Summary of DZD8,586 and DZD6,008 Conference Call Company and Industry - **Company**: DZD8,586 and DZD6,008 are projects by DIZHE Pharmaceuticals, focusing on innovative treatments for chronic lymphocytic leukemia (CLL) and EGFR mutations in cancer therapy. Key Points and Arguments DZD8,586 Project - **Clinical Efficacy**: DZD8,586 demonstrated an 84% objective response rate (ORR) in clinical trials for CLL patients, indicating significant efficacy and safety compared to existing BDI class products [2][3] - **Mechanism of Action**: Designed to address C481S mutations that arise after treatment with first and second-generation BTK inhibitors, DZD8,586 blocks both BTK-dependent and independent B-cell receptor signaling pathways [2][4] - **Clinical Data**: As of April 4, 2025, out of 34 subjects, 32 showed tumor reduction, with a 79% continuation rate in treatment and a 9-month progression-free survival rate of 83% [2][12] - **Safety Profile**: The main adverse event was neutropenia, manageable with CSF, and the incidence of grade 3 or higher pneumonia was significantly lower than other BTK inhibitors, with no major cardiovascular risks [2][13][14] DZD6,008 Project - **Initial Findings**: DZD6,008, a potential fourth-generation EGFR inhibitor, showed tumor reduction effects even in multi-drug combinations during its first clinical trial presentation [2][6] - **Clinical Development**: The project is set to continue data collection and analysis, with plans for registration trials by late 2025 or early 2026 [4][31] - **Safety and Efficacy**: DZD6,008 exhibited good safety and tolerability, with no dose-limiting toxicities observed in the dose escalation studies [24] Future Development and Strategic Goals - **Expansion Plans**: DIZHE Pharmaceuticals aims to expand the DZD8,586 and DZD6,008 projects, ensuring that each project with sufficient clinical data is presented at major international conferences to enhance visibility and attract partnerships [7][8] - **Research Focus**: The company is committed to exploring new therapeutic mechanisms and maintaining a focus on patient-centric drug development [8][35] Comparative Analysis - **Competitive Edge**: DZD8,586 and DZD6,008 are positioned favorably against competitors like Loxo-305 and other third-generation BTK inhibitors, with a focus on safety and efficacy [27][20] - **Market Strategy**: The company is open to strategic partnerships that can nurture product development, emphasizing the importance of maximizing product value rather than merely seeking early-stage business development [34] Patient Demographics and Treatment Background - **Patient Characteristics**: The trial participants predominantly had a history of multiple lines of treatment, with 75% having previously used BTK inhibitors. The patient population included high-risk features typical of relapsed/refractory CLL [10][11] Long-term Efficacy and Safety - **Sustained Response**: DZD8,586 and DZD6,008 have shown promising long-term efficacy, with many patients remaining on treatment for over 10 months, indicating sustained anti-tumor effects [23][12] - **Safety Monitoring**: Continuous monitoring of adverse events has shown a favorable safety profile, with no significant complications reported [24][14] Additional Important Insights - **Drug Design Considerations**: The half-life of the drugs allows for once-daily dosing, enhancing patient compliance and reducing unnecessary dosing frequency [9] - **Future Research Directions**: Ongoing studies will further explore the efficacy of DZD6,008 in various mutation types and its potential in first-line treatment settings [31][29] This summary encapsulates the critical findings and strategic directions discussed in the conference call regarding DZD8,586 and DZD6,008, highlighting their potential impact on cancer treatment and the company's future growth trajectory.

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [2]. Core Insights - The Chinese innovative drug industry is experiencing robust growth, supported by policies, funding, talent return, and engineering advantages. The number of original innovative drug pipelines has surged from 124 in 2015 to 704 in 2024, ranking first globally. The proportion of self-developed first-in-class (FIC) innovative drugs entering clinical trials has increased from 9 in 2015 to 120 in 2024, exceeding 30% globally [5][8][11]. - Business Development (BD) activities among Chinese pharmaceutical companies have significantly increased, with total transaction amounts reaching $51.9 billion in 2024, a 26% year-on-year growth. The average upfront payment also rose by 17% to $4.1 billion [5][13][16]. - The report emphasizes the ongoing development phase of Chinese innovative drugs and suggests focusing on domestic companies with FIC/BIC pipelines [5][24]. Summary by Sections 1. Innovative Drug BD Surge - The report highlights the transition of Chinese companies from imitation to original innovation, with a notable increase in the number of FIC drugs [5][8]. - The BD activities have diversified, with a significant rise in the number of transactions involving antibody-drug conjugates (ADCs) and small nucleic acid drugs [16][24]. 2. Market Performance Review - For the week of May 26 to May 30, 2025, the pharmaceutical and biotechnology sector index rose by 2.21%, outperforming the CSI 300 index by 3.30%. Year-to-date, the sector index has increased by 6.61%, also surpassing the CSI 300 index by 9.02% [28][30]. - The top-performing stocks during this period included Shuyou Pharmaceutical (60.41%), Huason Pharmaceutical (41.97%), and Changshan Pharmaceutical (35.91%) [5][28]. 3. Monthly Investment Portfolio - Recommended stocks in the small molecule sector include Yifang Bio, Haishike, and Gilead Pharmaceuticals. In the large molecule sector, suggested stocks include Shuyou Pharmaceutical, Kexing Bio, and Xintai [5][24].

作者丨鲁智高 来源丨 投中网 不久前，宁德时代成功在港上市，成为继快手之后香港市场规模最大的上市项目，同时还有望成为 2025年全球最大IPO。 将投中网设为"星标⭐"，第一时间收获最新推送 以基金投资加快产业培育。 基金的模式探索及制度设计。 也正是从那时起，他们逐步探索形成了以管理国家级基金为主，具有一定规模和影响力的国投特色基 金业务。从发展脉络来看，国投集团管理的几乎所有基金都紧密围绕着一项或数项国家重大战略。 早在2016年，国投系基金领投宁德时代早期轮融资，长期陪伴其发展，见证了这家公司成长为新能 源电池领域龙头的全过程。 除了宁德时代，包括比亚迪、拓荆科技、联影医疗、迪哲医药、中微半导体、寒武纪、华大九天、中 伟新材、粤芯半导体等明星企业在内，国投系基金都以投资者的身份在对方成长过程中扮演着重要角 色。 经过三十年的发展，国投系基金目前旗下在管基金超50只，管理规模超2700亿元，其中国家级政府 投资基金有十余只，规模超过2300亿元，是名副其实的基金"国家队"。 以基金投资加快产业培育，这支基金"国家队"聚焦集成电路、智能网联汽车、生物医药、生物制造等 战新产业重点领域，已经取得丰硕成果。 当 ...

当地时间5月30日-6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。这也是全球 规模最大、最具权威性的临床肿瘤会议，其间将展示国际最前沿的临床肿瘤学科研进展和治疗成效。今 年的ASCO年会中，迪哲医药、科伦药业、中国生物制药等多家本土企业最新在研成果入选，涉及PD-1 单抗、ADC（抗体偶联药物）等领域。入选口头报告的中国研究者原创研究数量也超过去年，达70多 项。 多项研究将公布最新进展 每年的美国临床肿瘤学会，都被视为全球肿瘤领域权威的学术交流盛会，会议期间将展示国际最前沿的 临床肿瘤学科研进展和治疗成效。ASCO年会近日公布的常规摘要显示，中国研究者共计70余项原创研 究入选口头报告，数量超越去年（55项）。从目前公布的具体情况来看，部分研究有望为肿瘤患者带来 全新的治疗选择。 迪哲医药近日公告，公司自主研发的两款源头创新产品DZD8586、DZD6008将亮相ASCO年会，分别展 示在B细胞非霍奇金淋巴瘤（B-NHL）和非小细胞肺癌（NSCLC）领域的3项最新研究进展。其中，治 疗慢性淋巴细胞白血病/小淋巴细胞淋巴瘤（CLL/SLL）的汇总分析成果将以口头报告形式公布，即 DZ ...

光大证券认为，多项国产创新药研究内容入选2025 年ASCO 大会，反映了目前国内医药研发呈蓬勃态 势，在肿瘤治疗领域不断取得新的进展和突破。未来，随着这些新药研发的不断推进，有望进一步提升 国产药物在全球医药市场的竞争力和影响力。 生物疫苗ETF紧密跟踪国证疫苗与生物科技指数，国证疫苗生科指数由业务涉及生物科技产业的50家证 券组成，反映沪深北交易所生物科技产业中优质上市公司的整体表现。 截至2025年5月29日 14:32，国证疫苗与生物科技指数(980015)强势上涨2.39%，成分股昭衍新药(603127) 上涨9.99%，亿帆医药(002019)上涨9.17%，迪哲医药(688192)上涨8.73%，君实生物(688180)，康龙化成 (300759)等个股跟涨。 生物疫苗ETF(159657)上涨2.28%，最新价报0.63元。 当地时间2025 年5 月30 日至6 月3 日，2025 年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。 本届ASCO 年会的主题为"知识付诸行动：共建美好未来。 ASCO 年会作为全球规模最大、学术水平最高、最具权威性的临床肿瘤学会议之一，见证了中国肿瘤学 研 ...

（本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 光大证券研报称，多项国产创新药研究内容入选2025年ASCO大会，反映了目前国内医药研发呈蓬勃态 势，在肿瘤治疗领域不断取得新的进展和突破。未来，随着这些新药研发的不断推进，有望进一步提升 国产药物在全球医药市场的竞争力和影响力。 华鑫证券表示，创新药是医药整体行业中少有的增量领域，商业化落地的环境持续向好，叠加部分海外 授权收益，国产创新药正逐步进入自我造血，精益投入的健康新循环。 通过医保的结构调节，未来医 保支出趋势足以保障创新药的支付增量，同时商保与医保协同进入合作的快车道，探索高效的支付通 道，为创新药打开支付价格的天花板。医药行业发展的曙光已初步显现。 今日，创新药板块涨幅居前。ETF方面，生物医药ETF基金（159508）盘中大涨1.90%，昨日资金净流 入超1000万元。成分股中，君实生物-U、迪哲医药-U涨超6%，凯莱英、康龙化成、药明康德等多股跟 涨。与此同时，医药50ETF（512120）盘中大涨1.65%。 消息面来看，据新京报贝壳财经，今年一季度，创新药领域和AI医疗领域表现活跃，相关 ...

Group 1 - The innovative pharmaceutical ETF (560900) has seen a 2.20% increase as of May 29, 2025, with significant trading volume [1] - The CSI Innovative Pharmaceutical Industry Index (931152) rose by 2.32%, with notable gains from constituent stocks such as Zhixiang Jintai (688443) up 8.91%, Sangfor Technologies (688336) up 7.41%, and Maiwei Biotech (688062) up 5.78% [1] - Over the past two weeks, the innovative pharmaceutical ETF (560900) has accumulated a 3.94% increase, ranking it among the top comparable funds [2] Group 2 - CITIC Securities believes that leading innovative pharmaceutical companies have entered a profit phase, with potential for nonlinear profit explosions as commercialization expands [2] - The investment opportunities in the innovative pharmaceutical sector are linked to the clinical progress of molecules under research and the entire commercialization phase, which can last up to ten years [2] - The innovative pharmaceutical ETF closely tracks the CSI Innovative Pharmaceutical Industry Index, which selects no more than 50 representative listed companies involved in innovative drug research and development [2] Group 3 - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to help investors capitalize on quality technology companies amid a new wave of AI-driven technological advancements [2] - Various actively managed funds focus on emerging industry trends, including the Morgan Emerging Power Fund and the Morgan Smart Connectivity Fund, which targets opportunities in artificial intelligence [3] - The Morgan Hang Seng Technology ETF (513890) and the Morgan CSI Innovative Pharmaceutical Industry ETF (560900) provide passive investment options for technology and innovative pharmaceutical sectors, respectively [3]

Group 1 - The core viewpoint is that the pharmaceutical industry is expected to experience stable growth driven by innovation, policy optimization, and increasing clinical demand due to aging demographics [3] - The National Biopharmaceutical Index (399441) has shown a strong increase of 1.83%, with key stocks like Kylin Pharmaceutical (002821) rising by 5.51% and Zhaoyan New Drug (603127) by 4.66% [1] - The Biopharmaceutical ETF (159839) has seen a cumulative increase of 1.54% over the past two weeks, indicating positive market sentiment [1] Group 2 - Open Source Securities emphasizes that the pharmaceutical sector will benefit from improved drug procurement policies and a favorable external environment, leading to a recovery in the healthcare industry [3] - Citic Securities notes that the pharmaceutical sector achieved its best market returns in the first half of 2025, driven by policy trends and the maturation of pharmaceutical innovation [3] - The current PEG levels for most growth-oriented pharmaceutical companies are below 1, suggesting potential for performance and valuation recovery [3]

Summary of Key Points Core Viewpoint The announcement details the changes in the registered capital and governance structure of Dize Pharmaceutical Co., Ltd., including the cancellation of the supervisory board and amendments to the company's articles of association. Group 1: Changes in Registered Capital - The company completed a private placement of restricted shares on April 18, 2025, increasing the total number of shares by 41.7648 million [1]. - The registered capital increased from RMB 417,648,086 to RMB 459,412,894 [1][2]. Group 2: Cancellation of Supervisory Board - The company will no longer have a supervisory board, with its functions being transferred to the audit committee of the board of directors [1][2]. - This change is in accordance with the Company Law and the revised guidelines for listed companies [1]. Group 3: Amendments to Articles of Association - The company revised its articles of association and related rules, including the shareholder meeting rules and board meeting rules, while abolishing the supervisory board meeting rules [2][3]. - The amendments aim to enhance the governance structure and align with current legal requirements [2][3].

Core Viewpoint - The document outlines the insider information management system of Dize (Jiangsu) Pharmaceutical Co., Ltd., emphasizing the importance of confidentiality and compliance with relevant laws and regulations to protect investors' rights and ensure fair information disclosure. Group 1: Insider Information Management - The board of directors is responsible for managing insider information and must maintain accurate and complete records of insider information personnel [1][2] - Insider information personnel must not disclose or trade based on insider information before it is publicly disclosed [2][3] - The company must keep insider information personnel records for at least 10 years and submit them to the Shanghai Stock Exchange within five trading days after public disclosure [4][5] Group 2: Definition and Scope of Insider Information - Insider information refers to undisclosed information that could significantly impact the company's operations, finances, or stock market price [3][4] - Insider information personnel include company directors, senior management, major shareholders, and others who can access insider information due to their roles or relationships with the company [2][3] Group 3: Registration and Record-Keeping - The company must fill out and maintain an insider information personnel record, documenting the stages of discussions, consultations, and decisions related to insider information [5][6] - The record must include details such as the name, identification number, relationship to the company, and the time and manner in which the insider information was obtained [5][6] Group 4: Confidentiality and Accountability - The company must implement strict confidentiality measures for insider information and hold personnel accountable for any breaches [9][10] - Violations of the insider information management system may lead to disciplinary actions, including potential criminal charges for severe breaches [10][11]