Group 1 - Hong Kong's Hang Seng Index rose by 0.04%, gaining 11 points to close at 26,840 points, while the Hang Seng Tech Index increased by 0.63% [1] - Shanghai Electric (02727) surged by 15.72%, with its A-shares hitting the daily limit, driven by positive developments in the controllable nuclear fusion sector [1] - Huahong Semiconductor (01347) climbed 6.75%, reaching a new high as domestic supply chain localization accelerates, with local foundry demand expected to expand rapidly [1] - Jiangxi Copper (00358) increased by 11%, being a leading copper smelting company in China, with a potential resumption of production at a copper mine owned by First Quantum [1] - Luoyang Molybdenum (03993) rose by 8%, as cobalt prices surged over 11% in the previous two days due to strict export controls in the Democratic Republic of Congo [1] - Hang Seng Bank (00011) jumped 26% following HSBC's recommendation to privatize the bank [1] - Solar stocks saw gains in early trading, with prices in the photovoltaic industry chain continuing to rise in September, particularly in upstream sectors [1] - High-speed rail infrastructure stocks led the gains, with record railway investment progress and the initiation of the "14th Five-Year" railway development planning [1] Group 2 - ZTE Corporation (00763) saw both A and H shares rise, with the overseas debut of its Co-Sight super intelligent system indicating positive growth potential in the enterprise AI market [2] Group 3 - Mixue Group (02097) rose 8.96% despite market trends, making a forward-looking investment in fresh beer brand Fulu, expanding its "tea + coffee + fresh beer" portfolio [3] - The Hang Seng Biotechnology Index fell by 3.52%, with several constituent stocks like Innovent Biologics (09969) and Sino Biopharmaceutical (01177) experiencing declines of over 6% [3] - Smoore International (06969) dropped over 9%, having fallen more than 30% from its yearly high, with UBS projecting lower earnings than market consensus [3]

每经AI快讯，10月9日，港股生物医药股普跌，其中，诺诚健华跌超11%，荣昌生物跌超9%，科伦博泰 生物-B跌超7%，泰格医药、药明合联跌超6%，康方生物跌超5%。 ...

Core Insights - 诺诚健华 and Zenas BioPharma have entered into a licensing agreement for the global development and commercialization rights of 奥布替尼 in multiple sclerosis and other non-oncological indications [1][2] - Zenas will pay up to $100 million in upfront and milestone payments, with total transaction value exceeding $2 billion [1][2] - 奥布替尼 is a potential best-in-class oral BTK inhibitor with strong CNS penetration, currently undergoing clinical trials for multiple sclerosis [2][3] Group 1 - Zenas will receive exclusive global rights for 奥布替尼 in multiple sclerosis and non-oncological indications outside Greater China and Southeast Asia [2] - 诺诚健华 retains global rights for 奥布替尼 in oncology and in non-oncological indications within Greater China and Southeast Asia [2] - Zenas also gains rights to a novel oral IL-17 AA/AF inhibitor and a CNS-penetrant oral TYK2 inhibitor [1][2] Group 2 - A Phase III clinical trial has been initiated to evaluate the safety and efficacy of 奥布替尼 in primary progressive multiple sclerosis patients [2] - Zenas plans to start a second Phase III trial for secondary progressive multiple sclerosis in Q1 2026 [2] - In a previous Phase II trial, 奥布替尼 significantly reduced the number of new Gd+ T1 MRI brain lesions compared to placebo, demonstrating sustained reduction in inflammatory activity [3]

Core Viewpoint - The Hong Kong pharmaceutical sector experienced a significant decline on October 9, with the Hang Seng Biotechnology Index dropping over 5%, influenced by external factors such as U.S. tariff announcements on pharmaceutical products [1][3]. Group 1: Market Performance - The Hang Seng Hong Kong Stock Connect Innovative Drug ETF (520880) saw a decline of over 1% after initially opening up 1.75% [1]. - The Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index recorded a weekly increase of 6.54% during the previous week, reflecting a positive trend before the recent downturn [1]. - Notable declines were observed in key stocks, with Innovent Biologics and China Biologic Products falling over 8% and 7% respectively [1]. Group 2: External Influences - U.S. President Trump's announcement on September 25 regarding a 100% tariff on pharmaceutical products without U.S. manufacturing facilities starting October 1, 2025, has raised concerns for Chinese innovative drug companies heavily reliant on the U.S. market [1][3]. - Southwest Securities predicts that companies with direct export capabilities to the U.S. without local manufacturing will face short-term pressure, while those utilizing business development (BD) strategies will be less affected [3]. Group 3: Future Outlook - Upcoming industry conferences, such as ESMO (October 17-21) and ASH (December), are expected to serve as catalysts for the innovative drug sector [3]. - The fourth quarter will see the implementation of domestic policy changes, including adjustments to the medical insurance catalog, which may impact the sector positively [3]. - The fund manager of the Hong Kong Stock Connect Innovative Drug ETF (520880) indicated that the current market adjustment could present a buying opportunity for high-quality innovative drug companies [3]. Group 4: ETF Characteristics - The Hong Kong Stock Connect Innovative Drug ETF (520880) is the first ETF tracking the Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index, focusing exclusively on innovative drug R&D companies [4]. - The index has shown a year-to-date increase of 119.75%, outperforming other innovative drug indices, and aims to avoid the influence of contract research organizations (CROs) on its performance [5].

Summary of InnoCare Pharma (9969.HK) Conference Call Company Overview - **Company**: InnoCare Pharma (9969.HK) - **Partner**: Zenas BioPharma (ZBIO) - **Focus**: Global development of Orela (orelabrutinib) for multiple sclerosis (MS) and other non-oncology diseases Key Points Licensing Agreement with Zenas - InnoCare announced a licensing deal with Zenas for three assets, including: - Ex-China/Southeast Asia rights for orelabrutinib in MS and non-oncology diseases - Global rights for a preclinical oral brain-penetrant TYK2 inhibitor - A preclinical oral IL-17AA/AF inhibitor - Financial terms include: - Upfront cash payments of **US$100 million** - **7 million** new shares of Zenas upon achieving a milestone in early 2026 (valued at approximately **US$145 million** at **US$20.85/share**) - Development/regulatory/commercial milestone payments of up to **US$1.4 billion** - Tiered royalties on net sales [1][2][4] Clinical Development and Market Potential - Zenas is currently completing a phase 2 study on RMS for its core asset obexelimab but faces challenges in moving to phase 3 due to recruitment difficulties and financial constraints. - There is a higher chance for Zenas to prioritize Orela's phase 3 studies for PPMS and SPMS due to significant unmet medical needs, with a total addressable market (TAM) estimated at **US$12 billion** for PPMS and SPMS [4][5]. - Orela is noted for its best-in-class potential with high selectivity, CNS penetration, and low IC90, indicating high potency [4]. Execution and Recruitment Track Record - Zenas has demonstrated effective patient recruitment, completing enrollment of **93 patients** in about **9 months** for its phase 2 study, comparable to Roche's fenebrutinib study [4]. Financial Considerations - Zenas has a cash balance of **US$305 million** as of September, with a **US$120 million** raise and **US$100 million** payment due in 2025/2026 for the deal. - Additional funding may be required over the next three years to support ongoing and upcoming studies, including Orela's two phase 3 studies with a combined enrollment of approximately **1700 patients** [5]. Preclinical Assets - Zenas plans to start phase 1 on ZB021 (oral IL-17A/F inhibitor) in 2026, with preclinical data showing high potency. - ZB022, a brain-penetrant TYK2 inhibitor, is also in development, awaiting further data to validate its potential for neuroinflammatory and neurodegenerative diseases [6]. Earnings Forecast and Valuation Changes - Earnings forecasts for 2025E/2026E/2027E have been revised up by **Rmb116 million/Rmb204 million/Rmb204 million** due to the licensing deal. - The price target for InnoCare's H-Share has changed to **HK$22.89** (previously **HK$20.59**), and for the A-Share to **Rmb44.10** (previously **Rmb39.66**) [7][10]. Risks and Challenges - Key risks include R&D challenges for clinical assets, lack of a proven commercialization track record, pricing uncertainties, potential entry of generic ibrutinib in 2027 in China, and below-expected progress in global expansion [10]. Competitive Landscape - The competitive landscape for drugs targeting SPMS/PPMS includes Roche's Ocrevus and Sanofi's tolebrutinib, with limited competition for Orela in these indications [9]. Conclusion - The partnership with Zenas is seen as a strategic move for InnoCare to enhance the development of Orela in MS, with significant financial backing and market potential. However, careful monitoring of financial health and competitive dynamics will be essential for future success [1][4][10].

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.6% and the Hang Seng Tech Index decreasing by 0.22% [1] Group 1: Market Performance - The pharmaceutical sector faced significant losses, with notable declines in specific companies [1] - Nocera Healthcare and SiHuan Pharmaceutical both dropped over 8% [1] - China Biologic Products and Hansoh Pharmaceutical saw declines exceeding 4% [1]

每经AI快讯，10月9日，港股创新药板块普遍回调，四环医药、诺诚健华跌超8%，科伦博泰生物跌超 6%，信达生物跌超5%。 ...

Group 1 - The core point of the news is that Nocera Biopharma's stock price dropped by 5.33% to 27.00 CNY per share, with a trading volume of 305 million CNY and a turnover rate of 3.99%, resulting in a total market capitalization of 47.645 billion CNY [1] - Nocera Biopharma, established on November 3, 2015, and listed on September 21, 2022, focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases [1] - The company's revenue composition includes 87.67% from drug sales, 12.04% from technology licensing, and 0.15% each from testing and research services [1] Group 2 - Dongzheng Asset Management has a fund that heavily invests in Nocera Biopharma, with the "Oriental Red Medical Upgrade Stock Initiation A" fund reducing its holdings by 865,300 shares, now holding 2.6276 million shares, which represents 4.55% of the fund's net value [2] - The fund has experienced a floating loss of approximately 3.9939 million CNY due to the reduction in holdings [2] - The "Oriental Red Medical Upgrade Stock Initiation A" fund was established on March 29, 2022, with a current size of 481 million CNY, achieving a year-to-date return of 76.91% and a one-year return of 67.24% [2]

消息面上，诺诚健华发布公告称，公司的全资子公司InnoCare Pharma Inc.与Zenas BioPharma, Inc.（以下 简称"Zenas"）签署授权许可协议，将具有自主知识产权的产品奥布替尼及2项临床前资产有偿许可给 Zenas，使其可以开发、生产、商业化或以其他方式利用该等产品。Zenas将向公司支付1亿美元的首付 款和近期里程碑付款，包括预计在2026年实现里程碑时支付的现金，以及授予公司700万普通股股票， 包括预计在2026年初实现里程碑时发行的股票。本次交易首付款及近期里程碑付款，潜在的研发及注册 里程碑付款，以及潜在的商业化里程碑付款总额合计超过20亿美元。此外，公司有权按许可产品年度净 销售额收取最高达高百分之十几的分层特许权使用费。 北京商报讯（记者 丁宁）10月9日，诺诚健华（688428）高开10.17%，开盘价为31.42元/股。 ...

Core Insights - Nocera Biopharma experienced a stock price increase of 9.99%, reaching 31.37 CNY per share, with a trading volume of 113 million CNY and a turnover rate of 1.40%, resulting in a total market capitalization of 55.357 billion CNY [1] Company Overview - Nocera Biopharma, established on November 3, 2015, and listed on September 21, 2022, is based in Beijing, China. The company focuses on the research, production, and commercialization of biopharmaceuticals, particularly in oncology and autoimmune diseases, addressing unmet clinical needs [1] - The company's product pipeline includes ICP-022, ICP-B04, ICP-490, ICP-192, and ICP-723, among others. Its primary business operations are conducted in China and the United States [1] - Revenue composition is as follows: 87.67% from drug sales, 12.04% from technology licensing, and 0.15% each from testing and research services [1] Fund Holdings - According to data, one fund under ICBC Credit Suisse holds a significant position in Nocera Biopharma. The fund, ICBC Credit Suisse Zhaorui One-Year Holding Mixed A (014799), held 119,500 shares in the second quarter, accounting for 0.82% of the fund's net value, ranking as the tenth largest holding [2] - The fund has a current scale of 319 million CNY and has achieved a year-to-date return of 13.65%, ranking 5569 out of 8238 in its category. Over the past year, it has returned 17.39%, ranking 4651 out of 8082, and since inception, it has returned 16.59% [2] Fund Manager Information - The fund manager of ICBC Credit Suisse Zhaorui One-Year Holding Mixed A is Zhao Jian, who has been in the position for 3 years and 235 days. The total asset size of the fund is 17.478 billion CNY, with the best return during his tenure being 16.35% and the worst being 0.08% [3]