Core Viewpoint - The A-share market is experiencing a rebound, particularly in the innovative drug sector, with significant inflows into the ETF focused on this area, indicating growing investor confidence and interest in the sector [1][2]. Group 1: Market Performance - As of September 30, the ETF for innovative drugs, Huatai-PineBridge (589120), rose by 2%, marking a potential two-day consecutive increase, with net inflows for two days [1]. - The performance of constituent stocks varied, with companies like BaiLi Tianheng and Rongchang Biologics seeing gains of over 3%, while others like TeBao Biologics experienced a pullback [3]. Group 2: Company Developments - Rongchang Biologics has submitted its innovative ophthalmic drug, RC28, for market approval to treat diabetic macular edema (DME), following a significant agreement with Santen Pharmaceutical for exclusive rights in several Asian markets, valued at 1.295 billion yuan [1]. - At the upcoming ESMO conference in Berlin from October 17 to 21, Rongchang Biologics will present 11 original research results, including a pivotal study on RC48-C016 for treating urothelial carcinoma [1]. Group 3: Industry Trends - The innovative drug sector is at a turning point, with a decade of development leading to a robust ecosystem, and a significant number of overseas licensing deals expected in 2025, which will enhance the valuation of ongoing projects [5]. - The industry is transitioning from a research-driven model to one that emphasizes both research and commercialization, with leading companies poised to enter a profitability phase [5]. - The upcoming ESMO conference and other authoritative academic meetings are anticipated to stimulate business development (BD) events, which have been lacking in recent months [2].

Core Viewpoint - Rongchang Biopharma (09995) has seen a stock price increase of over 7%, currently trading at 118.8 HKD with a transaction volume of 476 million HKD, driven by significant developments in its product pipeline and research achievements [1] Group 1: Product Development - On September 30, the CDE website announced that Rongchang Biopharma's ophthalmic innovative drug, Ilifapru α (RC28), has been submitted for market approval for the treatment of Diabetic Macular Edema (DME) [1] - In August, Rongchang Biopharma entered into an agreement with Santen Pharmaceutical's wholly-owned subsidiary, Santen China, granting exclusive rights for the development, production, and commercialization of Ilifapru α in Greater China and several Southeast Asian countries, with a total transaction value of 1.295 billion CNY [1] Group 2: Research Achievements - Rongchang Biopharma has successfully had 11 original research results selected for presentation at the 2025 European Society for Medical Oncology (ESMO) annual meeting, scheduled from October 17 to 21 in Berlin, Germany [1] - The RC48-C016 phase III clinical study of Vidisichimab in combination therapy for first-line urothelial carcinoma has been selected for the latest breakthrough abstract (LBA), and the company will showcase data across multiple tumor types and treatment strategies, including 2 short oral presentations and 8 poster displays covering urothelial carcinoma, gastric cancer, and gynecological tumors [1]