消息面上，香港联交所资料显示，2025年12月23日，新加坡政府投资公司(GIC)增持基石药业90.45万 股，总金额约为528.92万港元。增持后，GIC最新持股数目增至约1.19亿股，持股比例达8.06%。值得注 意的是，自2025年8月18日GIC首次披露持有基石药业5.49%股份后，其加仓动作从未间断：10月13日、 11月10日两度增持披露后，持股比例升至7.11%，直至本次披露的持股比例增至8.06%。 基石药业-B(02616)盘中涨超6%，截至发稿，涨6.36%，报5.69港元，成交额3944.46万港元。 平安证券研报指出，基石药业以临床开发为引擎，研发1.0阶段商业化产品贡献可靠现金流量，研发2.0 阶段项目创新布局研发管线及前沿技术，核心品种已迈入临床试验阶段且后续将持续推进候选项目进入 临床，预计2025-2027年公司实现收入1.95/4.64/6.33亿元，首次覆盖给予"推荐"评级。 ...

Investment Rating - The report gives a "Buy" rating for CStone Pharmaceuticals (2616.HK) for the first time [1]. Core Views - CStone Pharmaceuticals is transitioning into R&D 2.0, focusing on innovative pipelines and cutting-edge technologies, with a strong emphasis on clinical development as the driving force [6][11]. - The company has successfully launched four innovative drugs and has a pipeline of 16 candidate drugs, indicating robust growth potential [6][11]. - The financial outlook shows a projected revenue increase from 1.95 billion CNY in 2025 to 6.33 billion CNY in 2027, reflecting a strong recovery trajectory [7]. Summary by Sections 1. Clinical Development as the Engine - CStone Pharmaceuticals was established in 2016, focusing on clinical development and innovative R&D in oncology and immune diseases [11]. - The company has a concentrated shareholding structure, with major shareholders including WuXi Healthcare Ventures (11.84%) and Pfizer (7.91%) [14]. - Cash management is stable, with a focus on core R&D investments, and the company reported a revenue of 0.49 billion CNY in the first half of 2025 [17][18]. 2. R&D Pipeline and Innovations - The company is advancing into R&D 2.0, focusing on multi-targeted therapies and ADC technologies, with key projects like CS2009 (a tri-specific antibody) and CS5001 (ROR1 ADC) in clinical trials [22]. - CS2009 has shown promising early efficacy and safety data, with an overall response rate (ORR) of 12.2% in clinical trials [35]. - CS5001 is in clinical 1b phase, demonstrating a 70% ORR in preliminary data, indicating strong potential for further development [18][22]. 3. Financial Projections - Revenue projections indicate a decline in 2025 to 1.95 billion CNY, followed by significant growth to 4.64 billion CNY in 2026 and 6.33 billion CNY in 2027 [5][7]. - The company is expected to narrow its net losses, with a forecasted loss of 0.91 billion CNY for 2024 and 0.23 billion CNY for 2027 [5][7]. 4. Market Context - The global market for immune checkpoint inhibitors (ICIs) is projected to grow significantly, reaching 58.53 billion USD in 2025 and expected to exceed 100 billion USD by 2029 [22][25]. - The report highlights the importance of dual-targeting strategies in cancer treatment, which could lead to deeper and more durable responses [22][29].

Group 1 - GIC Private Limited increased its stake in Basilea Pharmaceutica AG-B (02616) by 904,500 shares at a price of HKD 5.8476 per share, totaling approximately HKD 5.2892 million [1] - After the increase, GIC's total shareholding rose to about 119 million shares, representing an ownership percentage of 8.06% [1] - GIC's consistent buying activity since first disclosing a 5.49% stake on August 18 indicates strong confidence in Basilea's core value and long-term growth potential [1] Group 2 - GIC has made multiple purchases, with increases reported on October 13 and November 10, raising its stake to 7.11% before the latest increase [1] - Over the four-month period from August 18 to December 23, GIC has accumulated more than 38 million additional shares, reflecting a steady growth in ownership [1]

Group 1 - GIC Private Limited increased its stake in Basestone Pharmaceuticals-B (02616.HK) by purchasing 904,500 shares at an average price of HKD 5.8476 per share, totaling approximately HKD 5.2892 million [1] - Following this transaction, GIC's total shareholding in Basestone Pharmaceuticals-B rose to 118,892,000 shares, increasing its ownership percentage from 7.99% to 8.06% [1]

Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Group 1: Top Short-Selling Ratios - Sun Hung Kai Properties (80016), BYD Company (81211), and JD Health (86618) have the highest short-selling ratios at 100.00% [1][2]. - SenseTime (80020) follows with a short-selling ratio of 87.67%, while Xiaomi Group (81810) has a ratio of 84.37% [2]. Group 2: Top Short-Selling Amounts - Xiaomi Group leads in short-selling amount with HKD 1.43 billion, followed by Alibaba (09988) at HKD 1.368 billion and Tencent Holdings (00700) at HKD 1.251 billion [1][2]. - China Ping An (02318) and Meituan (03690) also feature prominently with short-selling amounts of HKD 1.115 billion and HKD 956 million, respectively [2]. Group 3: Top Short-Selling Deviation Values - Xiaomi Group (81810) has the highest deviation value at 41.14%, indicating a significant difference from its average short-selling ratio [1][2]. - BYD Company (81211) follows closely with a deviation value of 40.41%, while Far East Consortium (00035) has a deviation of 33.08% [2].

Core Viewpoint - The stock of Basilea Pharmaceutica (02616) has risen over 5%, currently at 6.07 HKD, following the announcement that its RET inhibitor, Pralsetinib (100 mg), has been included in the latest National Medical Insurance Drug List in China, effective January 1, 2026 [1] Company Developments - Basilea has successfully advanced four innovative drugs to market approval, with three of these products having completed clinical trials and registration in China, now included in the national medical insurance list [1] - The inclusion of Pralsetinib in the insurance list is expected to accelerate its market penetration, as noted in a report by Tianfeng Securities published in August [1] Pipeline and Technology - The company's preclinical pipeline includes over nine potential candidates, focusing on FIC/BIC research across oncology, autoimmune, and inflammatory diseases [1] - Basilea's innovative internal ADC technology platform features proprietary linkers designed to enhance the selective release of effective payloads in tumors, supporting multiple ADC products in its pipeline 2.0, which is expected to provide ongoing momentum for the company's future growth [1]

Group 1 - Company shares of 基石药业-B (02616) increased by over 5%, reaching a price of 6.07 HKD with a trading volume of 22.7042 million HKD [1] - The company announced that its RET inhibitor, 普吉华 (普拉替尼胶囊, 100mg), has been successfully included in the latest National Medical Insurance Catalog, effective from January 1, 2026 [1] - To date, 基石药业 has successfully advanced four innovative drugs to market approval, with three of them having completed clinical trials and registration in China, now included in the national insurance catalog [1] Group 2 - Tianfeng Securities published a report in August, predicting that the inclusion of 普拉替尼 in the insurance catalog is expected to accelerate its market penetration [1] - The company's preclinical pipeline includes over nine potential candidates, focusing on FIC/BIC research across oncology, autoimmune, and inflammatory diseases [1] - The innovative internal ADC technology platform of the company features optimized proprietary linkers to improve the selective release of effective payloads in tumors, supporting multiple ADC products in its pipeline 2.0, which is expected to provide ongoing momentum for future development [1]

Core Viewpoint - 基石药业's RET inhibitor, Pralsetinib (普吉华®), has been included in the latest National Medical Insurance Drug List in China, effective January 1, 2026, which is expected to enhance its market penetration and sales growth [1] Group 1: Company Developments - 基石药业's stock rose by 5.57% to HKD 6.07, with a trading volume of HKD 22.7042 million [1] - The company has successfully advanced four innovative drugs to market approval, with three of them having completed clinical trials and registration in China, now included in the national medical insurance list [1] Group 2: Market Expectations - Tianfeng Securities reported in August that the inclusion of Pralsetinib in the insurance list is anticipated to accelerate its market uptake [1] - The company's preclinical pipeline includes over nine potential candidates, focusing on FIC/BIC research across oncology, autoimmune, and inflammatory diseases [1] Group 3: Technological Advancements - 基石药业 has developed an innovative internal ADC technology platform, characterized by optimized proprietary linkers to improve tumor-selective payload release [1] - The platform supports multiple ADC products in its pipeline 2.0, which is expected to provide ongoing momentum for the company's future growth [1]

Group 1 - The stocks of Zhaoyan New Drug (06127.HK) increased by 5.54% [1] - Rongchang Biologics (09995.HK) saw a rise of 3.95% [1] - WuXi AppTec (02268.HK) experienced a growth of 3.05% [1] - Cornerstone Biosciences-B (02616.HK) rose by 2.86% [1]

Group 1 - Core viewpoint: 基石药业-B (02616) shares rose over 4%, currently trading at 5.82 HKD with a transaction volume of 24.98 million HKD, following the announcement of its drug being included in the national medical insurance list [1] - The drug, 普吉华 (普拉替尼胶囊, 100 mg), will be officially included in the latest version of the National Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List by the National Healthcare Security Administration of China, effective from January 1, 2026 [1] - On December 4, non-executive director 胡正国 increased his stake in 基石药业 by purchasing 1 million shares at a price of 5.7546 HKD per share, totaling 5.7546 million HKD, raising his total holdings to 3.471 million shares, which represents 0.24% of the company [1]