Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 0.23% on November 27, with a trading volume of 1.149 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of November 26, 2024, the fund's shares totaled 9.88 billion, with a total size of 8.495 billion yuan, reflecting a significant increase in both shares and size compared to the previous year [1] Fund Performance - The fund's share count increased by 2398.89% and its size increased by 2148.37% from 3.95 million shares and 378 million yuan on December 31, 2024 [1] - Over the last 20 trading days, the cumulative trading amount reached 31.987 billion yuan, with an average daily trading amount of 1.599 billion yuan [1] - Since the beginning of the year, the cumulative trading amount has been 263.006 billion yuan, with an average daily trading amount of 1.201 billion yuan over 219 trading days [1] Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 68.86% during the management period [2] - The top holdings of the fund include companies such as BeiGene, CanSino Biologics, Innovent Biologics, and China National Pharmaceutical Group, with significant percentages of the portfolio allocated to these stocks [2] - The largest holding is BeiGene, accounting for 10.62% of the portfolio, followed closely by CanSino Biologics at 10.55% and Innovent Biologics at 10.21% [2]

Core Viewpoint - CITIC Securities reports that Kelun-Biotech's core product, Sacituzumab Govitecan, has received MNC recognition and global development capabilities, enhancing its potential in combination with Merck's Keytruda for ADC+IO applications. The accelerated global development process and imminent domestic commercialization lead to a target price of HKD 592, maintaining a "Buy" rating [1] Group 1: Product Development - Kelun-Biotech announced that its core product TROP2-ADC, Sacituzumab Govitecan, in combination with Pembrolizumab, achieved the primary endpoint in a Phase III clinical trial for PD-L1 positive non-small cell lung cancer (NSCLC) [1] - This trial marks the first positive Phase III study for ADC combined with immune checkpoint inhibitors in the first-line NSCLC setting globally, confirming the treatment potential of Sacituzumab Govitecan [1] Group 2: Pipeline and Market Potential - The positive trial results further validate the combined treatment potential of Sacituzumab Govitecan, alongside its three approved indications and multiple ongoing clinical trials, indicating a continuous realization of pipeline value [1]

Core Viewpoint - CITIC Securities reports that Kelun-Biotech (06990) has received MNC recognition for its core product, sac-TMT/SKB264/MK-2870, and is accelerating its global development capabilities, leading to a target price of HKD 592 and a "Buy" rating [1] Group 1: Product Development - The core product, TROP2ADC sac-TMT/SKB264/MK-2870, has achieved the primary endpoint in a Phase III clinical study for first-line treatment of PD-L1 positive non-small cell lung cancer (NSCLC) in combination with pembrolizumab [1] - This study marks the first positive Phase III result for an ADC combined with immune checkpoint inhibitors in the first-line NSCLC setting globally, confirming the treatment potential of sac-TMT/SKB264/MK-2870 [1] Group 2: Market Potential - The product has already received approval for three indications and has multiple ongoing clinical trials, indicating a continuous realization of pipeline value [1] - The combination of sac-TMT/SKB264/MK-2870 with Merck's Keytruda (pembrolizumab) further explores the potential of ADC + IO combination therapies [1]

Core Viewpoint - Morgan Stanley has a more positive outlook on Kelun-Botai Biopharmaceutical (06990), raising its revenue forecast for 2025 to 2033 by 1% to 10% and increasing the target price from HKD 499 to HKD 545, citing multiple catalysts expected in 2026 [1] Group 1 - The company recently announced positive data from the Phase III clinical trial of SKB264 (sac-TMT) in mainland China, marking the first successful Phase III trial for sac-TMT in first-line treatment of non-small cell lung cancer (NSCLC) [1] - This trial is also the first globally to demonstrate that the ADC+PD-1 combination therapy is superior to PD-1 monotherapy in first-line treatment of NSCLC [1] - Based on the trial results, the company plans to submit a supplemental new drug application (sNDA) for sac-TMT targeting the relevant indications in China [1]

Core Viewpoint - Kolon Biotech Inc. (06990) shares rose nearly 5% in early trading, reflecting positive market sentiment following the announcement of successful Phase III clinical trial data for SKB264 (sac-TMT) [1] Group 1: Clinical Trial Results - The recent Phase III clinical trial results for sac-TMT indicate a significant advancement, marking the first successful Phase III trial for sac-TMT in first-line treatment of non-small cell lung cancer (NSCLC) [1] - This trial is also noted as the first globally to demonstrate that the ADC+PD-1 combination therapy is superior to PD-1 monotherapy in first-line NSCLC treatment [1] Group 2: Financial Projections and Analyst Ratings - Following the positive trial results, the company plans to submit a supplemental new drug application (sNDA) for sac-TMT targeting relevant indications in China [1] - JPMorgan has raised its revenue forecasts for the company by 1% to 10% for the years 2025 to 2033, and increased the target price from 499 HKD to 545 HKD [1] - The firm continues to view the company positively, maintaining its "overweight" rating and identifying it as a preferred stock in the Chinese biopharmaceutical sector, anticipating multiple catalysts in 2026 [1]

每经AI快讯，科伦博泰生物-B(06990.HK)早盘涨近5%，截至发稿，涨4.31%，报469.6港元，成交额1.58 亿港元。 ...

基于结果，公司计划在国内提交sac-TMT针对有关适应症的补充新药申请(sNDA)。小摩表示，对公司的 看法更为积极，将其2025至2033年的收入预测上调1%至10%，目标价由499港元上调至545港元。因预 期2026年有多项催化剂出现，该行持续将公司列为中国生物医药板块中的首选标的，重申"增持"评级。 消息面上，科伦博泰生物近期公布有关SKB264(sac-TMT)第三期临床试验的数据，反映正面进展。摩根 大通发布研报称，这不仅是sac-TMT在非小细胞肺癌一线治疗的首个三期临床成功，更是全球首个证实 ADC+PD-1组合疗法优于PD-1单药治疗的非小细胞肺癌一线三期试验。 智通财经APP获悉，科伦博泰生物-B(06990)早盘涨近5%，截至发稿，涨4.31%，报469.6港元，成交额 1.58亿港元。 ...

该行对公司的看法更为积极，将其2025至2033年的收入预测上调1%至10%，目标价由499港元上调至 545港元。因预期2026年有多项催化剂出现，该行持续将公司列为中国生物医药板块中的首选标的，重 申"增持"评级。 摩根大通发表研究报告指，科伦博泰生物日前公布有关SKB264(sac-TMT)的内地第三期临床试验的数 据，反映正面进展。据该行了解，这不仅是sac-TMT在非小细胞肺癌一线治疗的首个三期临床成功，更 是全球首个证实ADC+PD-1组合疗法优于PD-1单药治疗的非小细胞肺癌一线三期试验。基于结果，公司 计划在国内提交sac-TMT针对有关适应症的补充新药申请(sNDA)。 ...

Core Insights - The article highlights the top short-selling stocks in the market, indicating significant investor skepticism towards these companies [1][2]. Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 87.71%, followed by Ping An Insurance-R (82318) at 69.65% and Shougang Resources (00639) at 62.81% [1][2]. - The short-selling amounts for Alibaba-SW (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) are the highest, amounting to 5.06 billion, 1.62 billion, and 1.17 billion respectively [1][2]. Deviation Values - Shougang Resources (00639) leads in deviation value at 48.27%, followed closely by Ping An Insurance-R (82318) at 46.76% and FIH Mobile Limited (02038) at 46.20% [1][2]. - The deviation value indicates the difference between the current short-selling ratio and the average short-selling ratio over the past 30 days, suggesting heightened market volatility for these stocks [3].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **innovative drug industry** in China, focusing on the **2026 outlook** and the ongoing **internationalization** of Chinese pharmaceutical companies [1][3][5][8]. Core Insights and Arguments - **Healthcare Negotiations**: Ongoing negotiations in healthcare are emphasizing tumor drugs, with innovative drugs receiving support but at potentially lower price reductions. The average price reduction for drugs is stabilizing around **60%** [2][4]. - **Commercial Insurance Directory**: The establishment of a commercial insurance directory for innovative drugs provides a second payment pathway for high-value drugs, benefiting CAR-T and ADC therapies [1][2]. - **Internationalization Phase 2.0**: Chinese pharmaceutical companies are entering the **2.0 phase** of internationalization, with a **60%** year-on-year increase in business development transactions, totaling **$88.26 billion** [3][5]. - **Focus on Innovative Technologies**: Key areas of focus include **ADC**, **I/O (immunotherapy)**, and **small nucleic acids**. Notable products and data releases are anticipated in these fields [1][6][7]. - **GLP-1 Market Potential**: The GLP-1 market is expected to grow significantly, with major companies like Eli Lilly, Roche, and AstraZeneca set to release critical clinical data in cardiovascular, diabetes, and obesity sectors [1][7]. Additional Important Content - **Collective Procurement Policies**: The latest round of collective procurement has introduced new focus areas such as maintaining clinical stability and ensuring quality, with price reductions stabilizing [4]. - **CRO Industry Recovery**: The CRO industry is experiencing a recovery, with significant growth in biopharmaceutical investments, particularly in the CDMO sector, which is benefiting from strong commercial demand [9][10]. - **Upstream Supply Chain and Equipment**: The domestic upstream supply chain and pharmaceutical equipment sectors are seeing improvements in profitability due to increased localization and technological upgrades [13]. - **Research Reagents Market**: The demand for research reagents is strong, driven by increased funding for research, with domestic brands improving in quality and responsiveness [14]. - **Impact of Global Expansion**: Local companies are leveraging global expansion strategies to alleviate domestic price pressures and enhance their competitive positioning in the international market [15]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the innovative drug industry in China.