智通财经APP获悉，港股未能延续昨日强劲走势，三大指数集体高开低走。其中，恒科指表现最弱，午 后一度挫逾1%。截止收盘，恒生指数跌0.37%或94.35点，报25519.32点，全日成交额为2701.21亿港 元；恒生国企指数跌0.23%，报9128.93点；恒生科技指数跌0.97%，报5576.03点。 招商证券指出，在当前经济弱复苏/稳定复苏的环境下，流动性驱动仍然是股票市场的一个主要特点， 市场风险偏好的变化主导市场节奏，短期市场对国内政策预期有所降温；未来阶段市场将通过 7月和8 月的通胀数据、8月就业数据、8月下旬的Jackson Hole年会等对美联储降息预期进行修正，这可能导致 未来阶段美元指数的波动增大。同时考虑到当前港股市场情绪处于较高水平，在外部环境波动增大情况 下，港股可能进入阶段性震荡行情。 蓝筹股表现 李宁(02331)领涨蓝筹。截至收盘，涨5.88%，报18港元，成交额10.62亿港元，贡献恒指3.62点。星展表 示，公司已改善线下及电子商务渠道的零售折扣率，预计李宁2025及2026财年销售额，将分别温和增长 1%和6%，受跑步及户外服饰类别的稳定增长，及即将在意大利米兰举行的2 ...

Core Insights - The company has successfully completed a Phase III clinical trial for its innovative drug, Tai'ai (RC18), targeting primary Sjögren's syndrome, achieving the primary endpoints as per the study design [1][3] Group 1: Drug Development and Clinical Research - Tai'ai is a dual-target fusion protein developed by the company, designed to inhibit the overactivation of autoreactive B cells, which is a significant pathological basis for the onset of Sjögren's syndrome [2] - The Phase III clinical trial was a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the efficacy and safety of Tai'ai in patients with primary Sjögren's syndrome [1][3] - Results from the clinical study indicate that Tai'ai can sustainably and effectively improve clinical symptoms in patients, demonstrating good efficacy and safety [3] Group 2: Market and Clinical Need - Primary Sjögren's syndrome is a chronic inflammatory autoimmune disease with a prevalence rate in China ranging from 0.3% to 0.7%, indicating a growing unmet clinical need [1] - The company plans to submit a marketing application to the National Medical Products Administration (NMPA) in China, with detailed data expected to be presented at major international academic conferences [3]

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has achieved the primary endpoint in the Phase III clinical trial of its innovative drug, Taitasip (BLyS/APRIL dual-target fusion protein), for the treatment of primary Sjögren's syndrome (pSS) and plans to submit a marketing application to the National Medical Products Administration (NMPA) [2]. - There is a large patient base for Sjögren's syndrome in China, with an estimated prevalence of 0.3%-0.7%, translating to approximately 4.2 to 9.8 million patients, and the demand for effective treatments is significant due to the limited availability of specialized therapies [3]. - The company is progressing rapidly in the development of Taitasip, which has a clear first-mover advantage in the domestic market, as it is among the few innovative therapies for Sjögren's syndrome currently in clinical trials [3]. - Taitasip has demonstrated good efficacy and safety in its Phase II clinical trial, with no deaths or serious adverse events reported [3]. - The company is also advancing its PD-1/VEGF dual antibody, RC148, which has received FDA IND approval and is expected to enter international Phase II clinical trials [4]. Financial Forecast and Valuation - The company is projected to achieve revenues of 2.339 billion RMB, 3.247 billion RMB, and 4.597 billion RMB in 2025, 2026, and 2027, respectively, with a net profit of -855 million RMB, -90 million RMB, and 362 million RMB in the same years [5][9]. - The revenue growth rates are expected to be 40.26%, 58.54%, 36.26%, 38.78%, and 41.58% from 2023 to 2027 [9].

Group 1 - The core viewpoint of the news highlights the performance of the Sci-Tech Innovation Board, with Rongchang Biologics leading the gains at 9.77% and the overall market showing mixed results [1] - Rongchang Biologics announced the successful completion of the primary endpoint in the Phase III clinical trial of its innovative drug, RC18 (brand name: Tai Ai®), for the treatment of primary Sjögren's syndrome (pSS) [1] - Jianghai Securities emphasizes that innovation-driven growth and internationalization are the main themes in the industry, with increased policy support for innovative drugs and enhanced R&D capabilities of domestic pharmaceutical companies [1] Group 2 - The Sci-Tech 100 ETF (588800) closely tracks the Sci-Tech 100 Index, which is the first and only mid-cap style index on the Sci-Tech Innovation Board, focusing on high-growth tech companies in the semiconductor, pharmaceutical, and new energy sectors [2]

Group 1 - The Hong Kong stock market's biopharmaceutical sector has shown strong performance, with Rongchang Biologics rising over 14% [1] - Other companies in the sector, including Tigermed, Innovent Biologics, and WuXi Biologics, also experienced gains [1]

本文源自：智通财经网 消息面上，荣昌生物发布公告，公司自主研发的BLyS/APRIL双靶点融合蛋白创新药泰它西普（RC18， 商品名：泰爱 ）用于治疗原发性干燥综合征（pSS）的Ⅲ期临床研究，达到方案设计的临床试验主要研 究终点。 智通财经获悉，荣昌生物(09995)高开近5%，截至发稿，涨4.7%，报71.35港元，成交额1184.41万港 元。 公告称，泰它西普已经在中国完成治疗原发性干燥综合征的Ⅲ期临床研究，达到方案设计的临床试验主 要研究终点。临床研究结果显示，泰它西普可持续有效改善干燥综合征患者的临床症状，显示良好的有 效性和安全性。公司将尽快向国家药品监督管理局药品审评中心(CDE)递交上市申请，详细数据将在国 际重大学术会议上公布。 ...

Core Viewpoint - Rongchang Biologics (09995) experienced a nearly 5% increase in opening price, currently up 4.7% at HKD 71.35, with a trading volume of HKD 11.84 million [1] Group 1: Clinical Research Announcement - The company announced that its self-developed BLyS/APRIL dual-target fusion protein innovative drug, Tai'aisip (RC18), has successfully completed Phase III clinical trials for the treatment of primary Sjögren's syndrome (pSS), achieving the primary endpoint as per the study design [1] - The clinical research results indicate that Tai'aisip can sustainably and effectively improve the clinical symptoms of patients with Sjögren's syndrome, demonstrating good efficacy and safety [1] - The company plans to submit a marketing application to the National Medical Products Administration (NMPA) Drug Evaluation Center (CDE) as soon as possible, with detailed data to be presented at major international academic conferences [1]

智通财经APP获悉，荣昌生物(09995)高开近5%，截至发稿，涨4.7%，报71.35港元，成交额1184.41万港 元。 消息面上，荣昌生物发布公告，公司自主研发的BLyS/APRIL双靶点融合蛋白创新药泰它西普（RC18， 商品名：泰爱 ）用于治疗原发性干燥综合征（pSS）的Ⅲ期临床研究，达到方案设计的临床试验主要研 究终点。 公告称，泰它西普已经在中国完成治疗原发性干燥综合征的Ⅲ期临床研究，达到方案设计的临床试验主 要研究终点。临床研究结果显示，泰它西普可持续有效改善干燥综合征患者的临床症状，显示良好的有 效性和安全性。公司将尽快向国家药品监督管理局药品审评中心(CDE)递交上市申请，详细数据将在国 际重大学术会议上公布。 ...

Group 1 - Ruikang Pharmaceutical's executive Li Zhe has had his detention changed to a notice of investigation, indicating a shift in the investigation phase [1] - The change from detention to a notice of investigation suggests a reduced level of coercion, highlighting the importance of internal control and compliance systems in listed companies [1] Group 2 - Zhixiang Jintai has initiated a Phase III clinical trial for GR1802 injection for allergic rhinitis, following communication with the National Medical Products Administration [2] - GR1802 is slightly behind in clinical progress compared to two other approved drugs targeting the same indication, but successful commercialization could lead to competition with Dupilumab [2] Group 3 - Rongchang Biopharmaceutical's innovative drug RC18 (Taitaxip) for primary Sjögren's syndrome has met its primary endpoint in Phase III clinical trials, marking a potential first in the global market for this indication [3] - If approved, this drug could provide a breakthrough treatment for millions of patients in China and strengthen Rongchang's position in the autoimmune field [3] Group 4 - Hengrui Medicine's SHR-A2102, a targeted antibody-drug conjugate (ADC) for Nectin-4, has received approval for clinical trials in combination with Atezolizumab for recurrent/metastatic head and neck squamous cell carcinoma [4] - There is currently only one similar product on the market, Padcev, which is projected to generate $1.949 billion in sales in 2024, indicating significant market potential for this target [4] Group 5 - BeiGene has launched the first domestic Phase III clinical trial for subcutaneous Tislelizumab, a PD-1 inhibitor, for use in combination with chemotherapy for locally advanced unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma [5] - The subcutaneous formulation is becoming a competitive area for PD-1/PD-L1 inhibitors, with three other subcutaneous PD-1/L1 products already approved globally [5]

Core Viewpoint - Rongchang Biopharmaceutical's innovative drug Tai'ta Xipu (RC18) has successfully met the primary endpoint in its Phase III clinical trial for treating primary Sjögren's syndrome, indicating its potential effectiveness and safety in addressing this chronic autoimmune disease [1][3]. Group 1: Clinical Research Overview - The Phase III clinical trial for Tai'ta Xipu is a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the drug's efficacy and safety in patients with primary Sjögren's syndrome [1][3]. - Primary Sjögren's syndrome is characterized by chronic inflammation and damage to exocrine glands, leading to symptoms such as dry mouth and dry eyes, with a prevalence rate in China estimated between 0.3% and 0.7% [1][2]. Group 2: Mechanism of Action - Tai'ta Xipu is a recombinant dual-target fusion protein that inhibits both B lymphocyte stimulator (BLyS) and a proliferation-inducing ligand (APRIL), which are crucial in the abnormal activation of B cells, thereby reducing pathological immune responses [2]. Group 3: Clinical Progress - The clinical trial results indicate that Tai'ta Xipu can sustainably and effectively improve the clinical symptoms of patients with primary Sjögren's syndrome, demonstrating good efficacy and safety [3]. - The company plans to submit a marketing application to the National Medical Products Administration (NMPA) and will present detailed data at major international academic conferences [3].