Core Insights - He Yuan Bio, a pioneer in "rice-based hematopoiesis" innovative drugs, is set to debut on the Sci-Tech Innovation Board, marking it as the first incremental enterprise in the Sci-Tech Growth Layer [1] - The Sci-Tech Growth Layer currently includes 13 innovative pharmaceutical companies with a total market capitalization of nearly 500 billion yuan, which have collectively facilitated the approval of 25 new drugs since their listing [1] - The establishment of the fifth set of listing standards on the Sci-Tech Board has enabled unprofitable companies to issue shares, significantly boosting the innovative drug sector and attracting substantial investment, with cumulative financing exceeding 1 trillion yuan since 2019 [1][2] Company Performance - The innovative pharmaceutical companies are transitioning from R&D investment phases to commercial revenue generation, with a projected total revenue of 31.9 billion yuan in 2024, reflecting a year-on-year growth rate of 54.39% [2] - These companies have achieved an average annual compound growth rate of 52.33% in revenue since 2019, significantly outpacing the sector's average growth [2] R&D Achievements - A total of 20 new drugs classified as "global new" have been launched, with 10 innovative drugs recognized as "breakthrough therapies" by the National Medical Products Administration [3] - Four original innovative drugs from Chinese companies, including BeiGene and Junshi Biosciences, have received FDA approval for the U.S. market, highlighting the international recognition of these firms [3] - The companies have engaged in potential overseas transactions totaling nearly 5 billion USD this year, indicating strong international market confidence in the innovative drug capabilities of the Sci-Tech Growth Layer [3]

Core Insights - The article highlights the significant performance of certain funds in the third quarter, particularly the "Yongying Technology Smart Selection" fund, which achieved a remarkable 194% increase, making it the top-performing fund of the year [1][2] - The report indicates a substantial growth in fund size, with "Yongying Technology Smart Selection" increasing from 1.166 billion to 11.521 billion yuan, nearly a ninefold increase in a single quarter [2] - The article also discusses the ongoing optimism in the innovative pharmaceutical sector, with funds like "Great Wall Pharmaceutical Industry Selection" showing over 100% growth [1][4] Fund Performance - "Yongying Technology Smart Selection" fund's top holdings include leading optical module stocks such as "Yizhongtian" (Xinyi Sheng, 300502), Zhongji Xuchuang (300308), and Tianfu Communication (300394), which significantly contributed to its net value [2] - The fund's share count surged from 700 million to 3.466 billion, resulting in a profit of 4.715 billion yuan for investors in the third quarter [2] - The "Great Wall Pharmaceutical Industry Selection" fund also saw its size grow from 1.132 billion to 1.790 billion yuan, with a share increase from 678 million to 932 million [5] Sector Insights - The global cloud computing industry remains a focal point, with AI model valuations increasing and a notable 100% quarter-on-quarter growth in token numbers [3] - The innovative pharmaceutical sector continues to attract attention, with funds maintaining high stock positions despite recent market adjustments [6][8] - The article suggests that the technology and pharmaceutical sectors may still have upward potential, although careful stock selection is advised [8] Future Outlook - The article indicates that the technology sector, particularly AI and cloud computing, is expected to see increased investment, with potential for new opportunities in the industry chain [9] - The innovative pharmaceutical sector is projected to strengthen its global competitiveness, supported by upcoming industry conferences and positive data trends [8] - The article emphasizes the importance of not solely relying on past performance to predict future outcomes in the cloud computing sector, highlighting the need for caution [9]

Group 1 - The core viewpoint of the news is that Zai Lab's stock has experienced fluctuations, with a notable increase in share price this year, but recent declines in the short term [1][2] - As of October 21, Zai Lab's stock price was 100.85 CNY per share, with a market capitalization of 26.696 billion CNY [1] - The company has seen a year-to-date stock price increase of 61.85%, but a decline of 20.90% over the past 60 days [1] Group 2 - For the first half of 2025, Zai Lab reported a revenue of 376 million CNY, representing a year-on-year growth of 56.07%, while the net profit attributable to shareholders was -72.8035 million CNY, a decrease of 9.42% [2] - As of June 30, 2025, the number of shareholders increased by 16.75% to 8,795, while the average circulating shares per person decreased by 14.35% to 30,097 shares [2] - The top ten circulating shareholders include several funds, with notable changes in holdings among them, such as an increase in shares held by China Europe Medical Health Mixed A and a decrease in shares held by Guangfa Medical Care Stock A [2]

Group 1 - The innovative ADC drug HLX43 developed by Fuhong Hanlin has received orphan drug designation from the FDA for the treatment of thymic epithelial tumors (TETs) [1] - The orphan drug designation provides various benefits, including tax credits for clinical trial costs, exemption from new drug application fees, and seven years of market exclusivity post-approval, which can accelerate the drug's development process [1] - This milestone indicates international recognition of HLX43's potential as a breakthrough treatment in the TETs field, potentially shortening its global development timeline and addressing the treatment gap for ADC therapies in this disease area [1] Group 2 - Zai Lab announced that its self-developed drug, JAK inhibitor Jika Xixin tablets, has achieved the primary efficacy endpoint in a Phase III clinical trial for active ankylosing spondylitis, demonstrating statistical significance (p<0.0001) [2] - Currently, only three JAK inhibitors have been approved in China for treating active ankylosing spondylitis, indicating a competitive market landscape [2] - The achievement in the Phase III trial brings the drug closer to approval, and as a key product for Zai Lab, it is expected to generate significant revenue upon market entry [2] Group 3 - Yingke Medical announced that its wholly-owned subsidiary plans to invest $70 million in the Warburg Pincus Global Growth 15 fund, which aims to raise $17 billion [3] - This investment is expected to enhance the integration of capital and industry, fostering business synergy and resource complementarity, thereby improving overall competitiveness and profitability [3]

Core Viewpoint - Suzhou Zejing Biopharmaceutical Co., Ltd. announced that its self-developed drug, JAK inhibitor Jikaxitinib (previously known as JAK inhibitor Jackitinib), has achieved the primary efficacy endpoint in a Phase III clinical trial for treating active ankylosing spondylitis, demonstrating statistical significance (p < 0.0001) [2][3] Group 1: Drug and Clinical Trial Information - The Phase III clinical trial, titled "Efficacy and Safety of Jikaxitinib in Patients with Active Ankylosing Spondylitis," was conducted at 31 hospitals, enrolling 265 patients who were randomly assigned to either the Jikaxitinib 100mg BID group or the placebo group [3] - The primary efficacy endpoint was the percentage of patients achieving the ASAS 40 response criteria after 16 weeks of treatment, with the Jikaxitinib group significantly outperforming the placebo group [3] - The safety and tolerability of Jikaxitinib in treating active ankylosing spondylitis were reported to be good, with detailed data to be presented at upcoming academic conferences [3] Group 2: Future Development and Regulatory Process - The company plans to expedite the market application process for Jikaxitinib for the treatment of active ankylosing spondylitis following the successful trial [2][3] - The company is also conducting an extended Phase III trial (protocol number ZGJAK030) for Jikaxitinib in this indication [4] - Previous Phase II trial results for Jikaxitinib were published in the international journal "RMD Open" on January 2, 2025 [4] Group 3: Drug Background and Market Context - Jikaxitinib is a novel dual inhibitor of JAK and ACVR1, classified as a first-class new drug, with the company holding independent intellectual property rights [5] - The NDA application for Jikaxitinib to treat myelofibrosis has been approved, making it the first domestic JAK inhibitor approved for this indication [5] - The drug is also under investigation for other indications, including moderate to severe atopic dermatitis and non-segmental vitiligo in adolescents and adults [6] Group 4: Disease Context - Ankylosing spondylitis (AS) is a chronic inflammatory disease primarily affecting the sacroiliac joints and spine, with a prevalence rate in China estimated at 0.3%, affecting approximately 4 million people [7] - Current treatment options for AS include NSAIDs, biological DMARDs, and JAK inhibitors, with JAK inhibitors providing a new oral treatment option for patients who do not respond to or cannot tolerate biological DMARDs [7] - Currently, only three JAK inhibitors have been approved in China for treating active ankylosing spondylitis: Tofacitinib, Upadacitinib, and Ivarmacitinib [7]

证券代码：688266 证券简称：泽璟制药 公告编号：2025-041 苏州泽璟生物制药股份有限公司 关于自愿披露盐酸吉卡昔替尼片治疗活动性强直性 脊柱炎的 III 期临床试验达到主要疗效终点的公告 《盐酸杰克替尼片治疗活动性强直性脊柱炎患者的有效性和安全性的多中 心、随机、双盲、安慰剂平行对照 III 期临床试验》（方案编号：ZGJAK029）在 上海交通大学医学院附属仁济医院等 31 家医院开展，符合方案要求的 265 例活 动性强直性脊柱炎患者随机入组，分配到盐酸吉卡昔替尼片 100mg Bid 组或安慰 剂片组，经过对该项试验中完成 16 周治疗的受试者数据进行分析后，结果显示 主要疗效终点，即治疗 16 周时达到国际脊柱关节炎评估协会（ASAS）40（ASAS 40）应答标准的受试者百分率，盐酸吉卡昔替尼片 100mg Bid 组显著优于安慰剂 组，达到统计显著性（p<0.0001）。安全性方面，盐酸吉卡昔替尼片治疗活动性 强直性脊柱炎患者的安全性与耐受性良好。有关该项临床试验的详细数据，将在 后续相关学术会议上公布。公司将加快推进盐酸吉卡昔替尼片治疗活动性强直性 脊柱炎患者适应症的上市进程。 目前 ...

Core Viewpoint - Zejing Pharmaceutical (688266.SH) announced that its self-developed Class 1 new drug, Jikaxitinib Hydrochloride Tablets (formerly known as Jackatinib Tablets), has achieved the primary efficacy endpoint in a Phase III clinical trial for treating active ankylosing spondylitis, demonstrating statistical significance (p<0.0001) [1] Group 1 - The Phase III clinical trial titled "Efficacy and Safety of Jikaxitinib Hydrochloride Tablets in Patients with Active Ankylosing Spondylitis: A Multicenter, Randomized, Double-Blind, Placebo-Controlled Study" has met its primary efficacy endpoint [1] - The company plans to accelerate the market launch process for Jikaxitinib Hydrochloride Tablets for the indication of active ankylosing spondylitis [1]

Core Viewpoint - Zai Lab (688266.SH) announced that its self-developed first-class new drug, JAK inhibitor (formerly known as Jackinib), has achieved its primary efficacy endpoint in a Phase III clinical trial for treating active ankylosing spondylitis, demonstrating statistical significance (p<0.0001) [1] Group 1 - The Phase III clinical trial titled "Efficacy and Safety of JAKinib in Patients with Active Ankylosing Spondylitis" met its primary efficacy endpoint [1] - The company plans to accelerate the market approval process for JAK inhibitor in treating active ankylosing spondylitis patients [1]

Core Viewpoint - Zejing Pharmaceutical (688266.SH) announced that its self-developed first-class new drug, Jikaxitinib Hydrochloride Tablets, has achieved the primary efficacy endpoint in the Phase III clinical trial for active ankylosing spondylitis, demonstrating statistical significance (p<0.0001) [1] Company Summary - The company plans to accelerate the drug's market launch process following the successful trial results [1] - Currently, there are only three JAK inhibitors approved by the National Medical Products Administration (NMPA) in China for the treatment of active ankylosing spondylitis: Tofacitinib, Upadacitinib, and Ivarmacitinib [1]

Group 1 - Xuedilong plans to invest no more than 400 million yuan to build an innovation industrial base in Changping District, Beijing, focusing on chromatography and mass spectrometry production lines [1] - The project aims to enhance research and production capabilities in carbon monitoring and measurement systems [1] Group 2 - Zejing Pharmaceutical's tri-specific antibody drug ZGGS34 has received clinical trial approval from the National Medical Products Administration for treating MUC17 positive advanced solid tumors [2] - The drug shows strong anti-tumor activity and good safety in preclinical studies [2] Group 3 - Aosaikang's new cMET inhibitor ASK202 will present clinical research data at the 2025 ESMO annual meeting, showing an objective response rate of 68.8% and a disease control rate of 93.8% in advanced non-small cell lung cancer patients [2][3] Group 4 - China Life expects a net profit of 156.785 billion to 177.689 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 50% to 70% [4] Group 5 - Silan Microelectronics plans to jointly invest 5.1 billion yuan to build a 12-inch high-end analog chip production line, with a total project investment of 20 billion yuan [5][6] Group 6 - New City intends to use 156.65 million yuan of remaining fundraising to invest in a "Building Green Energy and Zero Carbon Park" project, with a total investment of 257 million yuan [8] Group 7 - Yidao Information plans to acquire control of Guangzhou Langguo Electronic Technology and Shenzhen Chengwei Information through a combination of share issuance and cash payment [9] Group 8 - Xiling Information's controlling shareholder has received a notice of lifting restrictions, allowing normal business operations to resume [10] Group 9 - Dongpeng Holdings' first batch of rock slab products has passed the highest level 5A quality inspection, becoming one of the first companies to meet the new national standard [11] Group 10 - Aonlikang's levofloxacin tablets have received approval from the National Medical Products Administration, classified as a chemical drug of category 4 [15] Group 11 - Haizheng Pharmaceutical's Taizhou factory has had its GMP non-compliance declaration revoked by the EU, confirming compliance with EU GMP requirements [17][18] Group 12 - Hongfuhan's shareholder plans to reduce its stake by up to 1.5% through various trading methods due to asset integration and funding needs [19] Group 13 - Purang Co. plans to establish a wholly-owned subsidiary in Hong Kong to enhance its international competitiveness and service levels [20] Group 14 - Tianhe Magnetic Materials' subsidiary has signed an investment agreement for a project worth 850 million yuan focused on high-performance rare earth permanent magnets [22] Group 15 - Xiangfenghua reported a 64.64% year-on-year decline in net profit for the first three quarters, despite an 8.16% increase in revenue [23] Group 16 - Darui Electronics reported a 26.84% year-on-year increase in net profit for the first three quarters, with total revenue growing by 28.59% [24] Group 17 - Xiangsheng Medical reported a 4.56% year-on-year decline in net profit for the first three quarters, despite a 41.95% increase in net profit for the third quarter [25]