早 报 精 选 宏 观 新 闻 1、 外交部发言人林剑昨日主持例行记者会。有记者提问称，美方有意延长对华关税暂停期换取中方推迟实行稀土出口管制。林剑表 2、商务部昨日召开例行新闻发布会，相关负责人介绍近期重点工作有关情况。有记者提问，中美双方是否会在近期举行新一轮的经 贸会谈？发言人何咏前表示，中方对于相互尊重基础上的平等磋商一直都持开放态度。此外，何咏前就中方近期出台稀土出口管制措 施一事回应称，美方的解读严重曲解并渲染、夸大中方措施，故意引发不必要的误解和恐慌。 3、昨日的外交部例行记者会上，记者提问称，英国将多家中国企业列入实体名单。发言人林剑回应，中方一贯反对没有国际法依 据、未经联合国安理会授权的单边制裁，对英方的有关做法强烈不满，已向英方提出严正交涉。 4、10月16日，商务部部长王文涛会见美国苹果公司首席执行官库克。双方就中美经贸关系、苹果公司在华业务发展等进行了交流。 王文涛表示，欢迎苹果公司继续深化对华合作，加大在华投入。库克表示，苹果公司将继续坚定扎根中国、深耕中国，积极参与中国 高质量发展。 5、当地时间10月16日，俄罗斯总统普京与美国总统特朗普时隔近两个月再次进行电话交谈。俄罗斯总统 ...

Group 1 - Junshi Biosciences' JS207 received FDA approval for a Phase II/III clinical trial targeting neoadjuvant treatment in resectable, driver gene-negative non-small cell lung cancer patients, enhancing its international expansion and market potential [1] Group 2 - Eli Lilly's oral GLP-1 drug orforglipron demonstrated significant efficacy in two Phase III trials, achieving primary and all key secondary endpoints, including notable reductions in HbA1c, weight loss, and improvements in cardiovascular risk factors, reinforcing its competitive position in the GLP-1 market [2] Group 3 - Guobang Pharmaceutical reported a 23.17% year-on-year increase in net profit for Q3, despite a 5.39% decline in revenue, attributed to improved sales collection and optimized procurement payments, showcasing strong profitability resilience [3] Group 4 - Zhijiang Biopharmaceutical announced a share buyback plan of 60 million to 120 million yuan to support employee stock ownership plans or equity incentives, reflecting confidence in long-term development and aiming to strengthen core team commitment [4]

Core Viewpoint - Junshi Biosciences announced the approval of its clinical trial application for JS207, a humanized anti-PD-1 and VEGF bispecific antibody, by the U.S. FDA for a Phase II/III study in patients with resectable, AGA-negative non-small cell lung cancer [1] Group 1 - The clinical trial is an open-label, two-arm, randomized, positive-controlled study [1] - The study compares JS207 with Nivolumab in the neoadjuvant treatment setting [1] - The focus is on patients with AGA-negative non-small cell lung cancer [1]

Core Viewpoint - Junshi Biosciences has received FDA approval to conduct a Phase II/III study comparing JS207 (a PD-1/VEGF dual antibody) with Nivolumab for neoadjuvant treatment in patients with resectable, AGA-negative non-small cell lung cancer (NSCLC) [1][2] Group 1: Study Overview - The study is an open-label, two-arm, randomized, positive-controlled international multicenter Phase II/III trial aimed at comparing the efficacy and safety of JS207 and Nivolumab in patients with resectable, AGA-negative NSCLC [2] - This marks the first confirmatory study of a PD-1/VEGF dual-target drug in a surgical population, led by Professor Wu Yilong from Guangdong Provincial People's Hospital [2] Group 2: Clinical Context - Lung cancer is the most prevalent and deadly malignancy globally, with approximately 2.48 million new cases and 1.82 million deaths reported in 2022 [1] - NSCLC accounts for about 85% of all lung cancer cases, with 20-25% of patients being operable at diagnosis [1] - Despite radical surgical treatment, 30-55% of patients may experience recurrence and death post-surgery [1][4][5] Group 3: Product Information - JS207 is a recombinant humanized dual-specific antibody targeting PD-1 and VEGF, primarily used for treating advanced malignancies [10] - The drug has entered Phase II/III clinical research and is involved in multiple Phase II studies across various cancers, including NSCLC, colorectal cancer, triple-negative breast cancer, and liver cancer [10] - JS207 effectively blocks the binding of PD-1 to PD-L1 and PD-L2, and inhibits VEGF from binding to its receptors, enhancing anti-tumor activity by improving the tumor microenvironment [10][11] Group 4: Company Background - Junshi Biosciences, established in December 2012, focuses on the discovery, development, and commercialization of innovative therapies [12] - The company has developed a diverse pipeline of over 50 innovative drugs across five therapeutic areas, with five products already approved for market [12] - Junshi Biosciences aims to provide world-class, trustworthy innovative drugs to patients, with a global workforce of approximately 2,500 employees [12]

Core Viewpoint - Junshi Biosciences (君实生物) announced that its product JS207, a recombinant humanized anti-PD-1 and VEGF bispecific antibody, has received FDA approval for a clinical trial in patients with resectable, AGA-negative non-small cell lung cancer [1] Group 1: Product Information - JS207 is a self-developed bispecific antibody targeting PD-1 and VEGFA, primarily used for the treatment of advanced malignancies [1] - The drug binds with high affinity to both PD-1 and VEGFA, effectively blocking the interaction between PD-1 and PD-L1/PD-L2, as well as inhibiting the binding of VEGF to its receptors [1] - JS207 exhibits both immunotherapeutic and anti-angiogenic properties, neutralizing VEGF to inhibit endothelial cell proliferation, improve the tumor microenvironment, and enhance the infiltration of cytotoxic T lymphocytes in the tumor microenvironment, leading to better anti-tumor activity [1] Group 2: Clinical Trial Details - The clinical trial is an open-label, two-arm, randomized, positive-controlled Phase II/III study comparing JS207 to Nivolumab for neoadjuvant treatment [1] - The study focuses on patients with resectable, AGA-negative non-small cell lung cancer [1]

Group 1: Company Announcements - Zhongtian Technology has won multiple marine project bids totaling approximately 1.788 billion yuan, including projects in deep-sea technology and marine energy [2] - Chip Union Integrated plans to increase capital by 1.8 billion yuan to support the ongoing implementation of its 12-inch integrated circuit project [3] - Guangsheng Nonferrous Metals expects a net profit of 100 million to 130 million yuan for the first three quarters of 2025, marking a turnaround from losses [4] - Fuyao Glass's chairman, Cao Dewang, has resigned to optimize the company's governance structure, with Cao Hui elected as the new chairman [5] - Longbai Group's subsidiary plans to acquire Venator UK's titanium dioxide business assets for 69.9 million USD [5] - Zhiguang Electric intends to purchase minority stakes in its subsidiary Zhiguang Energy, with stock resuming trading on October 17, 2025 [6] Group 2: Performance Highlights - Aobi Zhongguang expects a net profit of approximately 108 million yuan for the first three quarters, indicating a return to profitability [7] - China Shenhua reported a 1.6% year-on-year decline in coal sales volume for September [7] Group 3: Important Transactions - Huayu Automotive has completed the acquisition of a 49% stake in Shanghai SAIC Qingtao Energy Technology [8] - Guobang Pharmaceutical reported a 23.17% year-on-year increase in net profit for the third quarter [9] - Tianan New Materials reported a 31.12% year-on-year increase in net profit for the third quarter [9] - Guangdong East CNC reported a 151.78% year-on-year increase in net profit for the first three quarters [9]

本公告由上海君實生物醫藥科技股份有限公司（「本公司」）自願作出。請亦參見本 公司於2025年10月16日刊發的海外監管公告。 本公司董事（「董事」）會（「董事會」）欣然宣佈，本公司產品重組人源化抗PD-1和 VEGF雙特異性抗體（代號：JS207）對比納武利尤單抗用於II/III期、可切除、可改 變驅動基因(AGA)陰性非小細胞肺癌患者新輔助治療的開放標籤、雙臂、隨機、 陽性對照II/III期臨床研究（「本次研究」）的臨床試驗申請獲得美國食品藥品監督管 理局(FDA)批准。 關於JS207 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：1877） 自願性公告－ JS207用於非小細胞肺癌患者新輔助治療的 II/III期臨床試驗申請獲得FDA批准 JS207為本公司自主研發的重組人源化 ...

Resumption of Trading - Zhiguang Electric plans to issue new shares to purchase all or part of the minority equity of Guangzhou Zhiguang Energy Technology, leading to the resumption of its stock trading [1] Mergers and Acquisitions - Guotou Fengle's acquirer, Guotou Seed Industry, intends to subscribe for no more than 184 million shares at a price of 5.91 yuan per share [2] Share Buybacks and Equity Transfers - Zhijiang Biology plans to repurchase shares worth between 60 million to 120 million yuan [3] - YTO Express, for strategic and financial planning reasons, intends to transfer no more than 2% of its shares through block trading by Hangzhou Haoyue [4] Daily Operations and External Investments - Zhaofeng Co. signed a strategic cooperation framework agreement with NiuNai Robotics, focusing on cognitive and humanoid robot development [5] - Huayu Automotive completed the acquisition of a 49% stake in Shanghai SAIC Qingtao Energy Technology Co., Ltd. [6] - Dingjide's high-end new material project for petrochemical technology, POE industrialization device, has been put into production [7] - Chiplink Integration plans to increase capital by 1.8 billion yuan to ensure the ongoing implementation of its 12-inch integrated circuit analog mixed-signal chip manufacturing project [7] - Shanghai Xiba has obtained the IATF16949 automotive quality management system certification for the design and production of silicon-carbon anode materials for new energy batteries [7] - Zhongtian Technology won multiple marine series projects in deep-sea technology, totaling approximately 1.788 billion yuan [8] - TBEA's subsidiary plans to acquire 74.19% of Shuguang Cable for 946 million yuan, specializing in 1E-level K1 and K3 cables for nuclear power plants [8] - Junshi Biosciences received FDA approval for the clinical trial application of JS207 for neoadjuvant therapy in non-small cell lung cancer patients [9] - Longbai Group's subsidiary intends to acquire assets related to Venator UK's titanium dioxide business [10] - Yunnan Energy Investment is investing 1.872 billion yuan to construct a 350MW compressed air energy storage demonstration project in Kunming Anning [11] Performance Changes - Shijia Photon reported a net profit of 299 million yuan for the first three quarters, a year-on-year increase of 728%, with orders for optical chips and devices increasing [12] - Guangku Technology expects a net profit of 110 million yuan for the first three quarters, a year-on-year increase of 97.00%-117.00%, driven by technological innovation and new product launches [12] - Rongzhi Rixin anticipates a net profit of 26.4 million to 27.4 million yuan for the first three quarters, a year-on-year increase of 871.30%-908.09% [13] - Guangsheng Nonferrous expects a net profit of 100 million to 130 million yuan for the first three quarters, a year-on-year increase of 136.29% to 147.18%, due to rising rare earth market prices [14] - Aobi Zhongguang expects to achieve a net profit of approximately 108 million yuan for the first three quarters, returning to profitability with rapid growth in various business areas [15] - Cangge Mining reported a net profit of 951 million yuan in the third quarter, a year-on-year increase of 66.49% [15]

Core Viewpoint - The innovative drug sector is experiencing a counter-trend rise despite a pullback in AI technology, with significant interest in upcoming events like the ESMO conference, which is expected to showcase breakthroughs from Chinese pharmaceutical companies [1][2]. Group 1: Market Performance - The Hang Seng Innovative Drug ETF (159316) increased by 2.81%, while the low-fee Hong Kong Stock Connect Medical ETF (513200) rose by 1.32% [1]. - The upcoming ESMO conference from October 17 to 21, 2025, in Berlin is anticipated to be a crucial platform for domestic pharmaceutical companies to present their achievements and secure new business development (BD) partnerships [1][2]. Group 2: International Expansion - The outbound licensing transactions of Chinese biopharmaceutical companies exceeded $50 billion in the first half of the year, surpassing the total for 2024, and reached $87.4 billion by August 2025 [3]. - The quality of outbound transactions has significantly improved, with upfront payments reaching $4.16 billion by August 2025, nearing the total of $4.91 billion for 2024 [4]. - There were 21 major transactions exceeding $1 billion in total value in the first eight months of 2025, almost matching the 23 transactions for the entire year of 2024 [4]. Group 3: Technological Advancements - ADC drugs remain the primary focus for outbound transactions, with 14 ADC-related deals completed in the first eight months of 2025, including a record $13 billion collaboration between Qihuang Dejian and Biohaven [5]. - The metabolic field, particularly GLP-1 products, has emerged as a new hotspot for outbound transactions, with companies like Hansoh Pharmaceutical and Lianbang Pharmaceutical achieving over $2 billion in overseas licensing [6]. Group 4: Future Drivers - The next 5-10 years are expected to present historic development opportunities for the Chinese innovative drug industry [12]. - Chinese companies have demonstrated international competitiveness in ADC research, with significant collaborations indicating global trust in their capabilities [13]. - The dual-track payment system of medical insurance and commercial insurance is facilitating rapid market entry for innovative drugs, despite some price pressures from insurance [15]. Group 5: Investment Opportunities - The innovative drug sector is categorized into three main areas: platform giants, explosive biotech firms, and international pioneers, each representing different investment opportunities [16]. - The Hang Seng Innovative Drug ETF (159316) has seen a net inflow of 849 million yuan over the past 20 days, with a total fund size of 2.961 billion yuan [16].

Core Viewpoint - The company has received FDA approval for its clinical trial application for JS207, a bispecific antibody targeting PD-1 and VEGF, aimed at treating resectable, AGA-negative non-small cell lung cancer (NSCLC) patients in a Phase II/III study [1][2]. Company Summary - JS207 is a recombinant humanized bispecific antibody designed to target PD-1 and VEGF, developed independently by the company, primarily for the treatment of advanced malignancies [1]. - The antibody has high affinity for both PD-1 and VEGFA, effectively blocking the interaction between PD-1 and its ligands, as well as inhibiting VEGF from binding to its receptors [1]. - JS207 combines the therapeutic effects of immunotherapy and anti-angiogenic therapy, improving the tumor microenvironment and enhancing the infiltration of cytotoxic T lymphocytes, thereby achieving better anti-tumor activity [1][2]. Clinical Research Summary - The clinical trial is an open-label, two-arm, randomized, positive-controlled Phase II/III study comparing the efficacy and safety of JS207 with Nivolumab in NSCLC patients [3]. - This study marks the first confirmatory research for a PD-1/VEGF dual-target drug in a surgical population, led by Professor Wu Yilong from Guangdong Provincial People's Hospital [3]. - The company is also conducting multiple Phase II clinical studies exploring JS207 in various cancers, including NSCLC, colorectal cancer, triple-negative breast cancer, and liver cancer, in combination with chemotherapy and other therapies [2]. Industry Context - Lung cancer remains the leading cause of cancer incidence and mortality globally, with approximately 2.48 million new cases and 1.82 million deaths reported in 2022 [3]. - Non-small cell lung cancer (NSCLC) accounts for about 85% of all lung cancer cases, with 20% to 25% of patients being eligible for surgical resection at diagnosis [3]. - Despite advancements in treatment, there remains an unmet clinical need for improved survival rates and cure rates in resectable NSCLC patients [3].