【今日头条】 港交所：下调香港证券市场股票最低上落价位的第一阶段将于8月4日推出 智通财经APP获悉，继2025年6月21日(星期六)成功完成市场演习，交易所参与者确认其准备就绪，及获 得相关监管机构批准后，港交所7月21日宣布，下调香港证券市场股票最低上落价位的第一阶段("第一 阶段")将于2025年8月4日(星期一)推出。另参照今日于港交所网站发布的客户通告(编号： MDD/25/369)，"香港交易所领航星"市场数据平台—证券市场("OMD-C")及内地市场数据枢纽-证券市场 ("OMD-CMMDH")之价位表代码亦将于第一阶段推出时相应更新。 恒生港股通创新药精选指数的编算方法调整 据恒生指数公告，恒生港股通创新药精选指数的编算方法将有以下更新：修改选股范畴，流动性和行业 要求；删除主题和基本因子要求；修改成份股挑选方法以及调整比重上限。此新编算方法将于截至2025 年6月30日之指数检讨时生效，而相关的成份股变动将于2025年9月8日实施。 【大势展望】 纳指、标普再创新高 贵金属、金属与采矿板块涨幅居前 隔夜美股截至收盘，道琼斯工业平均指数比前一交易日下跌19.12点，收于44323.07点，跌幅 ...

Group 1 - The Hang Seng Index rose by 0.33%, gaining 79 points to reach 24,261 points, while the Hang Seng Tech Index fell by 0.33% [1] - Insurance funds continue to increase holdings in Chinese bank stocks, with institutions indicating significant valuation recovery potential for Hong Kong bank stocks [1] - Bank of Communications (01988) rose by 3.47%, China Everbright Bank (06818) increased by 1.86%, and Industrial and Commercial Bank of China (01398) gained 1.68% [1] - Three-Synch Pharmaceutical (01530) surged over 11% to a new high after reaching a significant licensing agreement with Pfizer, with strong ASCO data performance [1] - Innovent Biologics (01801) rose over 3.42%, with a year-to-date increase of over 120%, as Morgan Stanley anticipates further clinical catalysts to boost stock performance [1] - InnoCare Pharma-B (09606) increased by 13%, recently disclosing clinical data for DB-1310, attracting attention from international pharmaceutical giants [1] - China Rare Earth (00769) surged over 17%, following a 60% increase in trading volume, with positive signals for rare earth exports [1] - Pop Mart International (09992) rose by 2.47%, continuing to set historical highs, with its Labubu brand gaining global popularity [1] - Airline stocks continued their recent upward trend, benefiting from falling oil prices and the appreciation of the Renminbi, with institutions optimistic about airline profitability [1] - Air China (00753) rose by 4.5%, China Eastern Airlines (00670) increased by 4.42%, China Southern Airlines (01055) gained 4.18%, and BOC Aviation (02588) rose by 3.42% [1] Group 2 - Zhi Zi Cheng Technology (09911) rose over 7%, approaching historical highs, as the company plans to establish its global headquarters in Hong Kong, with institutions optimistic about future profit margin improvement [2] - Dekang Agriculture and Animal Husbandry (02419) increased by 4.97% to a new high, with the company reporting sales of 869,400 pigs in May, drawing market attention to industry capacity regulation progress [2] - Shide Global (00487) surged nearly 140%, as Australia’s Crown Resorts expressed interest in acquiring the property where the Sixteen Piers Casino is located [2]

Investment Rating - The report initiates coverage with an OUTPERFORM rating, targeting a price of HK$269.70 from a current price of HK$214.40 [1]. Core Insights - The company is positioned as a leading player in the ADC industry, with a robust pipeline of 12 self-developed ADC candidates, 7 of which are in clinical development, and aims to become China's equivalent of Daiichi Sankyo [3][8]. - The company has established significant global partnerships, including collaborations with BioNTech and others, with a total transaction value exceeding US$6 billion, enhancing its competitive edge in the ADC market [4][22]. - The management team is highly internationalized and experienced, focusing on unmet clinical needs and demonstrating strong operational efficiency [6][19]. Financial Projections - Revenue projections for FY25-27 are estimated at RMB 9.75 billion, RMB 11.7 billion, and RMB 16.1 billion respectively, with net profits expected to be negative in the initial years but improving towards FY27 [7]. - The company utilizes a risk-adjusted discounted cash flow (DCF) model for valuation, with a WACC of 10.0% and a perpetual growth rate of 3.5% [7]. Pipeline and Development - The company has a diverse ADC pipeline targeting various cancers, including DB-1303 (HER2 ADC) and DB-1311 (B7-H3 ADC), with significant clinical progress and potential market opportunities [8][31]. - DB-1303 is expected to submit a New Drug Application (NDA) to the FDA in 2025, with a peak sales potential of US$2 billion, while DB-1311 is also advancing in clinical trials with promising data [31][32]. Strategic Collaborations - The company has formed strategic alliances with major pharmaceutical companies, enhancing its research capabilities and market reach, including a notable partnership with BioNTech for ADC development [22][26]. - The collaborations are expected to accelerate the development of ADC therapies and maximize their global value [24][26]. Management and Expertise - The management team includes industry veterans with extensive experience in drug development and investment, which supports the company's strategic direction and operational efficiency [19][21]. - The company benefits from a scientific advisory board composed of renowned ADC experts, further strengthening its research and development capabilities [20].

Group 1 - The core viewpoint of the news is that InnoCare Pharma (映恩生物-B) has seen a significant stock price increase, reaching a new high of 243.2 HKD, driven by positive market sentiment and strong research and development prospects [1][2] - InnoCare Pharma has a rich pipeline of self-developed ADCs, including DB-1303/BNT323 targeting HER2-positive endometrial cancer, with plans to apply for accelerated approval from the FDA this year [1] - The company is also developing DB-1311/BNT324 for small cell lung cancer and DB-1310 for non-small cell lung cancer, focusing on differentiated strategies [1] Group 2 - The company has established multiple strategic partnerships to accelerate the development of its product line in key global markets, despite its short operational history since its establishment in 2019 [2] - InnoCare Pharma aims to become the preferred partner for global biopharmaceutical companies in the ADC field, with its high-quality collaborations validating the value of its platform and product line [2] - The company's collaborative model is highly replicable, laying a solid foundation for continuous innovation and growth in the future [2]

Core Viewpoint - The article discusses the preliminary results of clinical trials for DB-1310 and DB-1311 by the Chinese ADC company, InnoCare Pharma, presented at the 2025 ASCO annual meeting, highlighting the potential of these drugs in treating advanced solid tumors and castration-resistant prostate cancer. Group 1: Clinical Trial Results - DB-1310, an HER3 ADC drug, is currently in Phase I/IIa clinical trials, focusing on safety, tolerability, pharmacokinetics, and preliminary anti-tumor activity in patients with advanced/metastatic solid tumors [2] - Among 123 evaluable patients, the preliminary objective response rate (ORR) was 31%, with a disease control rate (DCR) of 84%, indicating that nearly one-third of patients showed tumor shrinkage upon first evaluation [2] - In the subgroup of patients with EGFR mutation non-small cell lung cancer (NSCLC), the ORR reached 44%, and the DCR was 91%, with a median progression-free survival of 7 months and a median overall survival of 18.9 months [3] Group 2: Competitive Landscape - In the ADC field, Chinese companies are leading, with 11 HER3 ADC drugs in clinical stages globally, 8 of which are from domestic firms, including InnoCare Pharma [4] - The Japanese company Daiichi Sankyo reported Phase III trial results for its HER3 ADC, Patritumab deruxtecan, showing a median progression-free survival of 5.8 months and an ORR of 35.2% [4] - The withdrawal of the BLA for Patritumab deruxtecan by Merck and Daiichi Sankyo may impact the competitive landscape for similar drugs being developed by InnoCare Pharma [5][6] Group 3: Future Directions - The company is optimistic about the therapeutic potential of HER3 as a target across various cancers, including breast cancer, melanoma, ovarian cancer, and pancreatic cancer, which are associated with poor prognosis and resistance to existing therapies [6] - DB-1310's molecular design differs significantly from that of Daiichi Sankyo's drug, allowing it to block HER2 and HER3 dimerization and inhibit NRG binding to HER3, suggesting a unique mechanism of action [6] - The company plans to release more data on DB-1310's efficacy in EGFR wild-type lung cancer and breast cancer in the future [6]

瞿依贤 上市首日涨超110%、暗盘交易涨超80%、国际配售获13.52倍超额认购、港股18A生物科技板块最大融 资额……2025年4月中旬，映恩生物（09606.HK）在港股IPO，创下港股18A生物科技板块多项纪录。 上市当天，医药行业不少创始人、高管、投资人都更新朋友圈表示祝贺——行业里无IPO久矣，更别提 不破发还大涨的IPO。 5月中旬，映恩生物创始人、董事长兼CEO朱忠远对经济观察报回忆起在港交所的敲钟仪式，直言虽然 曾作为投资人多次参加敲钟仪式，但自己创办的公司敲钟，在个体感受上还是很不一样，"同事、投资 人、中介机构、港交所的工作人员都很激动。我大概高兴了一周吧，高兴完了还是继续干活"。 映恩生物成立于2020年，用5年时间就走过其他创新药企10年的发展历程，目前是ADC（抗体偶联药 物）赛道上的明星创新药企。因为首席科学官邱杨曾在日本跨国药企第一三共担任开发ADC的高管， 科学顾问委员会也有不少人来自第一三共，且赛道选择了ADC，不乏有人用"中国版的第一三共"来定义 映恩生物。 朱忠远认为这个定义并不准确，虽然映恩生物选择的是ADC赛道，但他想带领映恩生物走上国际舞 台，成为全球药企。 "到底 ...

以下文章来源于超越 J Curve ，作者超越J曲线 超越 J Curve . 用数据延伸你的阅读 本期带来2025年4月IPO报告，消费行业账面退出回报最高，汽车交通行业募资增长显著。 作者丨 投中研究院 2025年4月，共24家中国企业在A股、港股及美股成功IPO，募资总金额146亿元；本月IPO募资金额 TOP5企业依次为天有为、霸王茶姬、映恩生物、正力新能、泰鸿万立；IPO集中行业为汽车交通、消 费、医疗健康、能源及矿业、化学工业；IPO集中地域为江苏、黑龙江、北京、浙江、广东。 将投中网设为"星标⭐"，第一时间收获最新推送 来源丨 超越 J Curve 核心发现 第一部分 2025年4月，共计24家中国企业在A股、港股、美股成功IPO，合计募资146亿元； A股IPO回归常态；港股A+H赛道火热；中企美股IPO数量创一年新高； VC/PE机构IPO渗透率为50%。 中国企业IPO分市场分析 A股IPO回归常态 港美IPO持续活跃 2025年4月，共计24家中国企业在A股、港股以及美股成功IPO，IPO数量同比上涨50%，环比不变； IPO募资金额共计146亿元，同比上涨1.52倍 ，环比下降9.88 ...

Group 1 - The Hong Kong pharmaceutical stocks are experiencing a strong performance, with notable gains in several companies [1] - Yiming Anke-B (01541.HK) has increased by 8.38%, while Cornerstone Pharmaceuticals-B (02616.HK) has risen by 7.82% [1] - Other companies such as Baijie Shenzhou (06160.HK), Jakes-B (01167.HK), and Ying'en Biotechnology-B (09606.HK) have also shown positive movements, with increases of 3.25%, 2.80%, and 2.68% respectively [1]

Core Viewpoint - The report from Guotai Junan initiates coverage on InnoCare Pharma (09606) with an "Accumulate" rating, highlighting the company's focus on ADC drug development and its global market expansion through multiple licensing agreements, with core products entering a harvest phase. Revenue projections for 2025-2027 are estimated at 1.6 billion, 1.976 billion, and 2.207 billion yuan, respectively, with a target price of 300.70 HKD per share [1]. Group 1 - DB-1303 is positioned as a superior alternative to Enhertu, with a leading global clinical follow-up. It targets HER2+ breast cancer and is expected to file for U.S. approval in H2 2025, with a domestic peak sales potential of 2.6 billion yuan and U.S. peak sales potential of 1.6 billion USD [2]. - DB-1311 shows promising therapeutic potential for small cell lung cancer (SCLC) and castration-resistant prostate cancer (CRPC), with no existing B7-H3 therapies approved globally. It is expected to lead breakthroughs in treatment, with domestic peak sales potential of 600 million yuan and U.S. peak sales potential of 1.1 billion USD [2]. Group 2 - The company has a rich pipeline with four ADC technology platforms: DITAC, DIBACDIMAC, and DUPAC, with several products entering clinical stages and expected to yield proof-of-concept (POC) data soon. DB-1305 is exploring a combination therapy, while DB-1310 and DB-1312 are also progressing well in their respective clinical trials [3].

Core Viewpoint - The company, Innovent Biologics, has successfully transitioned from a "domestic ADC dark horse" to a "star player in the Hong Kong 18A sector," achieving the largest fundraising scale in the biotech sector since 2022 and leading the IPO first-day gain rankings for 2025 in Hong Kong [1][2]. Fundraising and IPO Performance - Innovent Biologics' IPO price was set at HKD 94.60 per share, raising approximately USD 211 million (around RMB 1.54 billion), with the total amount potentially increasing to USD 243 million upon full exercise of the greenshoe option, marking the largest IPO in the Hong Kong 18A sector in nearly four years [1]. - On its first trading day, the stock surged by 116.7%, reaching a peak price of HKD 222, a significant increase of 134.67% from the IPO price, with total trading volume exceeding HKD 2 billion, reflecting strong market confidence in the company [1]. Investment Interest and Strategic Partnerships - Prior to the IPO, Innovent Biologics attracted significant interest from investors, securing commitments from 15 cornerstone investors totaling USD 65 million (approximately HKD 505 million), including prominent firms like BioNTech SE and Eli Lilly, as well as top domestic funds [2]. - The company is positioned as a key player in the ADC field, focusing on developing innovative ADC drugs for cancer and autoimmune diseases, which is crucial for long-term investment considerations [2]. R&D Capabilities and Product Pipeline - The core value of ADC innovation companies lies in platform and drug value, and Innovent Biologics boasts a strong technical team with over 20 years of experience, having developed four next-generation ADC technology platforms and a differentiated pipeline of 13 self-developed ADC candidates [3]. - The company has received recognition from international authorities for its core technologies and pipeline, with three products, including DB-1303 and DB-1311, having received FDA fast track designations, and DB-1303 also recognized as a breakthrough therapy [3]. Market Position and Future Outlook - Innovent Biologics has established itself as a leader in ADC drug innovation, securing over USD 6 billion in total value from multiple business development transactions with top global pharmaceutical companies since 2023 [4]. - The company is transitioning its growing innovation potential into commercial momentum, with a clear path to revenue generation and cash flow from clinical development, setting the stage for further valuation growth as core products reach the market [4].