Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Company Overview - Rongchang Biopharmaceuticals is an innovative biopharmaceutical company based in Yantai, Shandong, China, established on July 4, 2008, and listed on March 31, 2022. The company focuses on antibody-drug conjugates (ADC), antibody fusion proteins, monoclonal antibodies, and bispecific antibodies [1] - The company aims to discover, develop, and commercialize innovative first-in-class and best-in-class biopharmaceuticals to address significant unmet clinical needs in autoimmune diseases, oncology, and ophthalmology [1] - The main revenue sources for the company are product sales (99.46%), material sales (0.38%), and leasing services (0.16%) [1] Market Performance - On September 19, Rongchang Biopharmaceuticals' stock fell by 5.02%, trading at 99.35 CNY per share, with a total transaction volume of 659 million CNY and a turnover rate of 3.98%. The company's total market capitalization is approximately 55.994 billion CNY [1] Fund Holdings - According to data, one fund under Jiashi Fund holds a significant position in Rongchang Biopharmaceuticals. Jiashi Xinhe One-Year Holding Period Mixed A (008664) held 14,900 shares in the second quarter, accounting for 0.38% of the fund's net value, ranking as the eighth-largest holding [2] - The fund has experienced a floating loss of approximately 78,200 CNY today [2] Fund Manager Profile - The fund manager of Jiashi Xinhe One-Year Holding Period Mixed A is Yang Yechao, who has been in the position for 9 years and 300 days. The total asset size of the fund is 1.878 billion CNY, with the best fund return during his tenure being 40.38% and the worst being -4.07% [3]

Group 1 - The Hong Kong innovative drug sector experienced a decline in the afternoon session on September 13, with notable drops in stock prices [1] - Innovent Biologics saw a decrease of over 7%, while Rongchang Biopharmaceutical and Green Leaf Pharmaceutical fell by more than 4% [1] - Other companies such as WuXi Biologics, Junshi Biosciences, and Kelun Pharmaceutical also experienced declines [1]

消息面上，9月18日，荣昌生物宣布，由公司自主研发的全球首创BLyS/APRIL双靶点融合蛋白创新药泰 它西普（RC18，商品名：泰爱 ）用于治疗全身型重症肌无力（gMG）中国Ⅲ期临床研究数据，即其用 以验证长期疗效的48周开放标签延长研究（OLE）数据，成功入选2025年美国神经肌肉和电生理诊断医 学协会年会（AANEM）口头报告，该年会将于当地时间10月29日至11月1日在美国加利福尼亚州旧金 山联合广场希尔顿酒店举行。 此外，荣昌生物日前在业绩说明会上表示，2021年8月，公司与美国西雅图基因公司（现被美国辉瑞公 司收购，Pfizer Inc.）达成一项全球独家许可协议，公司授权维迪西妥单抗（代号：RC48）在荣昌生物 区域（即除日本、新加坡以外的其他亚洲地区）以外地区的全球开发和商业化权益。目前，RC48在海 外的临床试验正在由Pfizer按计划推进中。 荣昌生物(09995)涨超8%，截至发稿，涨8.29%，报115港元，成交额2.22亿港元。 ...

Core Viewpoint - The Hong Kong Stock Connect Innovation Drug ETF (520880) has shown a rebound, indicating strong buying interest in innovative drug companies, with significant trading volume and price increases among key constituents [1][3]. Group 1: Market Performance - The Hong Kong Stock Connect Innovation Drug ETF (520880) experienced a price increase of over 2% shortly after market opening, with trading volume exceeding 1 billion yuan within 20 minutes [1]. - The ETF has been trading at a premium, reflecting strong demand, and has attracted capital for 12 consecutive days [3]. - The ETF's index has achieved a year-to-date increase of 119.75%, outperforming other innovative drug indices [4]. Group 2: Policy and Industry Developments - The National Medical Products Administration has introduced a "30-day review and approval channel" for clinical trial applications of qualifying innovative drugs, aimed at accelerating drug development [3]. - The industry is witnessing significant changes in seven innovative drug sectors, including next-generation IO, weight loss, small nucleic acids, and others, which are expected to create substantial market opportunities [3]. Group 3: Financial Performance - The Hong Kong innovative drug sector reported a net profit of 1.8 billion yuan in the first half of the year, marking a turnaround from losses to profitability [3]. - The innovative drug industry is entering a new cycle driven by profitability, indicating a clear inflection point in the fundamentals [3]. Group 4: ETF Composition Changes - The ETF has undergone a "purification" revision, removing CXO companies and focusing solely on 14 innovative drug research and development firms, enhancing its representation of the sector [4]. - The ETF is the largest and most liquid among its peers, with a fund size exceeding 1.7 billion yuan and an average daily trading volume of 521 million yuan since its inception [5].

Core Insights - Rongchang Biopharma (09995) shares rose over 8%, reaching HKD 115 with a trading volume of HKD 222 million [1] Group 1: Clinical Development - On September 18, Rongchang Biopharma announced that its self-developed innovative drug, RC18 (brand name: Tai'ai®), targeting both BLyS and APRIL, has successfully completed a 48-week open-label extension study for the treatment of generalized Myasthenia Gravis (gMG) [1] - The long-term efficacy data from this study has been selected for an oral presentation at the 2025 American Association of Neuromuscular and Electrodiagnostic Medicine (AANEM) annual meeting, scheduled for October 29 to November 1 in San Francisco, California [1] Group 2: Strategic Partnerships - Rongchang Biopharma disclosed during its earnings briefing that in August 2021, it entered into a global exclusive licensing agreement with Seattle Genetics (now acquired by Pfizer Inc.) for the global development and commercialization rights of RC48 outside of its region (excluding Japan and Singapore) [1] - Currently, the clinical trials for RC48 are being advanced as planned by Pfizer in overseas markets [1]

Core Viewpoint - RemeGen's telitacicept has shown promising results in treating generalized myasthenia gravis (gMG), with data from a 48-week open-label extension of a Phase III clinical study to be presented at the upcoming AANEM Annual Meeting, indicating its potential as a best-in-class therapy in this field [1][3]. Group 1: Clinical Study Results - The 24-week data from the Phase III study of telitacicept revealed that 98.1% of patients experienced a 3-point improvement in the Myasthenia Gravis Activities of Daily Living (MG-ADL) score, while 87% achieved a 5-point improvement in the Quantitative Myasthenia Gravis (QMG) score [3]. - The complete 48-week data presentation is expected to further emphasize telitacicept's efficacy and safety in treating gMG [3]. Group 2: Licensing and Development - In June 2025, RemeGen out-licensed telitacicept to Vor Bio, which is currently advancing a global multicenter Phase III clinical trial for gMG, with patient recruitment ongoing across multiple regions including the US, Europe, South America, and Asia-Pacific [4]. Group 3: Product Information - Telitacicept is the first-in-class injectable recombinant dual-target fusion protein that inhibits the binding of BLyS and APRIL cytokines to B cell receptors, addressing autoimmune diseases [5]. - The drug has already received approval in China for treating systemic lupus erythematosus (SLE), rheumatoid arthritis (RA), and generalized myasthenia gravis (gMG) [5]. Group 4: Market Context - Generalized myasthenia gravis is a rare autoimmune disorder affecting approximately 90,000 patients in the US, 140,000 in Europe, and 29,000 in Japan, highlighting a significant unmet clinical need for effective therapies [7].

Core Viewpoint - Rongchang Biopharma (688331.SH) has established a global exclusive licensing agreement with Seattle Genetics (now acquired by Pfizer Inc.) for the development and commercialization rights of RC48 outside of Japan and Singapore, with ongoing clinical trials being conducted by Pfizer as planned [1] Group 1 - The company is actively collaborating with Pfizer to support clinical development and regulatory submissions in overseas markets [1] - Key challenges in the internationalization process include regulatory differences across countries, complex market access policies, and dynamic competitive environments [1]

Group 1 - The Hong Kong innovative drug concept stocks experienced a significant decline on September 17, with major companies like China Biologic Products, Weiya Bio, and Fosun Pharma dropping over 4% [1] - Other companies such as Junshi Biosciences, Rongchang Biopharma, and Innovent Biologics also saw declines exceeding 3% [1]

Core Insights - The innovation drug industry in China is experiencing significant advancements in product research and development, with companies actively discussing their progress and strategies during the recent performance briefing session [1][2][3]. Group 1: Product Innovation and R&D Progress - Companies like Fudan Zhangjiang and Olin Bio are making notable advancements in their product pipelines, focusing on photodynamic therapy and vaccines for "super bacteria" [1][2]. - Fudan Zhangjiang is developing several drugs targeting conditions such as severe acne and bladder cancer, with ongoing clinical studies [2]. - Olin Bio is researching multiple vaccines for "super bacteria," aiming to initiate clinical trials for flu vaccines by mid-2025 [2]. Group 2: Business Expansion and Market Strategy - Companies are planning to expand their production capacity to support product commercialization, with Baiyao Tai focusing on launching several products that have completed Phase III clinical trials [3][4]. - Shian Bio is set to contribute significant revenue from its various vaccine products, including those for swine fever and other diseases [4]. Group 3: Internationalization and Market Entry - The trend of "going global" is a major focus for the domestic biopharmaceutical industry, with companies exploring diverse international pathways [5]. - Yuantong Bio is awaiting FDA approval for its naloxone nasal spray, marking a step towards international market entry [5]. - Aidi Pharmaceutical has received regulatory approval for its HIV treatment in Zanzibar, highlighting its international expansion efforts [6]. - Companies like Ailis and Haichuang Pharmaceutical are actively pursuing overseas partnerships and clinical trials to enhance their global presence [6][7].