Core Viewpoint - Pacific Securities initiates coverage on Kangnuo Ya-B (02162) with a "Buy" rating and a target price of HKD 82.07, highlighting the rapid growth of the atopic dermatitis drug market in China, driven by core products like Dupilumab and Siplizumab [1] Industry Overview - The atopic dermatitis (AD) market in China is expected to grow significantly, with a compound annual growth rate (CAGR) of approximately 22.6% from 2019 to 2024, and an anticipated CAGR of 18.6% from 2024 to 2030, reaching USD 4.3 billion by 2030 [1] - Globally, AD affects up to 20% of children and adolescents and 1-5% of adults, with 25% to 30% of patients experiencing moderate to severe symptoms [1] Company Insights - Dupilumab (Dabizhuo) is the fourth best-selling drug globally, with sales in China exceeding CNY 2.5 billion, growing at approximately 48% in 2023 and projected to grow by about 33% in 2024 [2] - Siplizumab (Kangyueda) is in a rapid growth phase, with projected sales of approximately CNY 36 million in 2024 and CNY 170 million in the first half of 2025, driven by increasing medical demand for allergic diseases [3] Product Development - CM512, a long-acting TSLP x IL-13 dual antibody developed by Kangnuo Ya, shows promising potential with a half-life of 70 days, allowing for reduced dosing frequency and improved patient compliance [4] - In Phase I clinical trials, CM512 achieved significant efficacy endpoints, with 50% of patients in the 300mg group reaching EASI-75 at week 6, compared to only 7% in the placebo group [4]

据美联社加拿大多伦多11月28日报道，加拿大总理马克·卡尼和该国石油资源丰富的艾伯塔省的省长27 日达成谅解备忘录，将致力于建设一条通往太平洋沿海地区的石油管道，以使该国的石油出口目的地不 局限于美国、实现多样化。（参考消息） ...

Core Viewpoint - The recent political debate in Japan, particularly involving Prime Minister Kishi Sanae's comments on Taiwan, has raised significant concerns about Japan's political direction and its implications for Sino-Japanese relations [2][4][19]. Group 1: Political Context - Kishi Sanae's remarks regarding Taiwan being a "crisis for Japan's survival" have led to a deterioration in Sino-Japanese relations, prompting questions about her accountability for this shift [4][6]. - The debate highlighted a strategic ambiguity in Japan's political stance on Taiwan, with Kishi avoiding references to established political agreements between China and Japan [2][10]. - The opposition party, led by Noda Yoshihiko, has criticized Kishi's statements, indicating a potential political maneuvering rather than a straightforward confrontation [10][12]. Group 2: Reactions and Implications - Kishi did not retract her controversial statements but suggested they were spontaneous responses to specific situations, which has led to further speculation about her intentions [8][21]. - The use of the "San Francisco Peace Treaty" in her arguments has been deemed illegal and invalid, raising concerns about Japan's adherence to international agreements regarding Taiwan [23][25]. - Analysts suggest that Kishi's actions reflect a broader trend of rightward political shifts in Japan, with implications for national security and military policy [30][41]. Group 3: Military and Security Policy - Kishi's administration is pushing for an increase in defense spending and a revision of Japan's pacifist constitution, indicating a significant shift in Japan's military posture [35][41]. - The recent political developments have emboldened pro-independence sentiments in Taiwan, leading to increased military budgets and preparations in response to perceived threats from China [37][39]. - The Japanese government's recent decisions signal a departure from previous commitments to maintain a peaceful stance, raising alarms about a potential resurgence of militarism in Japan [45][50].

Market Performance - The pharmaceutical sector experienced a slight increase of +0.14% on November 28, 2025, underperforming the CSI 300 index by 0.11 percentage points, ranking 27th among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (+1.53%), hospitals (+0.95%), and other biological products (+0.70%) performed well, while offline pharmacies (-0.55%), vaccines (-0.46%), and medical research outsourcing (-0.33%) lagged behind [1] - Top three gainers in individual stocks were Haiwang Pharmaceutical (+10.03%), Baihua Pharmaceutical (+10.01%), and Hefei China (+7.49%); the top three decliners were Yue Wannianqing (-13.71%), Zhongsheng Pharmaceutical (-10.00%), and Guangji Pharmaceutical (-9.98%) [1] Industry News - The CDE announced that AbbVie's Upadacitinib extended-release tablets are proposed for priority review, targeting severe alopecia areata in adults and adolescents aged 12 and above [2] - Upadacitinib is a JAK inhibitor effective for various immune-mediated inflammatory diseases, with a stronger inhibitory effect on JAK1 compared to JAK2, JAK3, and TYK2; this priority review in China suggests accelerated access for alopecia patients [2] Company News - Guobang Pharmaceutical (605507) announced an employee stock ownership plan involving 270 employees, aiming to raise up to 185 million yuan, with a stock cap of 10% of total equity and a duration of 24 months, including a 12-month lock-up period [3] - Tianen Kang (301263) reported that its subsidiary Shandong Huabo Kaisheng received a drug registration certificate for Baricitinib tablets from the National Medical Products Administration, confirming compliance with registration requirements [3] - Yipinhong (300723) announced that its subsidiary Guangzhou Yipinhong received approval for Esomeprazole Magnesium Enteric-Coated Suspension from the National Medical Products Administration, meeting registration standards [3] - Enhua Pharmaceutical (002262) stated that it received a drug registration certificate for Oxycodone Hydrochloride Extended-Release Tablets from the National Medical Products Administration, confirming compliance with registration requirements [3]

Core Viewpoint - Jiangsu Pacific Quartz Co., Ltd. has successfully elected its sixth board of directors and appointed key management personnel, ensuring compliance with relevant laws and regulations [1][4][12]. Group 1: Election of the Sixth Board of Directors - The sixth board of directors was elected during the first extraordinary general meeting held on November 28, 2025, with a total of 5 non-independent directors and 3 independent directors elected [38]. - Li Wei was elected as the employee representative director, joining the newly formed board [1][38]. - The term of the new board is set for three years, starting from the date of approval at the extraordinary general meeting [38]. Group 2: Management Appointments - Chen Shibin was elected as the chairman of the sixth board of directors and appointed as the general manager, with a term aligned with the board [20][39]. - Other key appointments include: - Fang Tingting as the board secretary - Zhang Liwen as the financial officer - Liu Mingwei as the deputy general manager - Zhou Mingqiang as the chief engineer - Li Xingdi as the securities representative - Zhao Shijiang as the internal audit manager [39][40][41]. Group 3: Compliance and Legal Assurance - The company confirmed that all election and appointment procedures adhered to the Company Law and relevant regulations, ensuring the legality and validity of the resolutions passed [10][12][40]. - The qualifications of the newly appointed management personnel were reviewed and found to meet the necessary legal and regulatory standards [41].

Group 1 - The company Pacific Bar (08432) reported interim results for the six months ending September 30, 2025, with revenue of approximately HKD 103 million, representing a year-on-year increase of 5.4% [1] - The profit attributable to the company's owners was HKD 7.194 million, marking a turnaround from a loss to profit compared to the previous year [1] - Earnings per share were reported at HKD 0.83 [1]

智通财经APP讯，太平洋酒吧(08432)公布截至2025年9月30日止六个月的中期业绩，收益约1.03亿港 元，同比增长5.4%;公司拥有人应占溢利719.4万港元，同比扭亏为盈;每股盈利0.83港仙。 ...

太平洋航运(02343)发布公告，于2025年11月28日注销1789.9万股已回购股份。 ...

智通财经APP讯，太平洋航运(02343)发布公告，于2025年11月28日注销1789.9万股已回购股份。 ...

格隆汇11月28日丨太平洋航运(02343.HK)发布公告，2025年11月28日注销1789.9万股购回股份。 ...