Core Viewpoint - MIRXES-B has completed the enrollment process for the CADENCE CRC study, a large-scale prospective clinical trial aimed at validating the effectiveness of its blood test for colorectal cancer screening in average and high-risk adult populations [1][4]. Group 1: Study Overview - CADENCE CRC is the largest registration study in Southeast Asia to evaluate blood-based colorectal cancer screening tests, recruiting over 6,000 participants from diverse ethnic backgrounds [1][2]. - The study is designed as a prospective validation research to support regulatory approval and clinical adoption of the blood test, with participants undergoing standard colonoscopy as a reference method [1][2]. - Enrollment began in 2023, with a target of 6,000 participants to be reached by early 2026, marking a key milestone for the company [1]. Group 2: Blood Test Technology - The blood test evaluated in CADENCE CRC is driven by the company's proprietary miRNA-centered multi-omics platform, integrating tumor-derived signals, non-tumor host response signals, and AI-driven machine learning algorithms [2]. - Previous studies have shown that the test has a sensitivity of over 80% and a specificity of approximately 90% for detecting early-stage colorectal cancer [2]. Group 3: Market Potential - The proposed laboratory-developed test (LDT) will leverage the company's existing laboratory infrastructure and clinical network in Southeast Asia, aiming for early market access while pursuing broader regulatory approvals [3]. - Colorectal cancer remains a leading cause of cancer-related deaths in Asia, with an estimated 140 to 170 million adults aged 45 to 74 in Southeast Asia recommended for screening [3]. - Despite the large high-risk population, screening participation rates remain low, presenting significant medical opportunities, with the potential market for screening tests in Southeast Asia estimated to reach billions annually [3]. Group 4: Strategic Importance - The completion of the CADENCE CRC enrollment process marks an important step for the company in advancing early detection of the five most common and deadly cancers in Asia [4]. - The study reflects the company's commitment to providing rigorous clinical evidence for blood-based colorectal cancer screening solutions [4].

Group 1 - The core viewpoint of the article highlights that Valiant Pharmaceuticals-B (09887) experienced a significant stock price increase, rising over 6% in the afternoon trading session, with a current price of 68.65 HKD and a trading volume of 25.8866 million HKD [1] - The Hang Seng Index Company announced the results of its quarterly review, which included Valiant Pharmaceuticals in the Hang Seng Composite Index, with all changes to be implemented after market close on March 6 and effective from March 9 [1] - CICC released a research report indicating that Valiant Pharmaceuticals may be included in the Hong Kong Stock Connect in March [1] Group 2 - Western Securities noted that considering the company has multiple clinical data catalysts expected in 2026, it is anticipated to reach a commercialization inflection point in 2027 [1]

来源：滚动播报 和铂医药2月23日宣布，与Solstice Oncology（一家由多个头部风险投资机构联合创立的临床阶段生物技 术公司）达成授权协议及股权合作，授予对方一款临床阶段候选产品HBM4003在大中华区以外地区的 独家开发及商业化权益。根据协议，和铂医药将获得总价值逾1.05亿美元的前期对价，包括现金形式的 5000万美元首付款、500万美元近期付款以及价值逾5000万美元的Solstice Oncology股权。此外，基于未 来特定里程碑事件的达成，和铂医药还有资格进一步获得最高约11亿美元的开发、监管及商业里程碑付 款，以及基于大中华区以外地区净销售额的分级特许权使用费。 ...

基石藥業 ( 於開曼群島註冊成立的有限公司 ) (股份代號：2616) 自願公告 舒格利單抗I I I期非小細胞肺癌新適應症獲英國MH R A批准 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。 本公告乃由基石藥業(「本公司」連同其附屬公司統稱「本集團」或「基石藥業」)自願作出，以使 本公司股東及潛在投資者瞭解本集團的最新業務發展。 本公告所作出的前瞻性陳述僅與本文作出該陳述當日的事件或資料有關。除法律規定外，於作出前 瞻性陳述當日之後，無論是否出現新資料、未來事件或其他情況，我們並無責任更新或公開修改任 何前瞻性陳述及預料之外的事件。請細閱本公告，並理解我們的實際未來業績或表現可能與預期有 重大差異。本公告中有關我們或任何董事及╱或本公司的意向的陳述或提述乃於本公告刊發日期作 出。任何該等意向均可能因未來發展而出現變動。 CStone Pharmaceuticals • 繼歐盟委員會（EC）批准後，舒格利單抗III期NSCLC新適應症再獲英國MHR ...

Core Viewpoint - Kunshi Biotech has successfully completed a Series A financing round of 50 million RMB to advance its leading macrophage drug research and clinical transformation, particularly focusing on its third-generation CAR-M targeting HER2 pipeline and preclinical studies for pancreatic and lung cancers [1] Group 1: Financing and Development - The recent financing will primarily support the construction of the company's leading macrophage drug platform and accelerate the IND application and phase I clinical progress of its self-developed third-generation CAR-M targeting HER2 pipeline [1] - The successful completion of this financing reflects the capital market's high recognition of the company's innovation capabilities and research progress in the macrophage drug field [1] Group 2: Technological Innovations - Kunshi Biotech has developed four unique technological platforms that address core challenges in the autologous CAR-M therapy, including low transduction efficiency, high costs, long cycles, and weak anti-tumor capabilities [2] - The company's proprietary macrophage-specific viral modification technology has improved the transduction efficiency of adenoviruses and lentiviruses to over 90%, solving the industry's low gene delivery efficiency issue [3] - The third-generation CAR-M developed by Kunshi is the first of its kind globally, incorporating cytokines necessary for the autologous proliferation and activation of macrophages, promoting long-term survival and altering the tumor microenvironment [4] Group 3: Clinical Progress and Efficacy - Kunshi Biotech has established multiple preclinical pipelines targeting major diseases such as solid tumors and chronic diseases, with the RR-M01 pipeline for HER2-positive solid tumors showing promising safety and preliminary efficacy [6] - The RR-M01 injection has demonstrated good safety and encouraging preliminary efficacy in advanced solid tumor patients who were ineffective or intolerant to DS-8201 (trastuzumab deruxtecan), achieving a disease control rate (DCR) of 71.4% [7] - The first subject treated with a single dose of RR-M01 in December 2023 has achieved a progression-free survival (PFS) of 23 months without any other anti-tumor treatment, indicating long-term and high-quality disease control [8] Group 4: Company Vision and Future Plans - The founder of Kunshi Biotech expressed gratitude to shareholders for their support, emphasizing that this financing is a key milestone for the company's development [10] - The company aims to focus on the frontier of macrophage drugs, tackle the core challenges in solid tumor treatment, and push for the commercialization of innovative therapies that are safe, effective, and accessible to cancer patients [10]

来源：经济观察网 受研发进展提振，复宏汉霖股价近期表现强劲。截至2026年2月20日收盘，股价报72.25港元，单日上涨 2.48%，近5日累计上涨0.42%，近20日涨幅达14.50%。资金面上，2月20日总净流入817.78万港元，主力 资金净流入251.74万港元；技术指标显示MACD柱状图转正，短期动能偏强。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 复宏汉霖宣布其研发的HLX15-SC（重组抗CD38全人单克隆抗体注射液-皮下注射）用于多 发性骨髓瘤治疗的临床试验取得关键进展。2026年2月16日，公司宣布其1期临床试验申请获美国食品药 品管理局（FDA）批准；此前于2月14日，该申请已获中国国家药监局批准开展Ⅰ期临床试验。HLX15 是达雷妥尤单抗生物类似药，目标市场潜力较大（2024年全球销售额约128.8亿美元）。 股票近期走势 ...

Group 1: Core Insights - The article highlights the transformative impact of the Pinglu Canal on the shipping landscape in Southwest China, particularly for the city of Guigang, which is positioned as a key hub in the new economic corridor [5][6][9] - Guigang is recognized for its strategic geographical advantages, being a major inland port and a center for various industries, including agriculture and emerging sectors like new energy vehicles and biopharmaceuticals [4][9] - The article discusses the vibrant local economy during the recent Spring Festival, noting increased public activity and the influence of AI on consumer habits and daily life [11][14] Group 2: Pinglu Canal Development - The Pinglu Canal, a significant infrastructure project, is set to reshape the shipping routes by providing a direct connection to the sea, reducing transportation costs by over 5.2 billion yuan annually [6][9] - The canal is expected to be completed by the end of 2026, with substantial progress already made, including the completion of key lock structures [5][6] - Guigang's role as a dual shipping hub will be enhanced, connecting the Pearl River Delta and Beibu Gulf, thus facilitating industrial growth and attracting significant investments [9][10] Group 3: Economic and Social Changes - The local economy has seen a resurgence, with a notable increase in public engagement during the Spring Festival, reflecting a more active consumer environment compared to previous years [11][12] - AI applications are becoming increasingly prevalent in daily life, influencing consumer behavior and business practices, with significant competition among AI service providers [14] - The article emphasizes the ongoing transformation in the tech industry, driven by AI advancements, which are reshaping market dynamics and competitive landscapes [14]

Core Viewpoint - The article discusses the significant changes in the economic landscape of Guigang, particularly due to the opening of the Pinglu Canal and the influence of AI on daily life, highlighting the city's strategic position and emerging industries [1][3][8]. Group 1: Pinglu Canal and Economic Impact - The Pinglu Canal is a key infrastructure project that will reshape the shipping landscape in Southwest China, expected to be completed by the end of 2026, allowing 5,000-ton vessels to navigate [3][18]. - The canal will reduce shipping distances by over 560 kilometers, saving more than 5.2 billion yuan in annual shipping costs, fundamentally changing the export dynamics of the region [3][18]. - Guigang is positioned as a core city in the Pinglu Canal economic belt, enhancing its role as a transportation hub and facilitating the development of local industries [5][20]. Group 2: Local Economic Activity and AI Influence - The local economy in Guigang has become more vibrant, with increased public activity during the Spring Festival, reflecting a resurgence in consumer engagement [8][23]. - AI applications are becoming prevalent in daily life, influencing consumer habits and advertising strategies, with significant competition among AI service providers [12][28]. - The integration of AI into various sectors is expected to reshape the internet traffic distribution and enterprise software landscape, marking a transformative period for technology companies [12][28].

Stock Performance - The stock price of 瑞科生物-B (02179.HK) closed at 4.22 HKD, down 6.22%, with an intraday fluctuation of 6.22% [1] - Technical indicators show a bearish short-term trend, with the 5-day moving average at 4.594 HKD and the 20-day moving average at 5.016 HKD, both above the closing price [1] - The KDJ indicator shows a J value of 9.919, indicating an oversold condition and strong short-term selling pressure [1] Market Activity - The total trading volume for the day was only 17,300 HKD, with 4,000 shares traded, resulting in a turnover rate of 0%, indicating very low market participation [2] - Retail investors experienced a net outflow of 3,925 HKD, with no inflow from institutional investors, suggesting a lack of liquidity that may amplify price volatility [2] Industry Context - Despite the biotechnology sector rising by 1.64%, the Hang Seng Index fell by 1.10%, and the company's stock has seen a cumulative decline of 23.27% over the past 20 days, underperforming both the market and the sector [3] - The decline may be influenced by a decreasing risk appetite for unprofitable biotech companies in the market [3] Company Fundamentals - The company's mid-2025 financial report indicates a 46.0% year-on-year increase in R&D costs to 299.6 million HKD, while revenue was only 10.9 million HKD, reflecting a continued loss (TTM P/E ratio of -3.68) [4] - Market attention may be focused on the development progress and future commercialization prospects of its candidate vaccines, such as REC603 and REC610 [4]

Core Viewpoint - China Antibody-B (03681) has seen a significant increase in stock price, rising over 5% and reaching HKD 2.04, with a trading volume of HKD 13.36 million, following the publication of its preclinical study on the novel anti-IL-17RB antibody SM17 in a European respiratory journal [1] Group 1 - The preclinical study of SM17 demonstrates its potential to significantly improve the pathological features of chronic rhinosinusitis with nasal polyps (CRSwNP) and idiopathic pulmonary fibrosis (IPF) through dual inhibition of the Th2/Th17 pathways and antifibrotic activity [1] - The Chairman and CEO of China Antibody expressed excitement over the publication, highlighting SM17's potential as a groundbreaking therapy for CRSwNP and IPF [1] - SM17 targets key upstream alarmin IL-25 and may provide a multifaceted treatment strategy for CRSwNP and IPF by simultaneously addressing Th2 inflammation, Th17 differentiation, and fibrosis, potentially filling the unmet needs in current downstream effector therapies [1]