Investment Rating - The report suggests a positive investment outlook for the small nucleic acid drug industry, highlighting its significant growth potential and advantages over traditional therapies [2]. Core Insights - The small nucleic acid drug technology is maturing, offering notable advantages such as shorter development cycles, a rich array of targets, lasting effects, and higher success rates in research and development [2]. - The global market for small nucleic acid drugs has grown from $2.7 billion in 2019 to $4.6 billion in 2023, with a compound annual growth rate (CAGR) of 14.3%. It is projected to reach $46.7 billion by 2033, growing at a CAGR of 26.1% from 2023 [2][41]. - Domestic companies are rapidly entering the market, focusing on chronic diseases rather than the traditional rare disease approach, with several products in clinical trials [2][63]. Summary by Sections 1. Introduction to Small Nucleic Acid Drugs - Small nucleic acid drugs include antisense oligonucleotides (ASO), small interfering RNA (siRNA), and aptamers, which are designed to target mRNA and regulate gene expression [8][12]. 2. Development and Commercialization of Small Nucleic Acid Drugs - The report outlines the historical development of small nucleic acid drugs, noting significant advancements post-2014 due to improved delivery systems [11][34]. - The market is currently dominated by ASO, which holds 62.5% of the market share, while siRNA has rapidly gained traction with a 36.7% share [18]. 3. Overview of Domestic and International Companies - Key domestic companies include Rebio, Shengnuo Pharmaceutical, and others, focusing on chronic diseases like cardiovascular issues and hepatitis B [2][63]. - International leaders such as Alnylam and Ionis are recognized for their pioneering work in the small nucleic acid drug space [2]. 4. Investment Analysis and Recommendations - The report recommends focusing on companies with proprietary technology platforms and advantageous pipelines, such as Rebio and Shengnuo Pharmaceutical [2].

Core Insights - Heng Rui Medicine has licensed its innovative drug SHR-A1811 to Glenmark Specialty for $18 million upfront and potential milestone payments up to $1.093 billion [1][4] - This marks the second significant overseas deal for Heng Rui Medicine in September, following a $65 million licensing agreement with Braveheart Bio for HRS-1893, with potential milestone payments up to $1.013 billion [1][6] Group 1 - The licensing agreement allows Glenmark Specialty exclusive rights to develop and commercialize SHR-A1811 outside of several specified countries, including China and the US [2][4] - SHR-A1811 is an antibody-drug conjugate targeting HER2, designed to induce apoptosis in tumor cells by releasing toxins within them [4][5] - The drug is set to be approved in China by May 2025 for treating adults with advanced non-small cell lung cancer (NSCLC) with HER2 mutations [4][5] Group 2 - SHR-A1811 has received orphan drug designation from the FDA for use in gastric cancer and has multiple indications under review, including breast cancer [5] - Heng Rui Medicine emphasizes a strategy of combining independent research and international collaboration to enhance its global market presence [5][6] - Glenmark Pharmaceuticals, the parent company of Glenmark Specialty, operates in over 80 countries and focuses on innovative and generic pharmaceuticals [6]

周四（9月25日），AH市场主要股指分化，医药板块共振回暖。 A股方面，恒瑞医药、百利天恒等创新药龙头领涨制药板块，全市场唯一药ETF（562050）成功续涨； 两大医疗龙头迈瑞医疗、药明康德发力助攻，规模最大医疗ETF（512170）场内逆市涨0.78%两连阳。 | (435 | 名称 | 涨跌幅 | | 两日图 | | --- | --- | --- | --- | --- | | 562050 | GETF | 0.35% | 5 | Product | | 512170 | 医疗ETF | 0.78% | STATE AND THE FORM OF THE FORM OF THE FORM OF THE FOR | 10 | 港股通创新药板块全天红盘震荡，高人气港股通创新药ETF（520880）盘初一度冲高1.6%，场内最终收 涨0.48%终结两连跌，放量成交3.05亿元。场内延续溢价交易状态，显示买盘资金依然强势。 37只成份股涨跌参半，云顶新耀、君实生物领涨超4%，MIRXES-B、博安生物调整居前。多只权重股 收红，百济神州、康方生物涨逾1%。BD大单加持，恒瑞医药港股涨2.57%。 二级市场方 ...

Core Viewpoint - HengRui Medicine has signed a licensing agreement with Glenmark Specialty for the innovative drug SHR-A1811, expanding its market reach and enhancing its global presence in cancer treatment [1][3]. Group 1: Licensing Agreement Details - The agreement allows Glenmark Specialty to license SHR-A1811, an antibody-drug conjugate targeting HER2, which is designed to induce apoptosis in tumor cells [1]. - Glenmark Specialty will pay an upfront fee of $18 million to HengRui, with potential milestone payments related to registration and sales reaching up to $1.093 billion [2]. Group 2: Clinical Development and Approvals - SHR-A1811 has received approval for use in adult patients with unresectable locally advanced or metastatic non-small cell lung cancer (NSCLC) with HER2 mutations, marking it as the first Chinese-developed ADC for this indication [1]. - Multiple clinical studies are ongoing, with SHR-A1811 receiving orphan drug designation from the FDA for use in gastric cancer and related conditions, and a new indication for breast cancer under priority review by the National Medical Products Administration [2]. Group 3: Strategic Implications - The agreement is expected to broaden the overseas market for SHR-A1811, providing high-quality treatment options for global patients and enhancing HengRui's innovative brand and international performance [3]. - The company aims to strengthen international cooperation while maintaining a focus on independent research and development, facilitating rapid transformation of research outcomes into marketable products [3].

Core Insights - The report highlights a significant decline in pig prices, with the average price of live pigs dropping to 12.82 yuan/kg by September 19, marking a three-year low [5][6] - The report indicates that the supply side is experiencing pressure due to increased market supply, while demand remains weak, particularly affected by high temperatures in August [5][6] - The government is implementing stricter policies to control pig production capacity, aiming to stabilize prices and promote high-quality development in the industry [6] Industry Overview - In August 2025, the average prices for piglets, live pigs, and pork were 33.63 yuan/kg, 14.35 yuan/kg, and 24.98 yuan/kg, respectively, showing month-on-month declines of 5.87%, 3.77%, and 1.52% [5] - The report notes that the number of breeding sows in July was 40.42 million, with a slight decrease, indicating a trend of capacity reduction in the industry [5] - The report anticipates that the short-term pressure on pig prices will lead to a long-term upward trend as the government’s capacity reduction policies take effect [6] Company Insights - Major companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, reported significant declines in sales prices in August, with average sales prices of 13.51 yuan/kg and 13.90 yuan/kg, respectively [7] - The report suggests that companies with strong cost advantages are likely to maintain profitability despite the current market pressures [6] - The report recommends focusing on leading companies in the industry, such as Muyuan Foods and Wens Foodstuff Group, which are expected to perform well in the long term [6]

Market Overview - The chemical pharmaceutical sector increased by 0.39% on September 25, with Aosaikang leading the gains [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Top Gainers in Chemical Pharmaceutical Sector - Aosaikang (002755) closed at 23.28, up 10.02% with a trading volume of 126,300 shares and a turnover of 286 million [1] - Guangshengtang (300436) closed at 121.57, up 9.37% with a trading volume of 235,500 shares and a turnover of 2.802 billion [1] - Naimi Technology (688690) closed at 27.99, up 6.02% with a trading volume of 94,700 shares and a turnover of 26.1 million [1] Top Losers in Chemical Pharmaceutical Sector - Mengke Pharmaceutical (688373) closed at 8.61, down 10.96% with a trading volume of 717,800 shares [2] - Borui Pharmaceutical (688166) closed at 66.41, down 8.40% with a trading volume of 239,000 shares [2] - Haichen Pharmaceutical (300584) closed at 57.90, down 5.95% with a trading volume of 103,000 shares [2] Capital Flow Analysis - The chemical pharmaceutical sector experienced a net outflow of 858 million from institutional investors, while retail investors saw a net inflow of 538 million [2] - The top stocks by net inflow from institutional investors included Guangshengtang with 325 million and Aosaikang with 97.5934 million [3] - Retail investors showed significant interest in Aosaikang, with a net outflow of 66.8017 million [3]

恒生港股通创新药指数通过在编制方案中剔除CXO，成为ETF跟踪的指数中首批"纯度"100%的创新药 指数，更加精准地反映我国创新药企的整体表现。目前，恒生创新药ETF（159316）是市场唯一跟踪该 指数的产品，可助力投资者精准布局创新药产业发展机遇。 昨日，恒瑞医药宣布与全球制药公司Glenmark达成独家许可协议，将其自主研发的HER2 ADC药物瑞康 曲妥珠单抗(1811)在除中、美、欧、日等核心市场外的全球权益授权给Glenmark，并收取1800万美元首 付款及最高10.93亿美元的潜在里程碑付款。 有分析认为，恒瑞医药HER2 ADC药物的海外授权交易证明中国创新药企已具备全球竞争力，此次交易 打破了近期创新药板块缺乏BD事件催化的平淡局面，加之即将到来的欧洲肿瘤内科学会及第四季度传 统BD交易高频期，市场对后续BD事件预期升温，有望开启新一轮创新药行情。 港股创新药板块午后维持红盘震荡，截至14:45，恒生港股通创新药指数上涨0.6%，云顶新耀涨超5%， 乐普生物-B涨超3%，康方生物、恒瑞医药等多股涨超1%，此前连续3日"吸金"的恒生创新药ETF （159316）盘中再获2100万份净申购。 ...

Group 1 - The innovative drug sector in A-shares and H-shares continues to rise, with notable stocks such as Aosaikang and Junshi Biosciences showing significant gains [1] - Aosaikang's subsidiary has completed the first patient dosing in a Phase III clinical trial for a new drug targeting advanced non-small cell lung cancer [1] - Heng Rui Medicine has licensed its innovative drug to Glenmark Specialty for an upfront payment of $18 million and potential milestone payments totaling up to $1.093 billion [1] Group 2 - The Hong Kong innovative drug ETF (513120) has seen a rise of over 1%, with leading stocks like Junshi Biosciences and Rongchang Bio leading the gains [2] - The innovative drug ETF (515120) has also experienced a nearly 2% increase, with significant inflows totaling 699 million yuan over the past 20 trading days [2] - Tianfeng Securities highlights that the Chinese innovative drug industry is forming a pyramid structure led by top enterprises, indicating strong sustainability in the sector [2] Group 3 - The Hong Kong innovative drug ETF (513120) allows T+0 trading, enhancing liquidity and capital efficiency for investors [3] - The innovative drug ETF (515120) closely tracks the innovative drug industry index in A-shares, covering various aspects of drug development and sales [3]

Group 1 - The Ministry of Commerce and eight other departments issued a notice to promote service exports, emphasizing the support for digital services, high-end design, R&D, and green services [1] - The Ministry of Industry and Information Technology and six other departments released a work plan for the construction materials industry, prohibiting new capacity and implementing risk warnings [1] - The People's Bank of China will conduct a 600 billion yuan MLF operation on September 25, with a net injection of 300 billion yuan, marking the seventh consecutive month of increased operations [1] Group 2 - The Ministry of Commerce announced a roundtable meeting in New York with Chinese-funded enterprises in the U.S., discussing business conditions and cooperation [1] - The Ministry of Housing and Urban-Rural Development reported that 21,700 urban old residential communities were renovated in the first eight months of the year, with a target of 25,000 by 2025 [1] - The State Administration for Market Regulation is soliciting public opinions on the basic requirements for food delivery platform service management [1] Group 3 - Alibaba Group's CEO stated that the company is committed to an open-source approach and is advancing a 380 billion yuan AI infrastructure construction plan [1] - Shanghai Zhiyuan Hengyue Technology Partnership plans to acquire 149 million shares of a company, representing 37% of its total equity, at a price of 7.78 yuan per share [1] - The carbon emissions trading market in China has seen a cumulative transaction volume of nearly 700 million tons and a transaction value of approximately 48 billion yuan as of the end of August [1]

Core Insights - Heng Rui Medicine has licensed its innovative drug SHR-A1811 to Glenmark Specialty for an upfront payment of $18 million, with potential milestone payments up to $1.093 billion [1] - The agreement grants Glenmark exclusive rights to develop and commercialize SHR-A1811 outside of 15 countries, including China, the US, Canada, Europe, and Japan [1] - The licensing deal is expected to enhance the global market reach of SHR-A1811 and improve Heng Rui's innovative brand and overseas performance [1] Product Development and Regulatory Status - SHR-A1811 has received orphan drug designation from the FDA for gastric cancer and gastroesophageal junction adenocarcinoma, and is set to be approved in China by May 2025 [1] - The drug has nine indications included in the breakthrough therapy list by the National Medical Products Administration, covering various cancers such as non-small cell lung cancer, breast cancer, and colorectal cancer [2] Company Performance and Recent Deals - Heng Rui Medicine has recently secured significant licensing agreements, including a $65 million upfront payment from BraveheartBio for another project, and a $500 million upfront payment from GSK for global rights to a different drug [2] - The company reported a revenue of 15.761 billion yuan for the first half of 2025, a year-on-year increase of 15.88%, and a net profit of 5.051 billion yuan, up 34.63% year-on-year [3]