Group 1 - Tong Ren Tang's Executive Vice President Zhang Chunyou submitted a resignation letter, effective July 8, 2025, due to work adjustments, while remaining as General Manager of Tong Ren Tang Technology [1] - The company stated that Zhang Chunyou's departure will not adversely affect daily operations, indicating limited market impact from this internal personnel adjustment [1] Group 2 - Basestone Pharmaceuticals announced an exclusive strategic partnership with Istituto Gentili for the commercialization of Sugliant in Western Europe and the UK, granting Gentili exclusive rights in 23 countries [2] - Basestone will receive up to $192.5 million in payments, including upfront, registration, and sales milestone payments, along with nearly 50% revenue sharing from net sales in the authorized region [2] - This collaboration enhances Basestone's international market recognition and strengthens investor confidence in future growth [2] Group 3 - Fosun Pharma announced guarantees for its subsidiaries, providing a maximum joint liability guarantee for a financing application not exceeding 500 million yuan with Bank of China [3] - Additionally, a guarantee was provided for a financing contract not exceeding 150 million yuan with China Construction Bank for its subsidiary Hanlin Pharmaceutical [3] - This move supports subsidiaries in obtaining funds for business expansion or R&D, although it introduces certain financial risks [3] Group 4 - Run Da Medical responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, addressing issues related to operating performance, goodwill, short-term solvency, and prepayments [4] - The response aims to alleviate market concerns and stabilize investor confidence, although ongoing monitoring of the company's performance improvement measures is necessary [4] Group 5 - Yuan Da Pharmaceutical announced that its joint venture Sirtex Medical Pty Ltd received FDA approval for SIR-Spheres Yttrium-90 microspheres for treating unresectable hepatocellular carcinoma (HCC) [5] - This product is the first and only FDA-approved selective internal radiation therapy for both unresectable HCC and colorectal cancer liver metastases [5] - This breakthrough enhances Yuan Da's market position in oncology and boosts investor confidence in future growth [5]

Group 1 - The Hang Seng Index rose by 0.78%, gaining 185 points to close at 24,073 points, while the Hang Seng Tech Index increased by 1.29% [1] - The trading volume in Hong Kong reached HKD 117.2 billion in the morning session [1] - Stablecoin-related stocks surged, with Guotai Junan International rising by 16%, Multi-Point Smart increasing by 8%, and OSL Group also up by 8% [1] Group 2 - Jinyong Investment experienced a 150% surge due to a strategic partnership with AnchorX to explore stablecoin applications [2] - Kuaishou-W saw a 3% increase, with institutions expecting the company's Q2 performance to meet market expectations [2] - Gold stocks rebounded in the morning session, with Tongguan Gold rising by 6% and China Gold International increasing by 3.82% [2] Group 3 - Huitongda Network rose over 7% after applying for full circulation of H-shares, which is expected to enhance stock liquidity and investment attractiveness [3] Group 4 - Basestone Pharmaceuticals-B increased by over 4% after granting commercialization rights for Sugli to Gentili in Western Europe and the UK [4] Group 5 - GCL-Poly Energy rose over 9%, with the polysilicon segment potentially becoming a breakthrough point for reversing internal competition, and the company is expected to achieve profitability [5] Group 6 - China Rare Earth Holdings rose over 7% after a failed transaction involving the sale of an Australian gold mine, and plans to spin off its business through an introduction [6] Group 7 - Hon Teng Precision rose by 8.8%, driven by strong performance in AI servers and iPhone business, with Foxconn showing steady growth in Q2 [7] Group 8 - Zhaoyan New Drug increased by over 10%, assisting in the approval of the restructuring of human coagulation factor VIIa for Chengdu Tianqing [8] Group 9 - Steel stocks saw a midday rally, with Chongqing Steel rising by 11%, as institutions expect improvements in industry supply and demand [9]

Group 1 - The Hong Kong pharmaceutical stocks showed a strong performance, with several companies experiencing significant gains [1] - Baset Pharmaceutical (02616.HK) increased by 9.86%, indicating a robust market response [1] - Other notable gainers included Charoen Pokphand International (03839.HK) with a rise of 7.06%, Sanofi Pharmaceutical (02257.HK) up by 6.93%, and Weiya Biotechnology (01873.HK) which saw a 5.80% increase [1]

Market Overview - The A-share market opened with mixed performance, with the Shanghai Composite Index up 0.04% at 3474.63 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.04% and 0.03% respectively [2][3] - The Hong Kong market saw the Hang Seng Index rise by 0.17% and the Hang Seng Tech Index increase by 0.28%, with notable gains in companies like Far East Horizon and Kingstone Pharmaceuticals [4] Sector Performance - Advanced packaging, semiconductor, and power sectors showed strength, while tax refund stores, recombinant protein, and CPO concepts opened lower [1] - The storage chip sector led gains, with companies like Jingzhida rising over 7% following news of Changxin Memory's listing guidance [1] - Shipping and port concepts also performed well, with Ningbo Ocean and Ningbo Shipping both rising over 3% amid news of Houthi attacks on Red Sea merchant ships [1] Monetary Policy - The central bank conducted a 690 billion yuan reverse repurchase operation with a rate of 1.40%, while 1310 billion yuan of reverse repos are set to mature today [5] Currency Exchange - The RMB against the USD was adjusted down by 28 basis points to a midpoint of 7.1534, with the onshore closing price at 7.1747 [6]

Group 1 - The core point of the news is that 基石药业 has entered into an exclusive strategic partnership with Istituto Gentili for the commercialization of Shugli monoclonal antibody in Western Europe and the UK, covering 23 countries [1][2] - According to the agreement, Gentili will receive exclusive commercialization rights for Shugli in 23 countries, including 18 EEA countries and the UK, Andorra, Monaco, San Marino, and Vatican City [1] - The total transaction amount can reach up to $192.5 million, which includes upfront payments and milestone payments related to registration and sales [1] Group 2 - Shugli is the first PD-L1 monoclonal antibody approved for first-line treatment of stage IV non-small cell lung cancer (NSCLC) in the EU and the UK, with a new indication application for stage III NSCLC already accepted by the European Medicines Agency (EMA) [2] - The partnership with Gentili is seen as an ideal collaboration to accelerate the accessibility of Shugli in the European market, especially in light of the ongoing changes in the US drug pricing system [2] - The company has already established four regional collaborations for Shugli in Europe, the Middle East, Africa, and Latin America, covering over 60 countries and regions, with plans to expand into Southeast Asia and Canada [2]

Core Insights - Company Basilea Pharmaceutica announced the latest clinical progress of CS2009, a tri-specific antibody targeting PD-1, VEGF, and CTLA-4, with active patient recruitment in Australia and China, and plans to expand to the US for Phase II enrollment [1][2] Group 1: Clinical Trial Progress - The global multi-center Phase I/II clinical study of CS2009 is rapidly enrolling patients, with expectations to exceed 100 patients by the end of the year [1] - The Phase Ia dose-escalation study has completed assessments at four dose levels in patients with advanced solid tumors, with the fourth dose level (20 mg/kg every three weeks) showing no dose-limiting toxicities (DLT) [1] - The study is currently enrolling patients at the fifth dose level (30 mg/kg every three weeks) to observe safety beyond the recommended Phase II dose (RP2D) [1] Group 2: Safety and Efficacy Data - CS2009 has demonstrated good tolerability across all assessed dose levels, with pharmacokinetic (PK) characteristics supporting a three-week dosing regimen [2] - Pharmacodynamic (PD) data confirm that CS2009 triggers PD-1/CTLA-4 blockade, activating T cells and neutralizing VEGFA, with observed anti-tumor activity in "cold tumors" and PD-(L)1 treated patients in the low-dose group [2] - Phase Ia clinical data, including safety, PK, PD, and anti-tumor activity, is expected to be presented at an international academic conference in Q4 2025 [2] Group 3: Future Research Directions - The Phase Ib/II study is anticipated to start in the second half of 2025, focusing on dose expansion and key extension studies [1] - The trial will evaluate the clinical application value of CS2009 in various advanced solid tumors, including but not limited to non-small cell lung cancer, liver cancer, gastric cancer, endometrial cancer, ovarian cancer, renal cell carcinoma, colorectal cancer, and cervical cancer [2] - The aim is to advance innovative cancer immunotherapy development [2]

Core Viewpoint - 基石药业-B (02616.HK) announced the latest clinical progress of CS2009, a potential first-in-class/traditional best PD-1/VEGF/CTLA-4 trispecific antibody, which aims to enhance efficacy while reducing systemic toxicity [1][2] Group 1: Clinical Development - CS2009 features balanced single-arm PD-1 and CTLA-4 binding arms along with a bivalent VEGFA binding arm, producing a strong multi-target synergistic effect [1] - The global multi-center I/II clinical study is actively recruiting patients in Australia and China, with plans to expand to the U.S. for Phase II enrollment, expecting to exceed 100 patients by the end of the year [1] Group 2: Safety and Efficacy - The Phase Ia dose-escalation study has completed assessments at four dose levels in heavily pre-treated advanced solid tumor patients, with the fourth dose level (20 mg/kg every three weeks) showing no dose-limiting toxicities (DLT) [2] - The study is currently enrolling patients at the fifth dose level (30 mg/kg every three weeks) to observe safety beyond the recommended Phase II dose (RP2D) and to broaden its safety profile [2] - CS2009 has demonstrated good tolerability across all evaluated dose levels, with pharmacokinetic (PK) characteristics supporting a three-week dosing regimen, and pharmacodynamic (PD) data confirming T-cell activation and anti-VEGFA neutralization [2]

Core Insights - Company announced the latest progress of the CS1003-305 study, a Phase III clinical trial evaluating the efficacy and safety of PD-1 monoclonal antibody nofazinlimab in combination with lenvatinib for patients with unresectable or metastatic hepatocellular carcinoma (HCC) [1] - The study involved 74 research centers globally and aimed to compare the combination therapy against placebo plus lenvatinib, with overall survival (OS) as the primary endpoint [1] - Final analysis indicated a clear clinical benefit trend for the combination therapy, although it did not reach statistical significance, showing tangible patient benefits [1] - The combination therapy also demonstrated clinically meaningful improvements in progression-free survival (PFS) and objective response rate (ORR), comparable to current standard treatments [1] - Nofazinlimab exhibited good safety profile consistent with previous studies and existing PD-(L)1 antibodies, with no new safety signals observed [1] - The company plans to communicate with regulatory authorities to seek a registration pathway for the combination therapy [1] Product Information - Nofazinlimab is a humanized recombinant IgG4 monoclonal antibody targeting programmed cell death protein 1 (PD-1), developed for tumor immunotherapy [2] - It has high affinity for PD-1 in humans, crab-eating macaques, and mice, blocking the interaction between PD-1 and its ligands PD-L1 and PD-L2 [2] - Nofazinlimab received Orphan Drug Designation (ODD) from the FDA in July 2020 for the treatment of hepatocellular carcinoma [2]

Group 1: Market Overview - The Hang Seng Index fell by 0.96%, down 232 points, closing at 23,989 points, while the Hang Seng Tech Index decreased by 1.20% [1] - The Hong Kong stock market saw a trading volume of HKD 130.6 billion in the morning session [1] Group 2: Pharmaceutical Sector - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, indicating that innovative drugs remain a key investment theme [1] - The Hang Seng Biotechnology Index surged by 2.79% [1] - Ascentage Pharma-B (06855) rose by 8%, Kelun-Biotech (06990) increased by 7%, and Zai Lab (09688) gained 5.21% [1] - Kangfang Biotech (09926) saw a rise of over 11% as its first dual-antibody ADC drug AK146D1 entered clinical enrollment [2] - Innovent Biologics (01801) increased by over 6% following the approval of its drug Ma Shidu Peptide for commercialization [3] - CStone Pharmaceuticals-B (02616) rose by over 11% after disclosing two dual-specific antibody drug targets, CS2013 and CS2015 [4] - Sihuan Pharmaceutical (02096) gained 4.43% after its new generation anti-VEGF monoclonal antibody "Suvetizumab" was approved for market [5] Group 3: Other Sectors - Gaming stocks continued to rise, with Macau's June gaming revenue exceeding expectations, and Citigroup predicts growth momentum will continue in the second half of the year [5] - MGM China (02282) increased by 2.6%, and Melco International Development (00200) rose by 1.75% [5] - Wheelock Properties (01997) gained 7.32% as Hong Kong's retail sales value rebounded in May, leading Morgan Stanley to upgrade the company's rating [5] - Global New Material International (06616) rose by over 5% as the acquisition of Merck's surface solutions business is nearing completion [6] - Giant Star Legend (06683) increased by over 3% after its subsidiary invested USD 8 million in the Starlight New Economy Industry Fund [7] - Kingsoft (03888) fell nearly 7% as its new game "Unrestricted Machine" entered public testing, with market attention on its performance [8]

Core Insights - Company disclosed two proprietary bispecific antibody drug candidates targeting autoimmune/inflammatory diseases: CS2013 and CS2015, both showing potential as best-in-class or first-in-class therapies [1][2] - CS2013 targets BAFF and APRIL to block B cell and plasma cell development, with preclinical data indicating a synergistic effect and superior pharmacokinetic properties compared to fusion protein drugs [1] - CS2015 targets OX40L and TSLP, providing a new treatment strategy for type 2 inflammatory diseases such as atopic dermatitis and asthma, also showing long half-life and potential for subcutaneous administration [2] Company Strategy - The CEO emphasized the significant unmet needs in the autoimmune/inflammatory disease market, which is becoming the second-largest disease market after oncology, due to the variety of diseases and large patient base requiring lifelong treatment [2] - The development of CS2013 and CS2015 reflects the company's strategic expansion beyond oncology and its commitment to innovation aimed at improving global patient health [2] - The company plans to initiate IND preparation for new drug clinical trials in the second half of 2025 [1]