Specialist Sales APAC Specialist Sales 05 June 2025 China Financials: First national distressed developer reorganization, Wendy Liu argues China may be on the verge of 1998-1999 Japan-style beta rally (+80%), Focus on "Financial survivors" (China Equity Strategy: Link) • The Jinke case (holistic reorganization involving strategic investors not just bond restructuring) suggests a pickup in sector rationalization as a new way to tackle China's property oversupply… While Jinke Real Estate's court-approved debt ...

Core Insights - Ascletis Pharma Inc. is set to present preliminary studies on its oral GLP-1 receptor agonist ASC30 and weight loss drug candidate ASC47 at the 85th Scientific Sessions of the American Diabetes Association in Chicago [1][5] Group 1: ASC30 - ASC30 is an investigational GLP-1 receptor biased small molecule agonist that can be administered both orally and via subcutaneous injection [3] - It is a new chemical entity with patent protection in the U.S. and globally until 2044 [3] - The first-in-human single ascending dose study will be presented under poster number 750-P on June 22, 2025 [2] Group 2: ASC47 - ASC47 is an adipose-targeted, ultra-long-acting small molecule agonist that selectively targets thyroid hormone receptor beta [4] - It is designed to achieve high drug concentrations in adipose tissue, demonstrating unique properties for obesity treatment [4] - The ongoing Phase I clinical trial in combination with semaglutide for obesity treatment began dosing participants in May 2025 [4][2] Group 3: American Diabetes Association (ADA) - The ADA is a leading nonprofit organization focused on diabetes prevention, cure, and improving the lives of those affected by diabetes [5] - The 85th Scientific Sessions will take place from June 20 to 23, 2025, in Chicago, setting the agenda for clinical practice and research innovation [5] Group 4: Ascletis Pharma Inc. - Ascletis is an innovative R&D-driven biotech company listed on the Hong Kong Stock Exchange, focusing on metabolic diseases [6] - The company covers the entire value chain from drug discovery and development to GMP manufacturing [6] - Ascletis has multiple clinical-stage drug candidates in its metabolic disease pipeline, addressing unmet medical needs globally [7]

金融工程 | 金工定期报告 金融工程 证券研究报告 量化择时周报：步入震荡上沿，维持中性仓位 步入震荡上沿，维持中性仓位 上上周周报(20250525)认为：短期市场宏观不确定性增加和成交萎缩的压 制下，风险偏好较难快速提升，预计成交或将继续下行，等待地量信号， 预计成交缩量至 9000 亿附近有望迎来反弹。最终 wind 全 A 上周表现强势， 全周大涨 1.61%。市值维度上，上周代表小市值股票的中证 2000 上涨 2.29%， 中盘股中证 500 上涨 1.6%，沪深 300 上涨 0.88%，上证 50 上涨 0.38%;上周 中信一级行业中，表现较强行业包括通信、有色金属，通信上涨 5.06%，家 电、食品饮料表现较弱，家电下跌 1.75%。上周成交活跃度上，非银金融资 金流入明显。 从择时体系来看，我们定义的用来区别市场整体环境的 wind 全 A 长期均 线（120 日）和短期均线（20 日）的距离开始扩大，最新数据显示 20 日 线收于 5115，120 日线收于 5081 点，短期均线位于长线均线之上，两线 差值由上周的 0.29%变化至 0.68%，但距离绝对值继续小于 3%，市场继续处 ...

LEXINGTON, Mass., June 06, 2025 (GLOBE NEWSWIRE) -- Keros Therapeutics, Inc. (“Keros”) (Nasdaq: KROS), a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat a wide range of patients with disorders that are linked to dysfunctional signaling of the transforming growth factor-beta (“TGF-ß”) family of proteins, today announced that Keros’ Chair and Chief Executive Officer Jasbir S. Seehra, Ph.D., will participate in a fireside chat presentation at the G ...

转自：新华财经 新华财经上海6月6日电（记者 魏雨田）近年来，指数基金发展驶入快车道，截至今年4月底，股票型 ETF 资产净值环比增长 4.5%，呈现持续扩容态势。兴业基金指数投资团队负责人徐成城在接受新华财 经记者采访时表示，在投资品种与策略日益丰富、经济结构转型加速的背景下，指数基金正迎来发展的 黄金时代。然而，其与主动管理基金并非此消彼长，而是一种互补关系。 面对指数业务"头部效应"明显的竞争格局，作为兴业银行控股的银行系公募机构，兴业基金通过差异化 路径，围绕银行渠道投资者需求补全产品线、优化投资体验，同时也加紧布局自由现金流策略、股债恒 定比例策略以及科技类聪明贝塔（Smart Beta）等创新产品，积极探索指数基金发展的新方向。 指数基金是补充而非替代 指数基金正迎来发展的黄金时代。研报显示，截至2025年4月底，股票型ETF资产净值合计29484亿元， 较3月环比增长4.5%，延续了近年来的增长态势。 在徐成城看来，这一趋势主要源于投资品种和策略的日益丰富以及经济结构转型进程的加速。在当前经 济结构调整优化的背景下，单一细分行业或投资策略难以长期维持高收益，而指数基金凭借其交易成本 低、流动性高 ...

现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由 现金流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批 A 股市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 根据wind数据，现金流ETF（159399）盘中实时净流入超2000万，资金抢筹现金流资产。当前现金 流ETF规模超36亿元，是全市场规模最大的现金流ETF，值得关注。 每日经济新闻 相关机构表示，与红利对比的话，自由现金流是红利的前提，因为只有账上有足够多的钱才有可能 分红。并且自由现金流本身就是一个非常强的因子，它的超额收益不来自于风格上的暴露，而来自于它 选股上面的区别。红利指数可能只选到了自由现金流较高的股票的其中一部分，还有很多表现优秀，但 是没有做高分红的股票被遗漏了，这就是为什么自由现金流指数的历史回撤和表现比红利要好很多的原 因。往后看，我们觉得"大中市值+央国企+充裕现金流"很有希望能成为全年投资主线，也符合政策鼓 励的方向。 值得注意的是，现金流ETF（159399）在分红机制上设置了"月月评估分红"的条款，近期也已经完 ...

Corbus Pharmaceuticals Holdings (CRBP) 2025 Conference June 04, 2025 04:55 PM ET Speaker0 I take analyst in Maury Raycroft's team at Jefferies. I'm happy to introduce Yuval Cohen, CEO of Corbus. He's a fireside chat firm, so thank you for joining us today, Yuval. Speaker1 Thank you for having us here. Speaker0 So for those who may be new to the story, can you provide a one minute intro to Corbus? Sure. Speaker1 We are a drug discovery company or a direct development company. We're based just South Of Boston ...

报 告 摘 要 逆向投资作为投资领域中独具特色的流派，一直备受市场关注，尽管常被简化为 " 在低位买入，在高位卖出 " ，但其内涵远比这复杂。历史上巴菲特、邓普顿等 投资大师凭借敏锐的市场洞察力，通过逆向操作取得了成功，然而这些案例多依 赖于个人经验和特定情景，难以精准量化。 鉴于此，本文尝试对逆向投资进行量 化 刻画 ，通过引入情绪 Beta ，定量构建了基金经理逆向投资能力因子。实证 结果表明如果基金经理的超额收益更多来自于市场投资者观点趋于一致时，其未 来业绩表现会更好。 一、情绪 Beta 与资产收益 " 逆向 " 是指与大多数投资者不同的投资方向。我们用换手率来代表投资者观点 分歧度，当 投资者分歧度减小、观点趋于一致时 ，逆向投资者更善于在这种环 境下获取超额收益。进一步，我们在资本资产定价模型下构建了情绪 Beta ，以 衡量基金经理的逆向投资能力。实证结果表明在股票、行业和基金等不同资产类 别中，低情绪 Beta 的资产在未来往往有更好的业绩表现。 二、逆向投资能力的量化表达 逆向投资作为投资领域中独具特色的流派，一直备受市场关注。行为金融学的研究发现，市场非理性波动中往往蕴含着丰厚的超额收益 ...

Summary of Avalo Therapeutics (AVTX) Conference Call Company Overview - **Company**: Avalo Therapeutics (AVTX) - **Lead Asset**: AVTX009NHS, targeting hidradenitis suppurativa (HS) Key Points and Arguments Industry and Market Dynamics - **Hidradenitis Suppurativa (HS)**: A chronic inflammatory skin condition with significant unmet medical needs, particularly among patients who do not respond to existing treatments like TNF inhibitors and IL-17 therapies [37][39] - **Current Treatment Landscape**: Approximately 50% of HS patients do not achieve remission with current biologics, indicating a large unsatisfied patient population seeking new treatment options [38] AVTX009NHS Mechanism and Efficacy - **Mechanism of Action**: AVTX009 targets IL-1 beta, which is identified as a key inflammatory driver in HS, with levels in lesions being 133 times higher than normal [11][12] - **Comparison with Other Treatments**: - Lutekizumab, another IL-1 beta targeting drug, has shown efficacy but has potential flaws that AVTX009 aims to address, such as a bispecific mechanism that may not effectively target the disease [5][20] - AVTX009 has a significantly higher affinity (15-30 times) compared to lutekizumab and can achieve better neutralization of IL-1 beta in lesions [18][24] Clinical Development and Study Design - **Phase II LOTUS Study**: - Designed to evaluate the efficacy of AVTX009 with a focus on rapid response using a loading dose of 600 mg followed by 300 mg every four weeks [30][31] - The study aims to enroll a diverse patient population, including those with moderate to severe HS, while ensuring robust data collection through rigorous investigator training [35][36] Safety and Long-term Use - **Safety Profile**: AVTX009 is characterized as a true anti-inflammatory drug rather than an immunosuppressant, reducing concerns about opportunistic infections and cancer risks associated with other treatments [10][13] - **Long-term Efficacy**: The drug's mechanism is expected to maintain lower IL-1 beta levels, promoting healing of lesions and reducing inflammation over time [24] Future Opportunities - **Expansion Potential**: There are plans to explore AVTX009 in other indications driven by IL-1 beta, such as inflammatory bowel disease (IBD) and various forms of arthritis, indicating a broad pipeline potential [44][45] - **Market Positioning**: The company aims to position AVTX009 as a first-line therapy in HS, capitalizing on the dissatisfaction with current treatment options and the need for new mechanisms [41] Conclusion - **Outlook**: The company is optimistic about the upcoming data release in mid-2026 and believes that AVTX009 has the potential to significantly improve treatment outcomes for HS patients, addressing a critical gap in the current market [47]

感兴趣的投资者可以关注现金流ETF（159399）的布局机会。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 根据wind数据，现金流ETF（159399）盘中实时净流入超1000万，资金抢筹现金流资产。 相关机构表示，现阶段，美国的贸易政策存在较大的不确定性，后续仍可能频繁调整而震动市场。上 周，美国法院两度叫停川普的关税政策，但其裁决旋又被联邦巡回上诉法院搁置。特别需要注意的是， 当前川普政府与各国之间的关税下调仅为暂时性的，后续若谈判不及预期，仍将大幅加征。上周末，美 联储理事沃勒在演讲中称，关税水平最终如何落地仍高度不确定，预计最终无论何种情形都将导致失业 率及通胀有所上升。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金 流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50 ...