BIOKIN PHARMACEUTICAL(SH:688506) Sou Hu Cai Jing·2025-12-01 05:41Group 1: Federal Reserve and Market Expectations - Goldman Sachs indicates that the Federal Reserve is expected to lower interest rates during the December 9-10 meeting, with a nearly certain probability of a 25 basis point cut at around 85%-86% [1] Group 2: Company Developments - Baillie Gifford's subsidiary SystImmune received a $250 million milestone payment from Bristol-Myers Squibb related to the global strategic collaboration agreement, with potential for up to $2.5 billion in near-term or contingent payments and an additional $7.1 billion upon achieving specific development, registration, and sales milestones [1] - Innovent Biologics announced that its self-developed drug, Xinmeiyue® (Pikankizumab injection), has been approved by the National Medical Products Administration (NMPA) for the treatment of moderate to severe plaque psoriasis in adult patients, marking a significant advancement in domestic precision treatment for psoriasis [1] Group 3: Market Performance and Trends - The Hong Kong Stock Connect Innovation Drug ETF (159570) experienced a decline of over 1% for two consecutive days, with a trading volume exceeding 1 billion yuan, and a net inflow of 80 million yuan during the day [3] - As of November 29, the latest scale of the Hong Kong Stock Connect Innovation Drug ETF (159570) exceeded 24 billion yuan, leading its peers in the same category [3] Group 4: Upcoming Events and Industry Catalysts - The results of the drug catalog negotiation conducted by the Medical Insurance Bureau are expected to be released in the first weekend of December, with a focus on the inclusion of domestic biological innovative drugs for skin diseases in the medical insurance [4] - The American Society of Hematology (ASH) conference is set to take place from December 6-9, where multiple differentiated hematology products will have data disclosed, with a focus on companies like BeiGene, Innovent Biologics, and others [4] Group 5: Company Stock Performance - The weighted stocks of the Hong Kong Stock Connect Innovation Drug ETF (159570) showed mixed performance, with major stocks like Rongchang Bio down over 5%, while Innovent Biologics and Hansoh Pharmaceutical saw slight increases [1][2]