New Stock Issuance - New stock issuance for Daoshengtianhe (Code: 780026) priced at 5.98 RMB on September 29, 2025[1] - Offer period for the acquisition of Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] Delisting and Trading Alerts - Zitian Tui (Code: 300280) is in the delisting preparation period with 4 trading days remaining until the last trading day[1] - Significant abnormal fluctuations reported for Kaipu Cloud (Code: 688228) on September 25, 2025[1] Recent Announcements - Multiple companies including Zhonghuan Hailu (Code: 301040) and Shenhuafa A (Code: 000020) have recent announcements regarding their stock activities[1] - A total of 30 companies have made announcements regarding stock fluctuations and trading activities in the past week[1]

Core Viewpoint - The company, Bory Pharmaceutical, has received FDA approval to initiate Phase I clinical trials for BGM1812 injection, aimed at treating overweight or obesity [1] Company Summary - BGM1812 injection is a newly designed long-acting Amylin analog with good molecular activity and pharmaceutical stability [1] - Amylin is a 37-amino acid peptide hormone that promotes satiety and is co-released with insulin from pancreatic beta cells [1] Mechanism of Action - The drug activates brain pathways that induce feelings of fullness, suppresses appetite, delays gastric emptying, and inhibits glucagon secretion, contributing to its weight loss effects [1]

博瑞生物医药（苏州）股份有限公司 自愿披露关于BGM1812注射液获美国FDA药品临床 试验批准的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 博瑞生物医药（苏州）股份有限公司（以下简称"公司"）获美国 FDA （即美国食品药品监督管理局）批准开展 BGM1812 注射液用于超重或肥胖治疗 的 I 期临床。 相关风险提示： 1、根据美国相关法规要求，该新药尚需在美国开展一系列临床研究并经美 国药品审评部门审批通过后，方可上市，短期内对公司经营业务不会产生较大影 响。 2、药品的研发周期长、审批环节多、研发投入大，各环节均受多维度因素 影响，不可预测因素较多。根据研发经验，新药研发存在一定风险，例如临床试 验可能会因安全性和/或有效性等问题而终止。敬请广大投资者谨慎决策，注意防 范投资风险。公司将积极推进上述研发项目，并按相关法律法规要求及时对后续 进展情况履行信息披露义务。 证券代码：688166 证券简称：博瑞医药 公告编号：2025-081 4、申请事项：新药临床试验申请 5、受理号：IND 1 ...

Core Viewpoint - The company, Borui Pharmaceutical, has received FDA approval to initiate Phase I clinical trials for BGM1812 injection, aimed at treating overweight or obesity, marking a significant step in its product development pipeline [1] Company Summary - Borui Pharmaceutical (688166.SH) announced the FDA approval for BGM1812 injection, a new long-acting Amylin analog designed for weight management [1] - BGM1812 injection exhibits favorable molecular activity and pharmaceutical stability, positioning it as a promising candidate in the obesity treatment market [1] Industry Summary - Amylin, a 37-amino acid peptide hormone, is released by pancreatic beta cells alongside insulin, playing a crucial role in appetite regulation and weight management [1] - The mechanism of action for BGM1812 includes appetite suppression through brain pathways, delayed gastric emptying, and inhibition of glucagon secretion, indicating a multi-faceted approach to weight loss [1] - As of the announcement date, there are no approved weight management therapies targeting the same mechanism globally, highlighting a potential market opportunity for BGM1812 [1]

Core Viewpoint - The company, Borui Pharmaceutical, has received approval from the U.S. FDA to initiate Phase I clinical trials for BGM1812 injection aimed at treating overweight or obesity [1] Company Summary - BGM1812 injection is a newly designed long-acting Amylin analog with good molecular activity and pharmaceutical stability [1] - Amylin, a satiety hormone composed of 37 amino acids, is co-released with insulin from pancreatic beta cells into the bloodstream [1] Mechanism of Action - The drug activates brain pathways that promote satiety, suppresses appetite, delays gastric emptying, and inhibits glucagon secretion, thereby exhibiting multiple mechanisms for weight loss [1]

Core Viewpoint - The company has received FDA approval to initiate Phase I clinical trials for BGM1812 injection, aimed at treating overweight or obesity [1] Group 1: Product Details - BGM1812 injection is a newly designed long-acting Amylin analog with good molecular activity and pharmaceutical stability [1] - Amylin is a satiety hormone composed of 37 amino acids, released by pancreatic beta cells in conjunction with insulin [1] Group 2: Mechanism of Action - The drug activates brain pathways that promote satiety, suppresses appetite, delays gastric emptying, and inhibits glucagon secretion, contributing to its weight loss mechanisms [1]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The acquisition of Metsera by Pfizer, valued at approximately $4.9 billion, underscores the significant potential and long-term growth prospects of the weight loss drug market, particularly in the GLP-1 segment [2][24]. - The report emphasizes the urgent demand for next-generation therapies, such as oral formulations and multi-target drugs, indicating a competitive landscape in the global GLP-1 research race [2][24]. - The Chinese weight loss drug industry is poised for growth, with a focus on companies that demonstrate strong sales execution and advanced research capabilities [3][24]. Summary by Sections Market Review - The pharmaceutical and biotechnology index fell by 2.20%, underperforming the CSI 300 index by 3.27 percentage points, ranking 24th among 31 sub-industries [1][16]. Key Company Insights - Companies to watch include Innovent Biologics (H), Heng Rui Medicine, Borui Medicine, Zhongsheng Pharmaceutical, Nawei Technology, WuXi AppTec (A+H), and Kelaiying (A+H) as they are expected to benefit from the expanding GLP-1 industry chain [3][24]. Annual Investment Strategy - The report suggests a structural selection of investment opportunities based on payment willingness and ability, focusing on three payment channels: hospital payments, out-of-pocket payments, and overseas payments [25]. - Key areas of interest include hospital policy support for innovative drugs and devices, expanding public demand for blood products, home medical devices, and the weight loss drug industry chain [25]. Company Earnings Forecast and Valuation - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for key companies, indicating a "Buy" rating for WuXi AppTec and Innovent Biologics, and an "Overweight" rating for Heng Rui Medicine [4]. Market Trends - The global weight loss drug market is experiencing rapid growth, with Pfizer's acquisition of Metsera highlighting the increasing market space associated with obesity-related health issues [28]. - The report notes that the commercialization of domestic weight loss drugs will hinge on sales capabilities and research advancements [3][24]. Important Company Announcements - Recent announcements include clinical trial updates and new drug applications from various companies, indicating ongoing innovation and development within the sector [27]. Financial Data - The basic medical insurance income for the first seven months of 2025 reached 1,684.7 billion yuan, with expenditures amounting to 1,369.7 billion yuan, reflecting the financial landscape impacting the pharmaceutical industry [30]. Price Trends - The report notes a decline in antibiotic prices and stability in cardiovascular raw material drug prices, which may influence the cost structure for pharmaceutical companies [36][43]. Conclusion - The report presents a positive outlook for the pharmaceutical and biotechnology sector, particularly in the weight loss drug market, driven by significant acquisitions and a growing demand for innovative therapies [2][24].

Group 1 - The Hang Seng Healthcare Index rose by 1.22%, with notable increases in stocks such as InnoCare Pharma-B (up 7.03%) and Alibaba Health (up 4.51%) [2] - The Hang Seng Healthcare ETF (513060) saw a 4.55% increase over the past month, ranking in the top third among comparable funds [2] - The trading volume for the Hang Seng Healthcare ETF was active, with a turnover of 10.9% and a transaction value of 784 million yuan [2] Group 2 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index increased by 0.95%, with InnoCare Pharma-B leading the gains [3] - The Hong Kong Stock Innovative Drug Selection ETF (520690) experienced a slight decline of 0.20%, but had a 2.99% increase over the past month, ranking in the top half among comparable funds [3][5] - The trading volume for the Hong Kong Stock Innovative Drug Selection ETF was also active, with a turnover of 16.1% and a transaction value of 68.27 million yuan [5] Group 3 - The CSI Pharmaceutical 50 Index fell by 0.89%, with mixed performance among constituent stocks [6] - The Pharmaceutical 50 ETF (159838) decreased by 0.62%, but had a 2.37% increase over the past month [6] - The trading volume for the Pharmaceutical 50 ETF was lower, with a turnover of 1.45% and a transaction value of 2.39 million yuan [6] Group 4 - Rongchang Bio's "Taitasip" is set for priority review for treating IgA nephropathy, showing potential in reducing proteinuria [7] - CanSino announced an A-share restricted stock incentive plan and H-share stock option plan, aiming to motivate its core team with performance targets [7] - Borui Pharma plans to issue H-shares and list on the Hong Kong main board, reflecting an accelerated trend of A+H listings [7] Group 5 - The recent dynamics in the pharmaceutical sector highlight a focus on innovative drugs and capital operations, with Rongchang Bio's progress potentially boosting sector sentiment [8] - CanSino's incentive plan is expected to stabilize investor expectations by aligning core team interests with long-term performance [8] - Borui Pharma's cross-market strategy demonstrates the use of dual platforms to optimize capital structure, likely attracting investor attention [8] Group 6 - The Hang Seng Healthcare ETF has a latest scale of 7.148 billion yuan, ranking in the top third among comparable funds [12] - The Hong Kong Stock Innovative Drug Selection ETF reached a new high with a scale of 422 million yuan [13] - The Pharmaceutical 50 ETF tracks the top 50 pharmaceutical companies in A-shares, with the top ten stocks accounting for 58.68% of the index [14]

Group 1 - BioBAY company, Borui Pharmaceutical, announced plans to issue H-shares and list on the Hong Kong Stock Exchange [1] - The company will consider the interests of existing shareholders and market conditions when choosing the timing for the issuance [1] Group 2 - Borui Pharmaceutical's product portfolio covers various therapeutic areas including metabolism, antiviral, antifungal, immunosuppressive, respiratory, and oncology [2] - Key products in the metabolism area include innovative drugs BGM0504 and BGM1812, while antiviral products include Entecavir and Oseltamivir [2] Group 3 - In the first half of 2025, Borui Pharmaceutical reported revenue of 537 million yuan and a net profit of 14.36 million yuan [3] - The company is focusing on multi-target drugs in the metabolism field, particularly exploring new administration methods beyond traditional injections [3] - The peptide-based hypoglycemic drug BGM0504 is a dual agonist of GLP-1 and GIP receptors, showing potential for treating various metabolic diseases [3] - Phase III clinical trials for BGM0504 for type 2 diabetes and weight loss have completed patient enrollment and are progressing as planned [3] - An IND application for BGM0504's hypoglycemic indication has been approved in Indonesia, and Phase III clinical research has officially commenced [3]

Core Insights - This week (September 22 to September 26), 21 stocks experienced a price increase of over 30%, with 7 stocks rising more than 40% [2] - The top performer was Lanfeng Biochemical, which saw a weekly increase of 61.16% [2][3] - In contrast, 16 stocks recorded a decline of over 20%, with Borui Pharmaceutical leading the drop at -38.36% [2][3] Performance Summary - **Top Gainers**: - Lanfeng Biochemical: 61.16% [2][3] - Sunflower: 57.86% [2][3] - Jucheng Co.: 51.90% [2][3] - Changchuan Technology: 49.40% [2][3] - Fuke Environmental Protection: 44.87% [2][3] - Shangwei New Materials: 44.81% [2][3] - Pinming Technology: 44.01% [2][3] - Jinghe Integration: 39.58% [2][3] - Jingyi Co.: 36.74% [2][3] - Weiteou: 35.67% [2][3] - **Top Losers**: - Borui Pharmaceutical: -38.36% [2][3] - Xiangjiang Holdings: -30.77% [2][3] - Haotaitai: -30.24% [2][3] - Taijiasi: -27.82% [2][3] - ST Chuangyi: -26.21% [2][3] - Jishi Media: -25.73% [2][3] - Jinyi Film: -23.88% [2][3] - Jinpu Titanium Industry: -23.15% [2][3] - Tibet Tourism: -22.93% [2][3] - Xiyu Tourism: -22.79% [2][3]