Market Overview - The Hong Kong stock market indices experienced a decline, with the Hang Seng Index falling by 1.01% to 26,439.68 points, the Hang Seng Tech Index down by 1.65%, and the National Enterprises Index decreasing by 1.11% [1][9]. Technology Sector - Technology stocks faced widespread losses, with Alibaba dropping over 4%, Bilibili down more than 3%, and Kuaishou, NetEase, and Meituan each declining by over 2% [1][9]. Biopharmaceutical Sector - The biopharmaceutical sector continued its upward trend, highlighted by Kangfang Biopharmaceutical's stock rising over 6%. The company announced an important update regarding its PD-1/VEGF bispecific antibody, which has shown statistically significant and clinically meaningful benefits in treating advanced non-squamous non-small cell lung cancer [2][11]. Metals Sector - The metals sector showed strength, with Luoyang Molybdenum rising over 5%. Citigroup raised its short-term copper price target to $14,000 per ton, although it warned that the price increase may be nearing its peak [5][14]. Oil Sector - Oil stocks weakened, with PetroChina falling over 3%. This decline follows an announcement regarding the transfer of 30 to 50 million barrels of oil from the Venezuelan interim government to the U.S., which will be sold at market prices [5][16]. Automotive Sector - The automotive sector saw significant declines, with NIO dropping over 3%. Reports indicate that the Chinese auto market may experience a 7% decline in sales in 2026, marking the first anticipated annual drop since 2020. A price war has begun, involving over 76 models from various manufacturers [6][16].

消息面上，康方生物宣布，国家药品监督管理局已批准公司自主研发的全球首创PD-1/VEGF双特异性抗 体依沃西(商品名：依达方)说明书的一项重要更新：更新纳入了AK112-301/HARMONi-A研究的最终分 析数据，即依沃西联合疗法治疗EGFR-TKI治疗后进展的局部晚期或转移性非鳞状非小细胞肺癌(nsq- NSCLC)取得的具有统计学显著性和临床意义的无进展生存期(PFS)和总生存期(OS)双重获益。 本次更新的核心意义在于，HARMONi-A研究是全球首个在EGFR-TKI耐药nsq-NSCLC治疗领域，同时 在PFS和OS两个核心终点上均取得具有临床意义和统计学显著性获益的免疫疗法III期临床试验，也是首 个取得PFS和OS双阳性结果的随机、双盲III期临床试验，再次验证了依沃西作为全球首个肿瘤免疫+抗 血管生成机制双抗的突破性临床价值。 康方生物(09926)再涨超6%，截至发稿，涨6.15%，报127.8港元，成交额7.89亿港元。 ...

本次更新的核心意义在于，HARMONi-A研究是全球首个在EGFR-TKI耐药nsq-NSCLC治疗领域，同时 在PFS和OS两个核心终点上均取得具有临床意义和统计学显著性获益的免疫疗法III期临床试验，也是首 个取得PFS和OS双阳性结果的随机、双盲III期临床试验，再次验证了依沃西作为全球首个肿瘤免疫+抗 血管生成机制双抗的突破性临床价值。 智通财经APP获悉，康方生物(09926)再涨超6%，截至发稿，涨6.15%，报127.8港元，成交额7.89亿港 元。 消息面上，康方生物宣布，国家药品监督管理局已批准公司自主研发的全球首创PD-1/VEGF双特异性抗 体依沃西（商品名：依达方）说明书的一项重要更新：更新纳入了AK112-301/HARMONi-A研究的最终 分析数据，即依沃西联合疗法治疗EGFR-TKI治疗后进展的局部晚期或转移性非鳞状非小细胞肺癌 （nsq-NSCLC）取得的具有统计学显著性和临床意义的无进展生存期（PFS）和总生存期（OS）双重获 益。 ...

Core Viewpoint - Kangfang Biopharma (09926) has seen a significant stock price increase, reaching a new historical high, driven by the announcement of its innovative PD-1/VEGF bispecific antibody drug, Ivosidenib, entering a pivotal Phase III clinical trial for treating advanced non-small cell lung cancer (NSCLC) [1] Group 1: Company Developments - Kangfang Biopharma's Ivosidenib, a globally first PD-1/VEGF bispecific antibody, has commenced its first patient dosing in a pivotal Phase III clinical study (AK112-305/HARMONi-8A) for patients with locally advanced or metastatic NSCLC who have failed prior PD-1/L1 inhibitors and platinum-based chemotherapy [1] - This marks the seventh Phase III study for Ivosidenib in the lung cancer field, with three of these being international multicenter registrations [1] - Ivosidenib has achieved comprehensive coverage of core indications in the NSCLC field, positioning the company to potentially reshape the overall treatment landscape for advanced NSCLC [1] Group 2: Strategic Importance - Ivosidenib serves as a cornerstone drug in the company's "IO+ADC" 2.0 strategy, focusing on core immuno-oncology indications with a series of ongoing Phase III and Phase II clinical trials [1]

Core Insights - The article discusses the positive results of a Phase III clinical trial (AK112-306/HARMONi-6) for the dual-specific antibody drug Iwosimab (PD-1/VEGF) in treating advanced squamous non-small cell lung cancer (sq-NSCLC) [1][2] - The trial demonstrated a statistically significant improvement in progression-free survival (PFS) compared to the control group, indicating a major clinical benefit [1][2] - Iwosimab is positioned to become a new standard treatment option in the NSCLC field, enhancing the clinical benefits of immunotherapy [2] Group 1: Clinical Trial Results - The HARMONi-6 trial included 532 participants, with approximately 63% having central squamous cell carcinoma, aligning with real-world patient distribution [1][2] - In the intention-to-treat population, the Iwosimab plus chemotherapy group showed a decisive positive result in PFS compared to the control group [1] - The safety profile of Iwosimab was favorable, with no new safety signals identified, and the incidence of treatment-related severe adverse events was similar to the control group [1] Group 2: Drug Development and Market Position - Iwosimab is the first PD-1/VEGF dual-specific tumor immunotherapy drug developed by the company, expected to receive NMPA approval for use in advanced EGFR-mutant NSCLC by May 2024 [3] - The drug is currently involved in 12 ongoing Phase III clinical trials, including three international multi-center studies [3] - Iwosimab is being tested for a total of 18 indications, covering various cancers such as lung cancer, biliary cancer, head and neck squamous cancer, triple-negative breast cancer, colorectal cancer, pancreatic cancer, and hepatocellular carcinoma [3]