Group 1 - The Hong Kong pharmaceutical sector showed volatility, with the Hang Seng Hong Kong Stock Connect Innovative Drug Index rising by 0.04%, the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index increasing by 0.4%, the CSI 300 Pharmaceutical and Health Index up by 1.0%, the CSI Innovative Drug Industry Index climbing by 1.3%, and the CSI Biotechnology Theme Index gaining 1.4% [1] - The Hang Seng Innovative Drug ETF (159316) saw a net subscription of over 130 million units today, accumulating over 700 million yuan in inflows this month, ranking among the top in Hong Kong's innovative drug-related products [1] - Guotai Junan Securities believes that the recent surge in innovative drug business development (BD) transactions alleviates market concerns, maintaining the long-term industrial logic of Chinese innovative drugs going overseas, with expectations for continued active BD transactions as the year-end approaches [1] Group 2 - Multiple Chinese innovative drug data releases at the ESMO are generating high attention, with clinical data in areas such as PD-1 bispecific antibodies and ADCs reaching international leading levels, potentially boosting new overseas opportunities for innovative drugs [1]

Core Viewpoint - Foreign investors are optimistic about the asset allocation value of Chinese stocks, indicating a trend towards increasing investment in this market due to its current low allocation levels among global investors [2][4]. Group 1: Market Performance - On October 21, A-shares and Hong Kong stocks experienced a strong rally, with the Shanghai Composite Index rising by 1.36% to surpass 3900 points, and the ChiNext Index increasing by over 3% [2][8]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.87 trillion yuan, an increase of 136.3 billion yuan compared to the previous trading day, with over 4600 stocks rising [8]. Group 2: Investment Strategies - Morgan Stanley recommends long-term investment in high-tech sectors in China, including artificial intelligence, automation, robotics, biotechnology, and high-end manufacturing, while also suggesting the allocation of high-quality dividend stocks to mitigate short-term market volatility [4]. - According to Guangfa Securities, increasing allocation to currently underweighted A-shares and H-shares is a key strategy for outperforming benchmarks like the MSCI Emerging Markets Index [5][6]. Group 3: Economic Outlook - The Federal Reserve's potential interest rate cuts are expected to improve liquidity in the Chinese stock market, historically leading to upward trends in A-shares and H-shares [5]. - Analysts predict that the narrowing of interest rate differentials between China and the U.S. and expectations of RMB appreciation will boost foreign capital inflows, supporting demand for A-shares and H-shares [6]. Group 4: Sector Analysis - The technology sector, particularly driven by AI trends, is expected to remain a market focus, with the TMT (Technology, Media, and Telecommunications) sector showing an upward trend in orders and inventory replenishment [9]. - Hong Kong's tech sector is anticipated to benefit from the current industrial trends, with foreign capital likely to return, further enhancing the market's performance [9].

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就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。 已向中國國家藥品監督管理局遞交瑞基奧侖賽在 （股份代號：2126） JW (Cayman) Therapeutics Co. Ltd 自願公告 藥明巨諾（開曼）有限公司* 研究及發展更新 （於開曼群島註冊成立的有限公司） 中國成人活動性系統性紅斑狼瘡患者中的I期研究數據 JW (Cayman) Therapeutics Co. Ltd （藥明巨諾（開曼）有限公司*）（「本公司」或「藥明 巨諾」，連同其附屬公司統稱「本集團」），一家獨立的、專注於研發、生產及商 業化細胞免疫治療產品的創新型生物科技公司，宣佈已向中國國家藥品監督 管理局（「NMPA」）遞交瑞基奧侖賽(relma-cel)在中國成人活動性系統性紅斑狼瘡 （「SLE」）患者中的I期研究數據，NMPA已接收數據，並受理會議申請。 瑞基奧侖賽在中國成人SLE患者中的安全性和療效數據更新 SLE是一種慢性自身免疫性疾病，可引起全身多臟器和組織受損。據 ...

Core Insights - The "Invest in Hainan, Win the Future" promotional event was held in Xiamen to attract businesses to invest in Hainan Free Trade Port [2] - The event coincided with the 10th anniversary of the Xiamen Hainan Chamber of Commerce, aiming to create a platform for efficient and precise business connections [2] Policy and Development - Experts from the Hainan Free Trade Port Talent Development Research Institute provided a systematic overview of the overall policy framework, key industry layout, and development plans [2] - Representatives from various cities and organizations in Hainan showcased regional industrial positioning and advantages, highlighting the unique industries in Hainan [2] Financial Support - The China Bank Hainan Branch offered professional interpretations of financial support policies for the Free Trade Port, providing dual guarantees of "policy + finance" for businesses [2] Networking and Collaboration - The event featured a bustling display and negotiation area where promotional materials were presented, facilitating in-depth one-on-one discussions between representatives and businesses [2] - Multiple cooperation intentions were reached during the event, indicating a vibrant negotiation atmosphere [2] Project Signings - The event resulted in the signing of five projects, including agreements between local governments and companies such as Linmo Cultural Industry Park and Hainan Liancheng Biotechnology Co., Ltd. [4] - Other signed agreements involved partnerships between the Yangpu Economic Development Zone and companies like Xinlai New Energy Co., Ltd. [4] Philanthropic Contributions - The Xiamen Hainan Chamber of Commerce made charitable donations of 200,000 yuan to Hainan Guoxing Middle School and 350,000 yuan to Hainan Normal University to support local education [4]

天眼查App显示，近日，郑州泓鸣生物科技有限公司成立，法定代表人为姚冠男，注册资本10万人民 币，经营范围为一般项目：生物有机肥料研发；生物基材料销售；化工产品销售（不含许可类化工产 品）；生物化工产品技术研发；化工产品生产（不含许可类化工产品）；专用化学产品销售（不含危险 化学品）；实验分析仪器销售；办公设备销售；饲料添加剂销售；技术服务、技术开发、技术咨询、技 术交流、技术转让、技术推广；非金属矿及制品销售；玻璃仪器销售；工程和技术研究和试验发展；仪 器仪表销售；塑料制品销售；办公设备耗材销售；日用品销售；通讯设备销售；电子产品销售；计算机 软硬件及辅助设备零售；饲料原料销售；肥料销售；复合微生物肥料研发（除依法须经批准的项目外， 凭营业执照依法自主开展经营活动）。 ...

10月20日，赛克赛斯生物科技股份有限公司在山东证监局办理辅导备案登记，拟首次公开发行股票并上 市，辅导券商为光大证券。 ...

Core Viewpoint - The recent trend of Chinese companies returning to Hong Kong for dual primary listings is led by technology-intensive new economy firms, which may enhance the ecosystem of the Hong Kong stock market [1] Group 1: Company Actions - Tianjing Biological announced its return to Hong Kong for a dual primary listing on October 17 [1] - WeRide and Pony.ai have initiated the Hong Kong listing process after receiving approval from the China Securities Regulatory Commission for overseas listings, with Pony.ai already passing the Hong Kong Stock Exchange hearing [1] Group 2: Market Implications - The new wave of Chinese companies returning to Hong Kong is both a strategic choice to hedge against external risks and an important opportunity for the deepening reform and opening of the Hong Kong capital market [1] - The influx of new economy companies like WeRide, Pony.ai, and Tianjing Biological is expected to bring more quality investment targets to the Hong Kong stock market [1] Group 3: Broader Economic Context - For Chinese enterprises, returning to Hong Kong for listing not only diversifies financing channels but also represents a significant step towards stable progress in the global market [1]

Core Viewpoint - The recent stock transfer of Giant Bio (02367) from Hong Kong Stock Connect (Shenzhen) to Hong Kong Stock Connect (Shanghai) indicates a strategic shift, with a market capitalization of HKD 887 million, representing 2.05% of the total [1] Group 1: Company Performance - Citigroup predicts that Giant Bio's performance in Q3 and the first two weeks of October is relatively weak due to fewer KOL live streams [1] - The revenue growth forecast for the second half of the year is 16% year-on-year, with specific expectations of a 10% decline on Tmall, a 25% increase on Douyin, a 100% increase on JD.com, and a 10% growth offline [1] - Citigroup anticipates that Giant Bio's revenue will continue to grow at a high rate of 19% in the fiscal year 2026, supported by a low base and no negative feedback from customers [1]

Core Points - The "Chief Engineer Studio" selection has been completed in Guangming District, with Shenzhen Meisi Advanced Electronics Co., Ltd. and the Shenzhen Institute of Advanced Technology recognized for 2024 [1][2] - Each awarded studio will receive a subsidy of 500,000 yuan [1] - The initiative aims to discover outstanding engineering talents that align with the district's industrial development direction [2] Company Summary - Dr. Wu Bin, the chief engineer of Meisi Advanced Electronics, is recognized for his extensive experience in MEMS sensor research and industrialization, making him a key technical figure in the domestic MEMS sensor industry [1] - Dr. Li Ye, the chief engineer from the Shenzhen Institute of Advanced Technology, focuses on laboratory automation and biophysics, with the core product being the "Xingpan" integrated laboratory automation system [1] Industry Summary - The selection activity is part of Guangming District's efforts to enhance its talent incentive mechanism and stimulate innovation among engineering professionals [2] - The district plans to deepen the cultivation of the engineering workforce and explore more series of talent activities [2]

Group 1 - Recent years have seen a trend of Chinese concept stocks returning to Hong Kong for listing, with companies like Hesai Technology, Tianjing Biotechnology, WeRide, and Pony.ai announcing their plans or progress for Hong Kong listings [1][2] - Pony.ai plans to issue up to 102.1 million shares and has a current market value exceeding $7 billion, while Tianjing Biotechnology aims for a dual listing in Hong Kong to enhance collaboration with global innovators and diversify its investor base [1][2] - WeRide has received approval from the China Securities Regulatory Commission for its Hong Kong listing, intending to issue up to 102.4 million shares, and is noted for holding autonomous driving licenses in seven countries [1] Group 2 - Hesai Technology became the first lidar company to achieve a dual primary listing on the Hong Kong Stock Exchange, raising approximately HKD 4.16 billion and reaching a market value of HKD 35.85 billion on its first day [2] - Since the reform of the Hong Kong listing system in 2018, over 30 Chinese concept stocks have returned to Hong Kong, including major players like Alibaba, JD.com, and Baidu, representing a significant portion of the internet sector [2] - There are three main methods for Chinese concept stocks to return to Hong Kong: privatization and re-listing, secondary listings, and dual listings, with 34 companies having returned since 2018 [2] Group 3 - The return of Chinese concept stocks to Hong Kong is seen as a strategic move amid U.S. regulatory and geopolitical uncertainties, providing companies with better funding opportunities and faster listing processes [3] - The industry focus of returning companies has primarily been on internet platforms and biotechnology, with expectations for future expansions into emerging sectors such as semiconductors, industrial software, and intelligent driving [3]