Core Viewpoint - Zai Jian Pharmaceutical announced the clinical research data and latest progress of its self-developed drugs Alveltamig (ZG006) and Nilvanstomig (ZG005) will be presented at the European Society for Medical Oncology (ESMO) annual meeting from October 17 to 21 [1] Group 1: Drug Development - ZG006 is a trispecific antibody drug developed through the company's dual/multi-specific antibody research platform, which has received clinical trial approval from both the US FDA and China's NMPA [1] - ZG006 has been included in the breakthrough therapy designation by the National Medical Products Administration (NMPA) and has been granted orphan drug status by the US FDA [1] - ZG005 is a recombinant humanized anti-PD-1/TIGIT bispecific antibody classified as a category 1 innovative tumor immunotherapy biological product, expected to be used for the treatment of various solid tumors [1]

Core Insights - The company announced that clinical research data and latest progress for its self-developed drugs Alveltamig (code: ZG006) and Nilvanstomig (code: ZG005) will be presented at the European Society for Medical Oncology (ESMO) annual meeting scheduled from October 17 to 21, 2025 [1] Drug Development - ZG006 is the world's first tri-specific antibody targeting the DLL3 target (DLL3×DLL3×CD3), representing a first-in-class molecular form with the potential to become a best-in-class molecule [1] - ZG005 is one of the first drugs to enter clinical research targeting the same mechanism, with no similar mechanism drugs approved for market globally [1]

Core Viewpoint - Zai Lab's new drugs Alveltamig (ZG006) and Nilvanstomig (ZG005) will present clinical research data at the European Society for Medical Oncology (ESMO) annual meeting from October 17 to 21, 2025, highlighting their innovative approaches in targeting DLL3 [1] Group 1: Drug Development - ZG006 is the world's first tri-specific antibody targeting DLL3 (DLL3×DLL3×CD3), representing a first-in-class molecular form with the potential to become a best-in-class molecule [1] - ZG005 is one of the first drugs to enter clinical research targeting the same mechanism, with no similar mechanism drugs approved globally [1]

2、本次在 2025 年欧洲肿瘤内科学会（ESMO）年会发布最新临床数据事项 对公司近期业绩不会产生重大影响。由于医药产品具有高科技、高风险、高附加 值的特点，药品前期研发以及产品从研制、临床试验、报批到投产的周期长、环 节多，容易受到一些不确定性因素的影响，公司将及时根据后续进展履行信息披 露义务。敬请广大投资者谨慎决策，注意防范投资风险。 为使各位投资者及时了解公司相关研究成果，现将ZG006、ZG005的临床数 据及最新进展公告如下： 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： 1、苏州泽璟生物制药股份有限公司（以下简称"公司"）自主研发的新药 Alveltamig（代号：ZG006）、Nilvanstomig（代号：ZG005）的临床研究数据及 最新进展将于 2025 年 10 月 17 日至 21 日召开的欧洲肿瘤内科学会（ESMO）年 会上发布。 证券代码：688266 证券简称：泽璟制药 公告编号：2025-040 苏州泽璟生物制药股份有限公司 关于自愿披露 ZG006 和 ZG005 在 ...

Core Viewpoint - The innovation drug sector in China is experiencing significant growth, driven by increased investment, favorable policies, and a strong pipeline of new drugs entering clinical trials, positioning it for a robust future in both domestic and international markets [6][8][10]. Group 1: Market Performance - As of October 16, the Science and Technology Innovation Drug ETF (Huitianfu, 589120) saw a notable increase of 3.31%, maintaining a rise of over 2% despite a slight pullback [1]. - The ETF has attracted over 40 million yuan in net inflows over the past five days, indicating strong investor interest [1]. - Key constituent stocks such as Sangfor Technology and Yifang Bio have shown significant gains, with Sangfor hitting the daily limit up and Yifang Bio rising by 8.61% [2][3]. Group 2: Industry Trends - The number of License-out transactions in China reached 72 in the first half of 2025, surpassing half of the total for 2024, with a total transaction value 16% higher than the previous year [5]. - The innovation drug sector is primarily driven by business development (BD) expectations, with a significant portion of annual BD activity occurring in the fourth quarter [6]. - The Chinese innovation drug market is expected to see a recovery in confidence as more BD deals materialize, particularly as companies prepare for the upcoming European Society for Medical Oncology (ESMO) conference [6][7]. Group 3: R&D and Financial Outlook - Since 2015, Chinese innovation drug companies have significantly increased R&D investments, leading to a rise in the number of original innovative drugs entering clinical trials, with 704 drugs expected to enter Phase I trials in 2024 [8]. - The revenue of innovation drug companies has been steadily increasing, with projections indicating that one-third of these companies will achieve profitability by 2025, and 70% will reach breakeven by 2026 [8]. - The Chinese government's support for innovation drugs through favorable policies and increased funding is expected to enhance the sector's growth, with healthcare spending on innovation drugs projected to rise from 50 billion yuan in 2022 to 120 billion yuan in 2024 [9]. Group 4: Competitive Landscape - The impending patent cliff for multinational corporations (MNCs) is expected to create a demand for new products, with 190 drugs losing patent protection by 2030, including 69 with annual sales exceeding 1 billion dollars [10]. - Chinese innovation drug companies are well-positioned to fill this gap due to their high R&D efficiency and rich technological outcomes, making them attractive partners for MNCs [10].

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has shown a slight increase of 0.21%, with notable gains from companies such as Sangfor Technologies and Dige Medical [3] - The ETF tracking the Sci-Tech 100 Index has also risen by 0.22%, with a cumulative increase of 1.81% for the month as of October 15, 2025 [3] - The liquidity of the Sci-Tech 100 Index ETF is strong, with a turnover rate of 1.93% and a transaction volume of 1.26 billion yuan [3] - Recent partnerships in the AI sector, such as the collaboration between Yuke and Haiguang Information, highlight the growing demand for AI computing power [4] - OpenAI's significant cloud computing contract with Oracle, valued at 300 billion USD, indicates a surge in global AI computing needs [4] Market Performance - The Sci-Tech 100 Index ETF has experienced a scale increase of 4.64 million yuan over the past month, ranking second among comparable funds [4] - The ETF's share count has grown by 2.76 million shares in the same period, also placing it second among comparable funds [4] - Despite recent net outflows of 1.56 million yuan, the ETF has attracted a total of 4.61 billion yuan over the last 16 trading days [4] Index Composition - The Sci-Tech 100 Index is composed of 100 medium-sized, liquid stocks selected from the Sci-Tech Innovation Board, reflecting the overall performance of different market capitalizations [5] - As of September 30, 2025, the top ten weighted stocks in the index account for 24.32% of the total index, including companies like Hua Hong Semiconductor and BeiGene [5]

Group 1 - The core point of the news is that Zai Lab Limited (泽璟制药) experienced a stock price increase of 5.01%, reaching 101.78 CNY per share, with a total market capitalization of 26.942 billion CNY [1] - Zai Lab, established on March 18, 2009, and listed on January 23, 2020, focuses on the research, production, and sales of chemical and biological new drugs, with 99.97% of its revenue coming from pharmaceuticals [1] - The trading volume for Zai Lab was 1.68 million CNY, with a turnover rate of 0.64% [1] Group 2 - Jin Xin Fund has a significant holding in Zai Lab, with its Jin Xin Value Selection Mixed A Fund (005117) owning 17,000 shares, representing 4.59% of the fund's net value, making it the sixth-largest holding [2] - The Jin Xin Value Selection Mixed A Fund has achieved a year-to-date return of 58.74%, ranking 429 out of 8161 in its category, and a one-year return of 71.43%, ranking 323 out of 8021 [2] - The fund was established on September 1, 2017, and has a total size of 15.4432 million CNY [2] Group 3 - The fund managers of Jin Xin Value Selection Mixed A are Liu Shang and Tan Zhiming, with Liu having a tenure of 55 days and a total fund size of 11.3 million CNY, while Tan has a tenure of 190 days and a total fund size of 14.2 million CNY [3] - Liu's best and worst fund returns during his tenure were -2.01% and -13.59%, respectively, while Tan's were 38.66% and -2.48% [3]

Group 1 - The core point of the news is that Zai Lab Ltd. (泽璟制药) experienced a stock price increase of 5.01%, reaching 101.78 CNY per share, with a total market capitalization of 26.942 billion CNY [1] - Zai Lab, founded on March 18, 2009, specializes in the research, production, and sales of chemical and biological new drugs, with 99.97% of its revenue coming from pharmaceuticals [1] - The trading volume for Zai Lab was 1.68 million CNY, with a turnover rate of 0.64% [1] Group 2 - According to data, a fund under Jianxin Fund holds Zai Lab as one of its top ten heavy positions, specifically Jianxin Medical Health Industry Stock A (建信医疗健康行业股票A), which reduced its holdings by 29,420 shares in the second quarter [2] - The current holding of Jianxin Medical Health Industry Stock A is 338,600 shares, accounting for 4.18% of the fund's net value, making it the sixth-largest heavy position [2] - The fund has achieved a year-to-date return of 50.69% and a one-year return of 41.08%, ranking 404 out of 4,218 and 1,255 out of 3,864 in its category, respectively [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300723 | 一品红 | 52.98 | -14.30% | 17.20万 | 9.79亿 | | 300558 | 贝达药业 | 58.34 | -10.63% | 21.05万 | 12.63亿 | | 688266 | 泽瑞制药 | 93.60 | -7.60% | 5.61万 | 5.40 乙 | | 300233 | 金城医药 | 17.28 | -6.80% | 19.79万 | 3.53亿 | | 301246 | 宏源药业 | 16.57 | -6.33% | 47.42万 | 8.29 Z | | 688506 | 百利天恒 | 338.98 | -6.18% | 1.46万 | 5.05亿 | | 300204 | 舒泰神 | 32.23 | -5.65% | 20.20万 | 6.71亿 | | 300584 | 海辰药业 | 56.94 | -5.63% | 7.36万 | 4.30亿 | | 688382 | 益方生物 ...

Core Insights - The Chinese innovative pharmaceutical industry is experiencing a "double hit" in performance and valuation due to policy support, R&D breakthroughs, and value reassessment [1] - Many innovative drug stocks have doubled in price this year, with pharmaceutical-themed funds averaging a nearly 40% increase in net value over the past year [1] - The industry is entering a long-term growth trajectory, with current valuations still considered attractive by both domestic and foreign institutions [1] Group 1: Stock Performance - Several innovative drug companies have seen significant stock price increases, with companies like Shuyou Shen, Rongchang Bio, and Anglikang all experiencing over 100% growth year-to-date as of October 9 [1] - Pharmaceutical-themed funds have also shown strong performance, with the average net value increasing nearly 40% over the past year, and some funds, such as Penghua Innovation Upgrade Mixed A, seeing gains exceeding 100% [1] Group 2: Institutional Interest - There has been a surge in institutional research on Chinese innovative drug companies, with companies like Baiji Shenzhou and Baili Tianheng receiving attention from 213 and 186 institutions respectively [2] - Notable foreign institutions, including State Street Bank and BlackRock, have participated in the research of these companies, indicating growing international interest [2] Group 3: Industry Trends - The innovative drug sector is transitioning from "burning cash on R&D" to "product volume expansion," marking the beginning of a profit harvest period [3] - Chinese innovative drug companies have significantly improved their R&D capabilities and gained international recognition, positioning themselves in the global first tier in terms of pipeline quantity [3] - The industry is expected to achieve a systematic value reassessment, driven by comprehensive policy support and high levels of R&D and clinical efficiency [2][3]