [7] - **Nuwa Insight Technology Co., Ltd.**: An AI technology company in the insurance sector [8] - **Huaqin Technology Co., Ltd.**: A leading ODM platform for smart products [9] - **Saimite Information Group Co., Ltd.**: A leading provider of intelligent industrial software solutions [10] - **Guangzhou Ruoyu Chen Technology Co., Ltd.**: An e-commerce operation company [11] - **Quantitative Holdings Limited**: Focused on online market operations in the consumer sector [12] - **Hangzhou Xianweida Biotechnology Co., Ltd.**: A biopharmaceutical company nearing commercialization [13] Group 2: Companies Passing Hearings - Two companies successfully passed the listing hearings: - **Shenzhen Xipuni Precision Technology Co., Ltd.**: A designer and manufacturer of gold watch cases and bands [14] - **Xuanzhu Biotechnology Co., Ltd.**: An innovative biopharmaceutical company with multiple drug assets in development [15] Group 3: Companies Launching IPOs - Four companies initiated their IPOs: - **Jingfang Pharmaceutical-B**: Global offering of 89.24 million shares with a net fundraising of approximately HKD 1.67 billion [17] - **Different Group**: Global offering of 10.98 million shares with a price range of HKD 62.01-71.20 [18] - **Chery Automobile**: Global offering of 297 million shares with a price range of HKD 27.75-30.75 [19] - **Zijin Gold International**: Global offering of 349 million shares with a price of HKD 71.59 [20] Group 4: New Listings - Three new stocks were listed: - **Hesai Technology (HK:02525)**: Closed at HKD 234.0 per share, up 9.96% on the first day [20] - **Health 160 (HK:02656)**: Closed at HKD 28.22 per share, up 137.34% on the first day [21] - **Jingfang Pharmaceutical-B (HK:02595)**: Closed at HKD 42.10 per share, up 106.47% on the first day [22]