Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.59% at 24,223.12 points, the Hang Seng Tech Index down 1.13% at 5,389.56 points, and the National Enterprises Index down 0.78% at 8,796.99 points [1] - Major tech stocks generally declined, with Alibaba down 2.28%, JD Group down 1.79%, and Xiaomi down 1.11%. However, Netease rose by 1.05% [1] Company News - XPeng Motors reported that its delivery volume has exceeded 30,000 units for seven consecutive months as of 2025 [2] - Morgan Stanley upgraded the rating of Wei Long Delicious to "Overweight" [3] - Junshi Biosciences received a clinical trial application acceptance notice from the National Medical Products Administration for JT118, aimed at preventing monkeypox virus infection [3] - Vanke Enterprise sold 30.1 million A-shares, raising a total of RMB 198 million [4] - Horizon Robotics plans to issue 681 million shares, aiming to raise approximately HKD 4.674 billion, at a discount of about 6.85% from the previous closing price [4] Institutional Insights - Guotai Junan noted that the narrative of asset revaluation in China has gained traction this year, with the Hong Kong stock market showing a volatile upward trend, although valuations remain relatively low. Future trade environments may disrupt the market, but domestic policy efforts could drive fundamental recovery [5] - CITIC Securities reported that Hong Kong stocks saw a 3.4% year-on-year revenue increase and an 8.5% profit increase in 2024, indicating a significant improvement compared to 2023. The performance of technology and finance sectors was particularly strong, while the real estate and some consumer-related companies still showed weak performance [6]

Group 1 - Sichuan is actively promoting investment cooperation and project implementation through various initiatives, including investment cooperation conferences and the launch of industrial investment funds [1] - Deyang held an investment cooperation conference that attracted over 50 investment institutions and announced financing needs exceeding 3 billion yuan, focusing on strategic emerging industries such as high-end equipment and biotechnology [2] - Deyang's investment needs include 600 million yuan from Bohai New Energy and over 100 million yuan from other local enterprises, highlighting the vitality of Deyang's industrial development [2] Group 2 - Guangyuan is implementing a comprehensive investment promotion strategy for the green home furnishing industry, with over 10 investment promotion activities conducted in various provinces [3] - The city has identified over 80 key enterprises for investment and is leveraging the influence of leading companies to attract upstream and downstream businesses [3] - Guangyuan aims to introduce more than 20 quality enterprises through high-standard industry conferences and professional investment agencies [4] Group 3 - Leshan has launched a 60 billion yuan industrial investment fund group, inviting global fund management companies and industry investors to collaborate [5] - The fund group consists of a 4.5 billion yuan guiding fund and additional specialized funds, covering various industrial clusters including photovoltaic and green chemicals [6] - Leshan plans to establish a collaborative funding mechanism involving local governments and social capital to enhance investment effectiveness [7]

中新社北京6月11日电 (吕少威迟瀚宇)2025北京CBD论坛年会11日在北京开幕，多位前来参会的国际商 界人士在接受中新社记者采访时表示，中国市场具有多重投资吸引力，"开放""活力""创新""增长"等是 其魅力所在。 据他观察，中国在电动汽车、清洁能源、人工智能等诸多领域都拥有先进技术，并且正以惊人的速度向 前发展。"因此，如果你是一个全球化的国家，或者是一个跨国企业，那么就必须真正地参与中国市 场。" 赛德思集团董事长王雷用"全球化""创新"和"勤奋"来概括他对中国及中国民众的印象。他认为，中国有 很多东西是其它国家难以模仿的，其中之一就是中国人的勤奋精神，其次是中国制造业基础设施建设， 同时政府的支持政策也非常重要。"得益于政府支持政策，更多国际企业来到中国像中国本土企业一样 开展业务。中国的营商环境正加速开放，创新和政策支持等因素助力企业在全球开展业务。"他说。 安永法国合伙人马克·勒米特说："对于我们众多客户来说，中国是投资首选地之一。对于众多跨国企业 而言，中国也是全球最具创新和增长活力的地区之一。" 他认为，未来十年，全球贸易将更加开放，尤其是欧洲与中国之间，希望欧洲与中国的企业能进行更多 的相 ...

中国北京建国门外大街 1 号国贸写字楼 2 座 12 -15 层 100004 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于华熙生物科技股份有限公司 致：华熙生物科技股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》(以下简称"《证券法》")、 《上市公司股东会规则》(以下简称"《股 东会规则》")等法律、法规及规范性文件和《华熙生物科技股份有限公司章程》 (以下简称"《公司章程》")的规定，北京市通商律师事务所(以下简称"通商" 或"本所")接受华熙生物科技股份有限公司(以下简称"公司")委托，指派本所 律师出席了公司于 2025 年 6 月 11 日召开的 2024 年年度股东大会(以下简称"本 次股东大会")，并就本次股东大会的相关事项出具本法律意见书。 本法律意见书仅供公司本次股东大会之目的使用，本所律师同意将本法律意 见书随公司本次股东大会其他信息披露资料一并 ...

Core Viewpoint - Cloudbreak Pharma Inc. has submitted its fourth listing application to the Hong Kong Stock Exchange, with previous applications submitted in November 2023, May 2024, and December 2024 [1]. Company Overview - Cloudbreak Pharma is a clinical-stage ophthalmic biotechnology company focused on developing various therapies for eye diseases. The company was established in the U.S. in September 2015 and registered in the Cayman Islands in November 2020 [4]. - The company has two core products, CBT-001 and CBT-009, both of which are self-developed. CBT-001 is aimed at treating pterygium, and CBT-009 targets myopia in adolescents aged 5 to 19 [4][5]. Product Pipeline - Cloudbreak Pharma has established an innovative pipeline consisting of four clinical-stage candidates and four preclinical candidates, all of which are self-developed. The pipeline covers major diseases affecting both the anterior and posterior segments of the eye [5]. - The clinical-stage candidates include CBT-001 and CBT-009, while the preclinical candidates include CBT-007, CBT-199, CBT-145, and CBT-011, targeting various eye conditions [6][7]. Market Potential - The global ophthalmic drug market has grown from $33.7 billion in 2019 to $39.6 billion in 2023, with a compound annual growth rate (CAGR) of 4.1%. It is projected to reach $53 billion by 2028 and $70.3 billion by 2033, with respective CAGRs of 6.0% and 5.8% during the specified periods [7]. Financial Performance - Cloudbreak Pharma reported losses of approximately $67 million, $129 million, and $99 million for the fiscal years 2022, 2023, and 2024, respectively. The projected revenue for 2024 is around $10 million [8].

丨证券研究报告丨 行业研究丨专题报告丨制药、生物科技与生命科学 [Table_Title] IL-25：II 型炎症通路创新靶点，剑指百亿美元特 应性皮炎市场 报告要点 [Table_Summary] IL-25 为 II 型炎症通路细胞因子，研究发现其在特应性皮炎 (AD)、银屑病和接触性皮炎这几种 皮肤炎症疾病的病变组织中均有上调，表明其与这几种疾病的发展有关。由中国抗体开发的 SM17 是全球 FIC 的 IL-25 受体 IL-17RB 单抗，针对特应性皮炎（AD）的 Ib 期顶线数据展现 出了优异的 PoC 数据，在保证不弱于 IL-4 单抗等疗法的皮损改善能力前提下，实现了比现有 创新疗法更快速和深度的瘙痒改善，有望成为特应性皮炎市场的下一个重磅靶点，并且还具有 拓展至其他 II 型炎症适应症的潜力。 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SFC：BUZ392 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 制药、生物科技与生命科学 cjzqdt11111 [Table_Title2] I ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 95, representing a potential upside of 17% from the current price of HKD 81.1 [2][9][10] Core Insights - The report highlights positive data updates for IBI363 (PD-1/IL-2) in lung squamous cell carcinoma (sq-NSCLC), with median progression-free survival (mPFS) extended to 9.3 months, enhancing confidence in its development [1][7] - IBI343 (CLDN18.2 ADC) also showed promising data in pancreatic cancer, with mPFS consistent with previous reports [1][7] - The company is expected to initiate Phase 3 clinical trials for IBI363 in third-line sq-NSCLC, with the 3mg/kg dose likely to be used [7] Financial Projections - Revenue projections for the company are as follows: - 2023: RMB 6,206 million - 2024: RMB 9,422 million - 2025E: RMB 11,691 million - 2026E: RMB 13,159 million - 2027E: RMB 15,805 million - The projected growth rates are 36.2% for 2023, 51.8% for 2024, and 24.1% for 2025 [9][10] - The adjusted net profit is expected to turn positive by 2025, reaching RMB 433 million, and further increasing to RMB 1,893 million by 2027 [9][10] Market Expectations - The report indicates that IBI363 has the potential to achieve peak sales of approximately RMB 2.5 billion in China, while IBI343 could reach around RMB 1.5 billion [9][10] - The report emphasizes the importance of IBI363 as a potential solution for PD-1 resistance, which could significantly impact its market performance [9][10]

【环球时报特约记者 甄翔】为推行"制造业回流"政策，美国政府祭出关税手段以鼓励企业将生产线迁 回本土。但美银证券近日发布的一份报告指出，跨国企业在重新布局全球供应链时，主要考量的已不再 是成本最低，而是如何规避地缘风险。新加坡《联合早报》9日援引该报告称，在美国关税政策前景不 明的背景下，企业回流美国制造的意愿有限，而更倾向于将产能转移至友好国家或邻近市场。其中，越 南、印度、泰国等亚太新兴经济体及墨西哥等拉美国家，因区位与政治优势，成为这一趋势下的主要受 益者。 据报告，近半数分析师认为，高关税政策不会对企业决策产生实质影响。这一方面与回流成本高昂有 关，另一方面则是因为企业更看重供应链的灵活性与风险分散，因而更愿意选择成本更低、地缘政治关 系稳定的国家作为替代基地。其中，越南、泰国和印度是最受青睐的三个替代基地。此外，墨西哥与美 国地理接近、劳动力成本低廉及受惠于美墨加协议，也被视为稳定的中长期外包基地。 跟踪企业回流趋势的非营利组织"回流倡议"出具的2025年产业回流美国调查报告也显示，地缘政治风险 成为企业布局全球供应链时考虑的三大因素之一。 美国科尔尼管理咨询公司4月发布了一份名为《2025回流指数 ...

Group 1 - Major industry ETFs in the US stock market mostly rose, with Energy ETFs and Biotechnology Index ETFs increasing over 1%, and Healthcare ETFs rising nearly 1% [1] Group 2 - Energy ETF (XLE) current price is $84.77, up by $1.20 (+1.44%), with a trading volume of 1.824 million shares and a total market value of $21.228 billion, showing a year-to-date change of -0.27% [2] - Biotechnology Index ETF (IBB) current price is $128.88, up by $1.29 (+1.01%), with a trading volume of 122,100 shares and a total market value of $10.233 billion, reflecting a year-to-date change of -2.43% [2] - Healthcare ETF (XLV) current price is $135.14, up by $0.99 (+0.74%), with a trading volume of 304,000 shares and a total market value of $25.860 billion, indicating a year-to-date change of -1.39% [2] - Semiconductor ETF (SMH) current price is $258.06, up by $1.10 (+0.43%), with a trading volume of 166,700 shares and a total market value of $3.051 billion, showing a year-to-date change of +6.56% [2] - Global Technology ETF (IXN) current price is $87.20, up by $0.23 (+0.26%), with a trading volume of 4,806 shares and a total market value of $1.221 billion, reflecting a year-to-date change of +2.89% [2] - Utilities ETF (XLU) current price is $80.86, up by $0.19 (+0.24%), with a trading volume of 531,700 shares and a total market value of $11.739 billion, indicating a year-to-date change of +7.59% [2] - Consumer Staples ETF (XLP) current price is $81.77, up by $0.19 (+0.23%), with a trading volume of 352,400 shares and a total market value of $13.837 billion, reflecting a year-to-date change of +4.57% [2] - Internet Index ETF (FDN) current price is $260.81, up by $0.39 (+0.15%), with a trading volume of 3,871 shares and a total market value of $17.318 billion, indicating a year-to-date change of +7.25% [2] - Consumer Discretionary ETF (XLY) current price is $213.94, down by $0.07 (+0.03%), with a trading volume of 77,139 shares and a total market value of $26.872 billion, showing a year-to-date change of -4.38% [2] - Technology Sector ETF (XLK) current price is $239.56, up by $0.03 (+0.01%), with a trading volume of 161,100 shares and a total market value of $76.193 billion, reflecting a year-to-date change of +3.21% [2] - Banking ETF (KBE) current price is $54.36, unchanged (0.00%), with a trading volume of 28,542 shares and a total market value of $4.208 billion, indicating a year-to-date change of -1.30% [2] - Regional Banking ETF (KRE) current price is $58.30, down by $0.01 (-0.01%), with a trading volume of 295,200 shares and a total market value of $4.866 billion, reflecting a year-to-date change of -2.75% [2] - Financials ETF (XLF) current price is $50.90, down by $0.10 (-0.19%), with a trading volume of 817,600 shares and a total market value of $56.655 billion, indicating a year-to-date change of +5.70% [2] - Global Airlines ETF (JETS) current price is $23.24, down by $0.08 (-0.34%), with a trading volume of 16,867 shares and a total market value of $73.206 million, reflecting a year-to-date change of -8.32% [2]

Group 1 - The event "Quality Life 'Cell' Escort" was successfully held at the Jitao Medical Activity Center on June 10 [1] - Jitao Medical's General Manager Liu Kainian welcomed guests and introduced the company's development history and advantages in cell technology [3] - The event featured three main modules: exploration of cutting-edge technology, sharing of health knowledge, and personalized consultations, establishing a new paradigm for health management [4] Group 2 - Liu Tianjin, founder of Jitao Health and a PhD from the Shanghai Institute of Biochemistry and Cell Biology, shared insights on "Cell Technology and Life Health Management," highlighting breakthroughs in cell therapy for anti-aging, chronic disease intervention, and cancer prevention [5] - Club Chairman Wang Dawei emphasized the importance of health, happiness, and ambition as core elements of quality life, and expressed the club's commitment to providing customized health solutions in collaboration with Jitao Medical [7] - The event injected new momentum into the club's quality life sector, with plans to continuously integrate quality resources and innovate service models to enhance health and competitiveness in Weifang [9] Group 3 - Jitao Medical Technology Co., Ltd. is a technology-based enterprise founded by a postdoctoral researcher from the Chinese Academy of Sciences and the government-owned Hengjian Group, focusing on the development of immune cell and stem cell therapies, as well as early cancer diagnosis and intervention technologies [13] - The company has developed a tumor early diagnosis platform based on ctDNA methylation detection and has established a cell storage and preparation platform for precision treatment, recognized as one of the first provincial-level new research and development institutions in Shandong [13] - The regional cell tissue bank and preparation center in Weifang has a total investment of over 20 million yuan, featuring a public life science popularization museum and a 1,200 square meter cell storage and preparation center, adhering to international standards for clinical-grade and pharmaceutical-grade cell banks [14]