Company News - China Coal Energy (01898.HK) reported a coal sales volume of approximately 190 million tons for the first nine months, a year-on-year decrease of 7.4%. In September, coal sales volume was 19.66 million tons, down 20.1% year-on-year [1] - China Southern Airlines (01055.HK) saw a 4.43% year-on-year increase in passenger capacity in September, with passenger turnover rising by 5.25%. The passenger load factor was 86.30%, an increase of 0.67 percentage points year-on-year. Cargo and mail turnover increased by 1.91% year-on-year [1] - China Eastern Airlines (00670.HK) reported a 3.63% year-on-year increase in passenger capacity for September, with passenger turnover up 8.67%. The passenger load factor was 87.57%, an increase of 4.06 percentage points year-on-year. Cargo and mail turnover rose by 10.95% year-on-year [1] - China Resources Power (00836.HK) achieved a cumulative electricity sales volume of 161 million MWh for the first nine months, an increase of 4.2% year-on-year, with wind power sales up 10.3% and solar power sales up 35.1% year-on-year [1] - Hopson Development Holdings (00754.HK) reported a total contract sales amount of 11.264 billion yuan for the first nine months, a year-on-year decrease of 12.62% [1] - China Design Group (01599.HK) won important project bids totaling approximately 3.175 billion yuan in the third quarter [1] - Jiumaojiu International Holdings (09922.HK) reported table turnover rates for its brands in the third quarter: 3.3 for Taier (self-operated only), 2.4 for Song Hotpot, and 2.5 for Jiumaojiu (self-operated only). Same-store average daily sales decreased by 9.3%, 19.1%, and 14.8% year-on-year, respectively, with the decline continuing to narrow [1][1] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2 million shares for a total of approximately 98.9589 million HKD, with a repurchase price range of 49.42 to 49.54 HKD [5] - Yum China (09987.HK) repurchased 18,800 shares for approximately 6.2596 million HKD, with a repurchase price range of 330.6 to 340.2 HKD [6] - HSBC Holdings (00005.HK) repurchased 4.721 billion HKD worth of shares, totaling 4.6216 million shares, with a repurchase price range of 101.1 to 103.2 HKD [7] - Qiniu Intelligent (02567) has cornerstone investor He Shun voluntarily extend the lock-up commitment, representing approximately 3.20% of the total issued shares [8] - China Galaxy (06881.HK) completed the issuance of 4 billion HKD short-term financing bonds with a final coupon rate of 1.66%, primarily for working capital replenishment [8] - Huaneng International Power (00902.HK) issued 3 billion HKD ultra-short-term financing bonds with an issuance rate of 1.50% [9]

Group 1 - A-shares and Hong Kong stocks in the innovative pharmaceutical sector have rebounded, with significant gains in related stocks and ETFs [1][3][5] - The largest medical ETF in A-shares (512170) saw a trading volume of 589 million yuan, recovering 1.34% on the day [1] - The innovative drug sector is experiencing a collective rise, with notable stocks like Huahai Pharmaceutical increasing by 7.59% [3] Group 2 - The Hong Kong innovative drug ETF (520880) rose by 2.12%, with 35 out of 37 constituent stocks gaining, led by Green Leaf Pharmaceutical with an 8.31% increase [5][7] - Recent funding trends indicate a significant inflow into the innovative drug sector, with over 1.29 billion yuan added in the last three days [7] - Upcoming catalysts include the European Society for Medical Oncology (ESMO) annual meeting, which may showcase significant research results from Chinese innovative drugs [7] Group 3 - Investment strategies suggest focusing on innovative drugs, with specific ETFs like the Hong Kong innovative drug ETF (520880) and the A-share drug ETF (562050) highlighted for their potential [8] - The medical ETF (512170) is noted for its inclusion of CXO companies, which account for 26.77% of its weight [8] - The medical ETF is the largest in the market, with a scale of 26.4 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [9]

Core Viewpoint - China Biopharmaceutical (01177) has announced that its self-developed national class 1 new drug TQ-B3234 capsule, a selective MEK1/2 inhibitor, has been included in the Breakthrough Therapy Designation (BTD) program by the Center for Drug Evaluation (CDE) of the National Medical Products Administration (NMPA) for the treatment of symptomatic, unresectable neurofibromatosis type I (NF1) related adult plexiform neurofibromas [1] Group 1 - TQ-B3234 is a selective MEK1/2 inhibitor that targets the upstream regulatory factor of the extracellular signal-regulated kinase (ERK) pathway, which can inhibit tumor growth by suppressing the activity of the RAS-regulated RAF/MEK/ERK pathway [1] - The phase III registration clinical study for TQ-B3234 in treating adult plexiform neurofibromas has been approved by the CDE, aiming to confirm its efficacy and safety in a larger patient population to fill the domestic treatment gap [1] - The inclusion of TQ-B3234 in the BTD program will accelerate the drug's market launch process, potentially benefiting more patients sooner [1]

Core Viewpoint - China National Pharmaceutical Group's TQ-B3234, a selective MEK1/2 inhibitor, has been included in the Breakthrough Therapy Designation (BTD) program by the Center for Drug Evaluation (CDE) for the treatment of symptomatic, unresectable neurofibromatosis type I (NF1) related plexiform neurofibromas in adults [1] Group 1 - TQ-B3234 is a selective MEK1/2 inhibitor that targets the RAS-regulated RAF/MEK/ERK pathway to inhibit tumor growth [1] - The Phase III registration clinical study for TQ-B3234 in treating adult plexiform neurofibromas has been approved by CDE, aiming to confirm its efficacy and safety in a larger patient population [1] - Inclusion in the BTD program will accelerate the drug's market launch process, potentially benefiting more patients sooner [1]

（於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 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份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。 1 NF1是由NF1基因突變引起的常染色體顯性遺傳疾病，約佔所有神經纖維瘤病的96%，在中國新生兒 中預估發病率為百萬分之五[2]，2023年9月被納入中國《第二批罕見病目錄》。其中，約30%-60%的 NF1患者會發展為PN，導致疼痛、毀容甚至惡變。目前，手術是主要治療手段，但面臨高難度和易 復發等挑戰。 根據2025年《叢狀神經纖維瘤全病程管理專家共識》，對於無法手術的患者，首選MEK抑制劑進行靶 向治療以控制疾病。MEK抑制劑已證實在兒童患者中有效並有藥物在中國獲批上市，但國內的成人 PN患者目前仍缺乏有效治療藥物，治療需求遠未得到滿足。 TQ-B3234用於治療成人PN的Ⅲ期註冊臨床研究已獲CDE批准。該研究旨在更大規模的患者群體中確 證其療效與安全性，以填補國內治療空白。此次TQ-B323 ...

Core Insights - The 2025 European Society for Medical Oncology (ESMO) annual meeting will take place in Germany from October 17 to 21, where several significant oral reports from domestic innovative pharmaceutical companies are expected to be disclosed [1] - China National Pharmaceutical Group is set to present key data on its CDK2/4/6 inhibitor, Kumosili, and HER2 dual-target ADC, TQB2102, highlighting its comprehensive coverage in the breast cancer treatment landscape [1] Industry Overview - Breast cancer is the second most common cancer globally, following lung cancer, and has the highest incidence and mortality rates among women [1] - The breast cancer market is highly competitive, particularly in the HR+/HER2- subtype, which accounts for approximately 65%-70% of all breast cancer cases [2] - The global market for CDK4/6 inhibitors is projected to approach $13 billion by 2024, with ongoing growth driven by products from Pfizer, Eli Lilly, and Novartis [2] Company Developments - Kumosili capsules, a new generation CDK2/4/6 inhibitor, are expected to receive approval for second-line treatment of HR+/HER2- locally advanced or metastatic breast cancer by the end of this year [3] - The company is also advancing its clinical trials for Kumosili in first-line and adjuvant settings, aiming for comprehensive coverage across treatment lines [3] - TQB2102, another product from China National Pharmaceutical Group, will present phase Ib clinical data for HER2-positive recurrent/metastatic breast cancer at ESMO [3] Competitive Landscape - The ADC market for HER2-positive breast cancer is evolving, with significant sales from existing products like DS-8201, which reached $3.8 billion last year and is projected to peak at $10 billion [4] - TQB2102 has been optimized in terms of target binding, toxin load, and payload compared to DS-8201, and has been recognized as a breakthrough therapy for multiple indications [4] - The company has a diverse pipeline covering various cancer types, including breast, colorectal, lung, bile duct, and gastric cancers, with several indications entering phase III clinical trials [4]

来源：新浪基金 10月15日，港股通创新药板块终于反弹，核心标的"520880"溢价涨逾1%，实时成交超2.9亿元。成份股 方面，同源康医药-B、亚盛医药-B强势领涨，权重股三生制药涨超3%。 华福证券指出，创新药板块短期受市场情绪影响调整，但产业趋势未改。创新药三季报预期较好，10月 ESMO等会议或带来超预期数据催化，叠加Q4潜在BD落地，或迎第二波行情 国金证券也指出，创新药产业向上趋势不变，年底全球创新药产品授权合作密集，板块行情静待BD持 续催化。ESMO大会即将召开，关注国内药企重磅临床数据。 港股通创新药ETF（520880）及其联接基金（联接A：025220，联接C：025221）被动跟踪恒生港股通 创新药精选指数，该指数前十大权重股分别为百济神州、中国生物制药、信达生物、康方生物、石药集 团、三生制药、翰森制药、科伦博泰生物-B、再鼎医药、诺诚健华。 数据来源于沪深交易所、公开资料等。 风险提示：以上产品由基金管理人发行与管理，代销机构不承担产品的投资、兑付和风险管理责任。投 资人应当认真阅读《基金合同》、《招募说明书》、《基金产品资料概要》等基金法律文件，了解基金 的风险收益特征，选择与自 ...

Market Performance - The A-share market saw declines with the Shenzhen Composite Index dropping 2.54% to close at 12,895 points, while the Shanghai Composite Index fell 0.62% to 3,865 points, with a total trading volume of approximately 2.57 trillion RMB [3] - The Hong Kong stock market also experienced a downturn, with the Hang Seng Index closing at 25,441 points, down 1.73%, and the Hang Seng Tech Index falling over 3.7% to 5,923 points, with trading volume nearing 400 billion HKD [3] Sector Performance - Semiconductor stocks were notably weak, with SMIC (00981.HK) declining by 8.5%. Pharmaceutical stocks also faced significant losses, with CSPC Pharmaceutical (01093.HK) down over 7%, and China Biologic Products (01177.HK) and Hansoh Pharmaceutical (03692.HK) falling by 5.4% and 5.3%, respectively [3] - Technology stocks were heavily impacted, with Kuaishou-W (01024.HK) dropping nearly 6.8%, Baidu Group-SW (09888.HK) down 5.4%, and Alibaba-SW (09988.HK) falling 4.3%. Tencent Holdings (00700.HK) also saw a decline of over 2.8%, reaching a new low in at least a month [3] Investment Trends - There was a shift in investor sentiment towards income-generating stocks, with China Merchants Bank (03968.HK) rising nearly 4.7%, marking it as the best-performing constituent stock. The four major state-owned banks saw increases ranging from 0.9% to 2.3% [3]

Core Viewpoint - Hong Kong stocks opened higher with the Hang Seng Technology Index rising over 1%, driven by gains in tech and innovative pharmaceutical sectors [1] Group 1: Market Performance - The Hang Seng Technology Index increased by more than 1%, with notable gains in JD Health and Bilibili, both rising over 4%, and Alibaba Health and Alibaba rising over 3% [1] - The Hang Seng Pharmaceutical ETF and Hong Kong Stock Connect Technology ETF both saw increases of over 1% [1] Group 2: Economic Indicators - Federal Reserve Chairman Jerome Powell warned of further challenges in the U.S. labor market, suggesting a potential interest rate cut before the October monetary policy meeting [1] Group 3: New Financial Products - Hong Kong Stock Exchange announced plans to launch the Hang Seng Biotechnology Index futures, set to begin trading on November 28, 2025, aimed at providing precise risk management tools for investors [1] Group 4: Fund Flows - Despite a cumulative decline of over 9% in the Hong Kong Stock Connect Technology ETF from October 9 to October 14, there was a net inflow of 270 million yuan during this period [1] - The Hang Seng Pharmaceutical ETF experienced a decline of over 10% but still attracted a net subscription of 175 million yuan [1] - The defensive Hong Kong Central Enterprise Dividend ETF received a net inflow of 279 million yuan amid renewed focus on dividend strategies [1] Group 5: Notable Products - The Hang Seng Pharmaceutical ETF (159892) rose by 1.04%, with top-weighted stocks including innovative pharmaceutical companies like BeiGene and WuXi Biologics [2] - The Hong Kong Stock Connect Technology ETF (159101) increased by 1.01%, with over 60% exposure to major tech firms like Alibaba and Tencent, and a special focus on innovative drugs [2] - The Hong Kong Central Enterprise Dividend ETF (513910) rose by 0.88%, including major stocks such as COSCO Shipping and China Petroleum [2]

New Consumption - In September 2025, the GMV of the beauty category on Douyin increased by 19.7% year-on-year, while it decreased by 10.4% month-on-month [2][6] - The total GMV of the top 20 beauty brands on Douyin reached over 3 billion yuan, with a year-on-year growth of 38.59%. Han Shu maintained the top position with a GMV exceeding 500 million yuan, and 40% of brands saw their GMV double [7][8] - Domestic brands showed strong performance in self-operated channels, with 60% of the top 20 beauty brands having a higher GMV contribution from self-operated sales than from influencer promotions [7][8] - The price distribution in the skincare category is relatively balanced, while the makeup and perfume categories heavily rely on affordable products. The price segment under 150 yuan accounted for 49.54% of the market [8] Real Estate - The real estate sector saw a decline of 0.8% this week, with new home transactions in 42 key cities totaling 980,000 square meters, a 51% decrease week-on-week [10][12] - The Ministry of Housing and Urban-Rural Development is focusing on urban renewal and governance, with new regulations introduced in cities like Shenzhen and Chengdu to promote the construction of "good houses" [13][15] - The government is also increasing housing provident fund loan limits in cities like Nanjing and Shaoxing to support homebuyers [13][14] North Exchange - The research on solid-state lithium batteries has made significant progress, with new technologies enhancing the stability of metal lithium anodes [16][17] - The energy storage sector is rapidly developing, with a total of 1,663 energy storage stations in operation as of June 2025, totaling 75.79 GW/175.12 GWh [16][17] - The North Exchange has identified 24 companies in the energy storage industry, spanning upstream material production to downstream system operation [17][18] Pharmaceuticals - The pharmaceutical index rose by 0.36% this week, with expectations for innovative drugs to continue rapid growth and export businesses to perform well [28][29] - The market anticipates catalysts such as ESMO and BD meetings in October, which may stabilize and rebound the innovative drug sector [29][30] - Recommended stocks include innovative drug companies like Xinlitai, Hotgen Biotech, and China Biologic Products, as well as export-oriented firms like WuXi AppTec and Jiuzhou Pharmaceutical [29][34] Company Analysis - Mixue Group plans to invest 286 million yuan to acquire 51% of Fulu Family, expanding its brand matrix into the fresh beer market [36][37] - Fulu Family offers fresh beer products priced between 6 to 10 yuan per 500 ml, focusing on high-quality and affordable offerings [37][38] - The acquisition is expected to leverage Mixue's existing supply chain advantages to enhance its brand presence in the fresh beer sector [38]