Core Insights - The approval of multiple BTK inhibitors in China is transforming the treatment landscape for Chronic Lymphocytic Leukemia (CLL) and B-cell lymphomas, with a notable shift towards second-generation BTK inhibitors [1][3][4] Group 1: Market Overview - As of now, five BTK inhibitors have been approved in China, including three imported drugs and two domestic drugs, with the first-generation inhibitor ibrutinib and three second-generation inhibitors [3] - The global incidence of CLL is significant, with 191,000 new cases and 61,000 deaths annually, primarily affecting elderly patients with a median age of 65 in China [2] Group 2: Treatment Efficacy and Safety - The five-year survival rate for CLL patients is high, ranging from 80% to 90%, with low-risk patients having a median survival of nearly 20 years [2] - Newer BTK inhibitors demonstrate improved safety profiles compared to first-generation inhibitors, which have seen a decline in global recommendation levels due to safety concerns [3][4] Group 3: Future Directions - The development of BCL2 inhibitors is underway, with ongoing clinical trials combining these with BTK inhibitors, indicating a potential new direction for CLL treatment [5] - The increasing elderly population in China presents challenges for long-term management of CLL patients, necessitating systematic approaches to address treatment adherence and adverse effects [5]

Core Viewpoint - The report highlights the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed Fund A, indicating a recent decline in net value but strong returns over various time frames [1]. Fund Performance - The latest net value of the fund is 1.5670 yuan, reflecting a decrease of 1.94% - Over the past month, the fund achieved a return of 3.91%, ranking 171 out of 1959 in its category - In the last three months, the fund's return was 22.33%, ranking 5 out of 1950 - Year-to-date, the fund has returned 30.15%, ranking 17 out of 1943 [1]. Fund Holdings - The top ten stock holdings of the fund account for a total of 64.17%, with the following allocations: - Heng Rui Medicine: 10.23% - Kelun Pharmaceutical: 9.09% - Baile Tianheng: 8.94% - Haizike: 8.27% - Xinlitai: 6.66% - Zai Jian Pharmaceutical-U: 6.10% - Xin Nuo Wei: 4.69% - Rongchang Biotechnology: 3.49% - Nuocheng Jianhua-U: 3.35% - Microelectrophysiology: 3.35% [1]. Fund Background - The Huatai-PineBridge Medical Services Flexible Allocation Mixed Fund A was established on June 18, 2015, and as of March 31, 2025, it has a total scale of 4.408 billion yuan - The fund manager is Zhang Wei, who has extensive experience in the pharmaceutical sector [1][2].

Core Viewpoint - The article discusses the performance and holdings of the Industrial and Commercial Bank of China Medical Healthcare Stock Fund, highlighting its recent net value, returns, and top holdings [1]. Fund Performance - The latest net value of the ICBC Medical Healthcare Stock Fund is 2.5580 yuan, reflecting a decrease of 1.16% - The fund's return over the past month is 3.52%, ranking 172 out of 940 in its category - Over the last six months, the return is 9.79%, with a ranking of 202 out of 914 - Year-to-date, the return stands at 12.24%, ranking 98 out of 926 [1]. Fund Holdings - The top ten holdings of the ICBC Medical Healthcare Stock Fund account for a total of 39.79%, with the following key positions: - Heng Rui Medicine: 8.90% - WuXi AppTec: 5.12% - Aier Eye Hospital: 4.94% - BeiGene: 3.77% - Zai Lab: 3.52% - New Horizon Health: 3.27% - Mindray Medical: 2.80% - Yuwell Medical: 2.76% - United Imaging Healthcare: 2.47% - Innovent Biologics: 2.24% [1]. Fund Management - The ICBC Medical Healthcare Stock Fund was established on November 18, 2014, and as of March 31, 2025, it has a total scale of 2.724 billion yuan - The fund is managed by Zhao Bei and Ding Yang, both of whom have extensive experience in the healthcare sector [1][2].

金融界2025年5月23日消息，万家经济新动能混合C(005312) 最新净值1.6007元，下跌1.79%。该基金近1 个月收益率-4.46%，同类排名4362|4480；近6个月收益率22.90%，同类排名161|4322；今年来收益率 28.00%，同类排名90|4372。 简历显示：黄兴亮先生:中国国籍,清华大学博士。2002年毕业于清华大学电机系电气工程及自动化专 业,2007年获得清华大学计算机系计算机应用技术专业博士学位。2007年8月至2011年5月在交银施罗德 基金管理有限公司投研部担任研究员;2011年6月至2018年10月在光大保德信基金管理有限公司工作,先后 担任投资部研究员、基金经理;2018年11月加入万家基金管理有限公司。现任万家行业优选混合型证券 投资基金(LOF)、万家经济新动能混合型证券投资基金的基金经理。2020年2月10日起任万家自主创新 混合型证券投资基金基金经理。2020年8月14日担任万家创业板2年定期开放混合型证券投资基金基金经 理。2024年2月8日起担任万家科创板2年定期开放混合型证券投资基金基金经理。2020年1月7日至2025 年3月22日担任万家科技创 ...

Core Insights - Nuo Cheng Jian Hua reported a revenue of 381 million yuan for Q1 2025, representing a year-on-year growth of 129.92%, with a net profit of 14 million yuan, up 109.94% year-on-year [2] - The company's gross margin improved by 5.1 percentage points to 90.5% compared to the same period last year [2] - The main driver of revenue growth is the commercialization of the drug Acalabrutinib, which generated 310 million yuan in revenue during the reporting period, an increase of 89.2% [2] Product Development - Acalabrutinib was approved for first-line treatment of Chronic Lymphocytic Leukemia/Small Lymphocytic Lymphoma (CLL/SLL) in China on April 25, 2023, expanding its market potential [2][6] - The drug has already been included in the national medical insurance for multiple indications, which is expected to further boost sales [2] - The company is also advancing its pipeline with Tafasitamab, a CD19 monoclonal antibody, which has been approved for the treatment of Diffuse Large B-Cell Lymphoma (DLBCL) [3][9] Market Potential - CLL accounts for approximately 3% of adult leukemia cases in China, with about 7,500 new patients diagnosed annually [5] - The approval of Acalabrutinib for first-line treatment is anticipated to significantly enhance treatment options for patients and drive company growth [6] - The market for Tafasitamab is projected to exceed 1.5 billion yuan in peak sales under optimistic scenarios [10] Competitive Landscape - Acalabrutinib is positioned as a potential best-in-class BTK inhibitor, with superior selectivity and safety profile compared to existing competitors [7][8] - The company faces competition from other approved therapies targeting similar indications, particularly in the relapsed or refractory settings [6] Financial Health - Nuo Cheng Jian Hua reported a strong cash position of approximately 7.78 billion yuan as of the end of Q1 2025, which will support ongoing clinical trials and research investments [8]

Group 1 - Huiyu Pharmaceutical's subsidiary received drug registration certificate for Carboxymethyl Sodium Injection, which is used for treating bleeding diseases in various medical fields [1] - Baihe Co., Ltd. announced a plan for a director to reduce holdings by up to 424,000 shares, representing 0.6625% of the total share capital [1] - Kingood Co., Ltd. received a notification from a global leading automaker for a wheel project, expected to start mass production in 2026 with a lifecycle of 10 years [1][2] Group 2 - Wanhua Chemical plans to repurchase shares worth between 300 million and 500 million yuan, with a maximum repurchase price of 99.36 yuan per share [2] - Warner Pharmaceutical's subsidiary received approval for Acetylcysteine raw material drug, primarily used for treating respiratory diseases [3] - ST Mingcheng plans to publicly transfer 45% equity of its subsidiary, aiming to optimize asset structure [4] Group 3 - Qixia Construction announced a plan to reduce up to 31.5 million shares, accounting for 3% of total share capital [5][6] - Zhejiang Rongtai intends to invest 20 million yuan to establish a wholly-owned subsidiary focused on intelligent robotics [7] - Yuandong Biological received drug registration for Chloral Hydrate Enema, used for sedation and seizure control in children [9] Group 4 - Jiemai Technology's subsidiary signed a strategic cooperation agreement with a solid-state battery company to produce high-safety composite conductive materials [10] - Xianju Pharmaceutical received drug registration for Progesterone Soft Capsules, used for treating functional disorders due to luteal deficiency [11] - Lanhua Kecai's subsidiary reported a temporary production halt, with the resumption date yet to be determined [13] Group 5 - Sinopharm Modern's subsidiary received drug registration for Tocilizumab Tablets, used for treating rheumatoid arthritis and other conditions [15] - Shanghai Bank announced the resignation of its vice president due to organizational adjustments [17] - Shanghai Pharmaceutical's Ephedrine Injection passed the consistency evaluation for generic drugs [19] Group 6 - Rundu Co., Ltd. received drug registration for Amlodipine and Olmesartan Tablets, aimed at treating hypertension [21] - Zhong'an Technology announced that 61 million shares held by its controlling shareholder will be auctioned [23] - Shanghai Washba plans to purchase patent assets and establish two subsidiaries focused on hydrogen energy and solid-state battery technologies [25] Group 7 - Nuo Cheng Jianhua's new drug Tafasitamab received approval for treating relapsed/refractory diffuse large B-cell lymphoma [26] - Benli Technology plans to use up to 200 million yuan of idle funds for cash management and financial investments [28] - Taiji Co., Ltd. intends to use 60 million yuan of idle funds to purchase financial products [29] Group 8 - Haishi Co. announced that its innovative drug Anreke Fen Injection received drug registration for treating postoperative pain [32] - Yulong Co. will have its stock delisted on May 27, 2025, following a decision by the Shanghai Stock Exchange [36] - Weifu High-Tech plans to establish a joint venture with Shanghai Baolong Automotive Technology [38] Group 9 - Xichang Electric Power expects a net profit reduction of approximately 5.4 million yuan due to adjustments in the time-of-use electricity pricing mechanism [39] - Alter signed a contract worth 6.8 billion yen for the development and procurement of large truck EV kits [41] - Zhonglian Heavy Industry plans to acquire controlling stakes in its financing leasing subsidiary through public bidding [42] Group 10 - Sanyou Medical's executive plans to reduce holdings by up to 1.44% of the company's shares [43] - Hangyang Co. plans to establish a subsidiary for large modular cryogenic equipment manufacturing with an estimated investment of 557 million yuan [44] - FAW Fuwi received a notification for a dashboard project from a well-known new energy brand, with total sales expected to reach 1.06 billion yuan [45]

| | | 诺诚健华医药有限公司 关于坦昔妥单抗（tafasitamab）联合来那度胺 治疗复发/难治性弥漫性大 B 细胞淋巴瘤 在中国上市申请获得批准的公告 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： 一、药品基本情况 药品名称：注射用坦昔妥单抗 申请事项：药品注册（境外生产） 受理号：JXSS2400050 证书编号：2025S01368 上市许可持有人：Incyte Biosciences Distribution B.V. 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 1 诺诚健华医药有限公司（以下简称"公司"）收到国家药品监督管理局（NMPA） 的通知，公司靶向 CD19 的产品坦昔妥单抗（tafasitamab）（商品名：明诺 凯®）联合来那度胺治疗不适合自体干细胞移植条件的复发/难治性弥漫性大 B 细胞淋巴瘤（以下简称"r/r DLBCL"）成人患者的上市申请获得批准， 这是中国首个获批治疗 r/r DLBCL 的 CD19 单抗。 由于新药研发具有高科技、高风险、高 ...

Core Viewpoint - The approval of Tafasitamab (brand name: Mingnuokai) in combination with Lenalidomide for the treatment of adult patients with relapsed/refractory diffuse large B-cell lymphoma (r/rDLBCL) marks a significant milestone as it is the first CD19 monoclonal antibody approved for this indication in China [1] Company Summary - The company, Innovent Biologics, has received approval from the National Medical Products Administration (NMPA) for its CD19-targeting product Tafasitamab [1] - This approval highlights the company's commitment to addressing unmet medical needs in oncology [1] Industry Summary - The approval of Tafasitamab represents a breakthrough in the treatment landscape for r/rDLBCL in China, potentially improving outcomes for patients who are not suitable for autologous stem cell transplantation [1] - The introduction of this therapy may enhance competition in the oncology market, particularly in the segment of targeted therapies for hematological malignancies [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.24 RMB [1][5] Core Insights - The company achieved profitability in Q1 2025, with a revenue of 381 million RMB, representing a year-on-year growth of 129.92%. The core product, Acalabrutinib, generated sales of 311 million RMB, up 89.22% year-on-year [3][4] - The gross margin for Q1 2025 increased to 90.5%, up 5.1 percentage points from the same period last year [3] - The company has a strong cash position with approximately 7.8 billion RMB in cash and cash equivalents as of March 31, 2025 [3] Summary by Sections Financial Performance - Q1 2025 revenue: 381 million RMB, up 129.92% YoY - Q1 2025 net profit: 18 million RMB, with a non-recurring net profit of 1.59 million RMB [3] - R&D expenses in Q1 2025: 208 million RMB, up 16.81% YoY; sales expenses: 114 million RMB, up 27.34% YoY; management expenses: 43 million RMB, up 0.83% YoY [3] Product Pipeline and Clinical Trials - The company is advancing multiple clinical registrations in oncology and autoimmune diseases, with plans to initiate two overseas Phase 3 clinical studies in 2025 [4] - Acalabrutinib received NMPA approval for first-line CLL/SLL treatment, and several other products are in various stages of clinical trials [4][5] Future Catalysts - The report highlights several upcoming catalysts within the next 12 months, particularly focusing on data from SLE and AML studies [5] - The company is expected to release long-term efficacy data for various clinical trials, which could significantly impact its stock performance [5] Valuation - The target market capitalization is estimated at 48 billion RMB, corresponding to a stock price of 27.24 RMB, based on DCF and NPV methods [5]

Macro Commentary - The US economy shows signs of slowing down, with significant declines in retail and manufacturing output due to tariff impacts, particularly affecting durable goods like automobiles and electronics [2] - Despite the slowdown, unemployment claims remain stable, indicating that the service sector is less affected, and employment in this sector remains robust [2] - Inflation is expected to rebound temporarily from May to August, with the Federal Reserve likely to maintain interest rates until September, when a potential rate cut may occur [2] Industry Commentary - The Chinese pharmaceutical sector is experiencing a strong trend in innovative drug exports, with several significant business development transactions occurring despite recent tariff tensions [5][6] - The MSCI China Healthcare Index has risen by 14.9% since early 2025, although it has underperformed compared to the broader MSCI China Index [5] - The US innovative drug prices are unlikely to decrease in the short term due to recent executive orders, but long-term pressures on healthcare spending are anticipated [7] Company Initiation - The report covers Angelalign Technology (6699 HK), a leading provider of invisible orthodontic solutions in China, which has maintained a market share of 42% in the domestic market [9][10] - The company is expected to achieve a revenue compound annual growth rate (CAGR) of 23.8% from 2019 to 2024, with a projected CAGR of 18.0% from 2024 to 2027 [9] - Angelalign is expanding internationally, with a goal to cover over 50 countries and achieve significant revenue growth from overseas markets, which is expected to account for 30% of total revenue by 2024 [11][12]