Market Overview - A-shares saw a collective rise on January 23, with the three major indices increasing and total trading volume exceeding 3 trillion yuan, up by 401.7 billion yuan from the previous day [1] - The photovoltaic sector surged, driven by Elon Musk's support for space photovoltaics, leading to a wave of limit-up stocks, including Longi Green Energy [1] - The commercial aerospace concept continued to soar, with ETFs related to general aviation and military industries also experiencing significant gains [1] Sector Performance - The photovoltaic sector saw a strong performance, with the only green energy ETF tracking the green energy index rising by 3.68% [1] - The general aviation ETF rose by 3.67%, marking a strong three-day rally, supported by multiple favorable catalysts [5][9] - The non-ferrous metals sector also performed well, with the non-ferrous ETF increasing by 3.37%, breaking through its listing high and attracting significant net subscriptions [1][9] AI and Technology - Nvidia's CEO compared AI to a "five-layer cake," emphasizing the importance of AI applications, which led to a 2.02% increase in the domestic AI ETF [2] - The entrepreneurial AI ETF saw a rapid increase in scale, growing from over 50 billion yuan to 60 billion yuan in just three trading days, becoming the largest AI ETF in the dual innovation track [2][20] Future Outlook - Guosen Securities maintains a bullish outlook for A-shares, citing favorable macroeconomic policies and expected inflows from long-term funds [4] - Huaxi Securities suggests focusing on three main investment lines: technology sector expansion, beneficiaries of "anti-involution" policies, and companies with high earnings growth forecasts [4] Commercial Aerospace Developments - The commercial aerospace and satellite navigation sectors are experiencing a resurgence, with significant stock price increases for companies like Ruichuang Micro-Nano and China Satellite [5][7] - The upcoming "Star Computing and Intelligent Connection" seminar is expected to further stimulate interest in the commercial aerospace market [7] Precious Metals - International gold prices have surged, reaching historical highs, driven by geopolitical risks and increased demand for safe-haven assets [11] - The non-ferrous metals sector is expected to continue its strong performance, supported by macroeconomic policies and structural changes in supply and demand [11]

Group 1: Clinical Data and Impact - The combination therapy of mRNA-4157 and PD-1 inhibitor pembrolizumab significantly reduces the risk of recurrence or death by 49% in high-risk stage III/IV melanoma patients after complete resection, with stable efficacy observed over five years of follow-up [1] - This clinical data is seen as the first long-term survival benefit evidence for mRNA technology in non-infectious diseases, providing a boost to the global cancer immunotherapy field [1] Group 2: mRNA Technology Advantages - mRNA technology allows for the direct translation of specific antigen proteins in the body, inducing a specific immune response, and is considered a third-generation drug development platform [2] - The long-term market potential of mRNA technology is gradually becoming evident, with predictions estimating the global mRNA drug market to reach approximately $18 billion by 2024, potentially growing to over $43 billion in the next decade [2] Group 3: Domestic Companies' Initiatives - Domestic companies are actively laying out their strategies in the mRNA sector, with Ginkgo Bioworks' personalized mRNA cancer vaccine EVM16 having initiated its first human clinical trial in China [3] - Ginkgo Bioworks' vaccine is based on its proprietary AI algorithm system, which has shown the ability to identify both reported and novel tumor antigens [3] Group 4: Key Technological Developments - The nano-delivery system is identified as a critical technological bottleneck in mRNA drug development, significantly affecting drug efficacy and clinical translation [4] - Jitai Technology has developed a liver-targeted LNP delivery system for mRNA encoding bispecific antibodies, which has received orphan drug designation in the U.S. and is currently in clinical development [4] Group 5: Competitive Landscape - Jiachenshihai has multiple technology platforms, including mRNA and self-replicating RNA, and has developed a unique ready-to-use delivery carrier that enhances vaccine accessibility [5] - Other companies such as CSPC Pharmaceutical Group, CanSino Biologics, and Yuyuan Pharmaceutical have also reported their involvement in mRNA technology platforms [5]

Market Performance - After a six-day decline, the Hong Kong Stock Connect Innovation Drug ETF (520880) rebounded on January 23, rising over 2% at one point and closing up 1.53% with a trading volume of 348 million yuan [1][7] - Key constituent stocks such as Cloudtop New Drug led the gain with an 8.2% increase, while major stocks like Kangfang Biotech and CSPC Pharmaceutical rose by 3.5% [1][7] Policy Developments - On January 22, the Ministry of Commerce and nine other departments issued a document promoting high-quality development in the pharmaceutical retail industry, encouraging innovative drugs and reference preparations to enter retail pharmacy sales channels [3][9] - This policy is expected to provide a pathway for high-value innovative drugs, such as CAR-T, to fill the insurance coverage gap through commercial insurance directories [3][9] - The insurance industry association estimates that by 2025, the total compensation amount for innovative drugs and devices from commercial health insurance will reach approximately 14.7 billion yuan, with a compound annual growth rate of 70% over four consecutive years [3][9] Industry Insights - At the recent JPM conference, Chinese pharmaceutical companies showcased technological breakthroughs in areas such as ADC, IO dual antibodies, and GLP-1, moving towards global markets through licensing and collaborative development [3][9] - According to CITIC Securities, the Chinese pharmaceutical industry is at the starting point of a global value reassessment, with 2026 being a critical year for validating transformation effectiveness [3][9] Investment Opportunities - The Hong Kong Stock Connect Innovation Drug ETF (520880) is highlighted as a high-elasticity T+0 investment tool, with its index (Hang Seng Hong Kong Stock Connect Innovation Drug Select Index) offering three unique advantages: 1. Purely innovative drugs with 100% purity, covering companies focused on innovative drug R&D [5][11] 2. A significant concentration of leading companies, with the top ten innovative drug leaders accounting for over 73% of the index [5][11] 3. Enhanced risk control through forced de-weighting of less liquid constituent stocks [5][11] Constituent Stocks - The top ten constituent stocks of the Hong Kong Stock Connect Innovation Drug ETF (520880) have a combined weight of 73.41%, showcasing a strong representation of leading companies in the innovative drug sector [6][12] - Notable constituents include: - Kangfang Biotech: 10.49% weight, market cap of 110.9 billion HKD - BeiGene: 10.01% weight, market cap of 312 billion HKD - CSPC Pharmaceutical: 9.97% weight, market cap of 102.1 billion HKD [6][12]

Investment Rating - The report indicates a positive investment outlook for the IgA nephropathy drug market, transitioning from "no drugs available" to "multiple drugs available" [2]. Core Insights - IgA nephropathy (IgAN) is one of the most common primary glomerulonephritis globally and particularly prevalent in China, with a national prevalence rate of 39.73% among primary glomerulonephritis patients [25]. - The global drug development landscape for IgAN is concentrated in late-stage clinical trials, with significant interest from multinational pharmaceutical companies in the Chinese market [36]. - There are currently 6 approved drugs, 1 NDA drug, 10 drugs in Phase III trials, 19 in Phase II, 11 in Phase I, and 8 in IND status globally [6]. Summary by Sections Part 1: Overview of IgA Nephropathy - IgA nephropathy is characterized by the deposition of IgA in the mesangial area of the glomeruli, leading to inflammation and potential kidney damage [10][12]. - The disease's pathogenesis is based on the "four-hit hypothesis," which outlines a sequence of events leading to clinically significant disease [20]. - The average age of diagnosis for IgAN patients in China is around 34 years, with a male-to-female ratio of approximately 58.67% to 41.33% [25]. Part 2: Drug Development for IgA Nephropathy - The report highlights a robust pipeline for IgA nephropathy treatments, with a focus on targeting the first and fourth hits in the disease mechanism [36][37]. - Notable drugs in development include Budesonide, which targets abnormal IgA1 glycosylation, and various monoclonal antibodies aimed at different pathways involved in IgAN [40][43]. - The Chinese drug development landscape mirrors global trends, with a significant number of products expected to enter the market in the coming years [36]. Part 3: Market Situation of Approved IgA Nephropathy Drugs - The market for IgA nephropathy drugs has rapidly expanded, with many products launched in recent years, indicating a shift towards a competitive landscape [73]. - The report emphasizes the importance of the Chinese market, where drugs like Acetylcysteine and Budesonide have seen swift approvals following their global launches [36]. - The competitive dynamics are expected to intensify as more treatments become available, transitioning the market from limited options to a variety of therapeutic choices [36].

1月23日早盘，港股通创新药板块强势反弹，高弹性港股通创新药ETF（520880）急速冲上2%！成份股 方面，云顶新耀、映恩生物-B领衔涨势，权重股康方生物涨超5%。 消息面，1月22日，商务部联合国家发展改革委、国家医保局等9部门印发《关于促进药品零售行业高质 量发展的意见》，明确提出鼓励创新药、参比制剂等进入零售药店销售渠道，并推动电子处方流转平台 建设，支持实体医疗机构与互联网医院与零售药店对接，优化购药体验。 分析人士指出，该政策旨在强化药品零售端的专业服务功能，提升创新药可及性，尤其为高值创新药 （如CAR-T）通过商保目录补充医保保障缺口提供落地路径。 二级市场资金提前埋伏，此前港股通创新药板块连阴6日，资金频频借道港股通创新药ETF（520880） 逢跌吸筹。数据显示，本周以来，520880累计获超2.3亿元资金净申购，最新份额升至45.38亿份，续创 历史新高！ 一键投资创新药，认准高弹性T+0利器——港股通创新药ETF（520880）及其场外联接基金 （025221），其跟踪的恒生港股通创新药精选指数具备三大独特优势，配置价值突出： 1、纯粹，全面。不含CXO，纯正创新药！全面覆盖创新药研发 ...

Group 1 - The National Drug Administration of China announced that by 2025, the country is expected to approve 76 innovative drugs, ranking first globally [2] - The approval process reforms have effectively stimulated innovation in the pharmaceutical industry, leading to a projected total transaction volume of over $130 billion for Chinese innovative drug BD (business development) overseas licensing in the same year [2] - The Hong Kong Stock Connect Innovative Drug Index (987018) showed strong performance with significant gains in constituent stocks, indicating positive market sentiment towards innovative pharmaceuticals [1] Group 2 - Positive clinical data for small nucleic acid drugs has been reported, with ongoing optimism for the innovative drug sector [2] - Arrowhead Pharmaceuticals released mid-term data for ARO-INHBE and ARO-ALK7, demonstrating efficacy in patients with T2D obesity, which enhances market confidence in small nucleic acids for weight management [2] - The recent listing of Reborna Bio on the Hong Kong Stock Exchange has seen active stock performance, with its core pipeline targeting thrombotic diseases, indicating a promising market potential exceeding $50 billion [2]

Core Insights - The collaboration between Merck and Moderna on the mRNA cancer vaccine mRNA-4157 has shown promising results, significantly reducing the risk of recurrence or death by 49% in high-risk melanoma patients when combined with the PD-1 inhibitor Keytruda [1][2] - The mRNA-4157 vaccine utilizes a personalized neoantigen therapy mechanism, which designs synthetic mRNA encoding up to 34 neoantigens based on the unique mutations in a patient's tumor DNA [2] - The market potential for mRNA cancer vaccines is substantial, with projections indicating that they could become a new class of cancer immunotherapy, combining accessibility and personalization [4] Company Developments - Moderna plans to increase investment in the oncology sector, with the Phase III clinical trial for mRNA-4157 fully enrolled and expanding its indications beyond melanoma [2] - EVM16, a personalized cancer vaccine developed by the domestic company, has entered human trials, marking a significant milestone in the application of mRNA technology combined with AI for neoantigen selection [3] - The clinical data from EVM16 is expected to be released in the next 6-12 months, with the company aiming to initiate Phase Ib studies thereafter [3] Industry Trends - The success of mRNA-4157 highlights the unmet needs in cancer treatment, with the industry recognizing the potential of mRNA cancer vaccines to address these gaps [4] - The competitive landscape for personalized cancer vaccines is evolving, with domestic companies like EVM16 accelerating their development efforts in response to the advancements made by global players [4]

（於開曼群島註冊成立的有限公司） （股份代號：1952） Everest Medicines Limited 雲 頂 新 耀 有 限 公 司 延遲寄發通函 茲提述本公司日期為2025年12月11日的公告（「該公告」），內容涉及有關商業化服 務協議的持續關連交易。除非本公告另有界定或文義另有所指外，本公告所採用 詞彙應與該公告所界定者具有相同涵義。 誠 如 該 公 告所 披 露 ， 一 份 載 有（ 其 中 包 括 ）(a) 商 業 化服 務 協 議 詳 情 ； (b) 獨 立 董 事 委員會致獨立股東的推薦意見；(c)獨立財務顧問致獨立董事委員會及獨立股東的 意見函件；及(d)召開股東特別大會的通告的通函（「通函」），預計將於2026年1月 16日或之前寄發予股東。 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。 吳以芳 香港，2026年1月16日 於本公告日期，董事會包括主席兼執行董事吳以芳先生，執行董事羅永慶先生及何穎先生，非執 行董事傅唯先生、 ...

Summary of Everest Medicines Conference Call Company Overview - **Company Name**: Everest Medicines - **Founded**: 2017 - **Public Listing**: Hong Kong Stock Exchange, 2020 - **Market Capitalization**: Approximately $2 billion - **Employee Count**: About 800 globally, primarily in China - **Business Focus**: Integrated biopharma company with a focus on revenue growth and long-term sustainability through in-licensing and proprietary discovery platforms [2][3] Core Business Strategy - **Revenue Growth**: Aiming for near-term revenue growth while ensuring long-term sustainability through in-house R&D and in-licensing [3][5] - **Product Pipeline**: Focus on renal, autoimmune, infectious disease, and cardiovascular diseases with three commercial products: Nefercon, Zerava, and Valsipidy [4][5] - **Commercialization Platform**: Utilizes an innovative pharmaceuticals commercialization platform called AMMS (A2MS) to effectively market products in China [6][7] Product Highlights - **Nefercon**: - Approved for IgA nephropathy in May 2024 - Price: CNY 5,000 (~$700) per month - Estimated patient population in China: up to 5 million, with an incidence of 100,000 new patients annually - Sales in 2024 (partial year): CNY 350 million; guidance for 2025: CNY 1.2 billion - CNY 1.4 billion (~$200 million) [8][10] - Expected sales in 2026: CNY 2.4 billion - CNY 2.6 billion [10] - **Valsipidy**: - S1P modulator for ulcerative colitis, partnered with Pfizer - Approved in Macau and Singapore; aiming for approval in Mainland China in 2026 [11][12] - **Lyrical**: - PCSK9 inhibitor, expected to file a BLA in China in the first half of 2026 - Anticipated to capture significant market share due to its efficacy and safety profile [13][15] Financial Projections - **CSO Portfolio**: Expected to add CNY 500 million - CNY 600 million in top-line revenue over three years [13] - **Overall Revenue Goal**: Targeting over $2 billion in revenue by 2030 [24] Research and Development - **mRNA Therapeutics**: Significant investment in mRNA capabilities, with a focus on in vivo CAR-T and mRNA cancer vaccines [20][21] - **BTK Inhibitor (EVER001)**: Currently in phase 1B/2A trials for primary membranous nephritis, showing promising results in autoantibody reduction and proteinuria [17][18] Market Position and Future Outlook - **Competitive Advantage**: Emphasis on the ability to commercialize innovative therapeutics effectively in China, which is seen as a scarce capability [6] - **Expansion Plans**: Plans to continue in-licensing products globally and enhance in-house discovery capabilities, particularly in mRNA therapeutics [16][19] Conclusion - Everest Medicines is positioned for significant growth with a robust product pipeline and a strategic focus on commercialization and R&D. The company aims to leverage its innovative platform and market opportunities in China and beyond to achieve its financial and operational goals [24]

Group 1 - The core viewpoint of the news highlights the positive performance of the innovative drug sector in the stock market, with significant gains in individual stocks and ETFs [1][3] - The new national medical insurance drug catalog will be implemented on January 1, 2026, adding 114 new drugs, including 50 Class 1 new drugs, marking a record high in both quantity and proportion [2] - The commercial insurance catalog will include 19 high-value innovative drugs, addressing accessibility issues for high-value innovative treatments [2] Group 2 - The collaboration between domestic innovative drug companies and multinational corporations continues, with 49 outbound transactions totaling over $39 billion since October last year [3] - The market is entering a peak season for business development (BD) and data disclosures, coinciding with the JPM conference and the upcoming annual report cycle [3] - The Hong Kong Stock Connect Innovative Drug ETF (520970) tracks the CSI Hong Kong Stock Connect Innovative Drug Index, with the top ten weighted stocks accounting for over 71.95% of the total weight [3]