Core Insights - The article discusses the concept of "Sputnik Moment" in various sectors, particularly focusing on the need for a similar moment in Chinese consumer confidence, which has been lacking despite advancements in other industries [1][14]. Group 1: Biotechnology and Pharmaceuticals - CanSino Biologics' PD-1/VEGF dual antibody "Yivolumab" achieved a significant milestone by outperforming the global leader "K drug" in clinical trials, marking a leading position for China in the dual antibody sector [5]. - The proportion of large pharmaceutical companies engaging in significant transactions with Chinese biotech firms has surged from less than 5% before 2019 to 31% in 2024, indicating a growing recognition of China's biotech capabilities [6]. Group 2: Aerospace and Defense - China successfully conducted test flights of two sixth-generation fighter jets on December 26, 2024, marking a significant breakthrough in global aviation technology and establishing China as the first country to achieve this feat [7][8]. - The successful test flights signify a new phase in the competition for air combat dominance, with advanced features such as all-aspect stealth and AI integration [7][8]. Group 3: Artificial Intelligence - DeepSeek's R1 model achieved performance comparable to OpenAI's GPT-3 at a fraction of the training cost, leading to a significant drop in Nvidia's stock price and highlighting a pivotal moment in the AI sector [9]. - The advancements in AI technology from Chinese companies are prompting a reevaluation of strategies in the U.S. tech landscape, as noted by prominent venture capitalists [9]. Group 4: Automotive Industry - In 2024, China exported nearly 6 million vehicles, significantly outpacing Japan's 4 million, with BYD emerging as the largest brand for pure electric vehicles globally [10][11]. - The automotive sector is undergoing rapid changes, with Chinese brands like BYD and Geely ranking among the top ten global automotive brands, reflecting a shift in market dynamics [11]. Group 5: Consumer Confidence and Economic Challenges - Consumer confidence in China has been declining, with significant increases in household savings and deflationary pressures observed [3][14]. - The decline in consumer confidence can be traced back to several factors, including geopolitical tensions, the real estate crisis, and the impact of COVID-19 lockdowns [15][18][20]. - The article emphasizes the need for measures to stabilize the real estate market and enhance consumer confidence to stimulate domestic consumption [24][25].

4 月 28 日，港股大盘缺乏方向，恒生指数日内高低波幅仅 255 点，最终微跌 7 点，收报 21,973 点，连续四个交易日在 22,000 点水平窄幅波动。恒生科指微升 0.2%，收报 4,990 点。大市成交金额只有 1,638 多亿港元，为 2 月 4 日以来最 低。港股通净流入 21.2 亿港元。盘面上，内银及部分品牌消费股表现较为突出，建农工中四大内银分别升 0.7%至 2.8%， 已完全修复 4 月初以来的跌幅。蜜雪集团（2097 HK）、泡泡玛特（9992 HK）、上美股份（2145 HK）分别升 4.1%至 12.0% 不等，后两者再创上市以来新高。耀才证券（1428 HK）获蚂蚁入主，市场憧憬蚂蚁金融未来可能会注入资产，股价大升 81.9%，收报 5.55 港元，创上市新高。本周中国将公布 4 月的 PMI 数据，美国也公布包括一季度 GDP、4 月的 ISM 制造业 PMI 及就业数据，同时多家美国科技巨头也集中公布业绩，料港股及美股市场波动或将加剧。 当前恒生指数估值（PE 约 9.7 倍）向下空间有限，但向上突破依赖内部政策持续有效落地和中美博弈实质性缓和。短期 市场进入基本面及政 ...

Group 1 - Northbound capital recorded a net purchase of 20.3 billion HKD in the Hong Kong stock market on April 28, with the Shanghai-Hong Kong Stock Connect seeing a net purchase of 23.43 billion HKD and the Shenzhen-Hong Kong Stock Connect experiencing a net sale of 3.13 billion HKD [1] - The stocks with the highest net purchases included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and CanSino Biologics (09926) [1] - The stocks with the highest net sales were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2 - CanSino Biologics (09926) received a net purchase of 7.79 billion HKD, with a report indicating positive results from its clinical trial for the dual-specific antibody AK112 in treating advanced squamous non-small cell lung cancer [5] - Meituan-W (03690) saw a net purchase of 5.56 billion HKD, with analysts noting that the company does not face risks of ADR delisting and has stable revenue sources [5] - China Shenhua (01088) had a net purchase of 5.17 billion HKD, with analysts highlighting its strong cash flow supporting high dividend payouts despite pressure from falling coal prices [6] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net purchases of 20.43 billion HKD and 12.5 billion HKD, respectively, indicating increased investor confidence [4] - Tencent (00700) and Alibaba-W (09988) faced net sales of 5.97 billion HKD and 14.24 billion HKD, respectively, amid concerns regarding the ongoing US-China trade tensions [6] - China Mobile (00941) received a net purchase of 1.13 billion HKD, while Xiaomi Group-W (01810) and SMIC (00981) experienced net sales of 2.56 billion HKD and 1.36 billion HKD, respectively [6]

邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 国产创新药闪耀 ASCO [Table_ReportType] 医药生物行业周报（4 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_ReportDate] 2025 年 04 月 28 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（4 月 21 日-4 月 25 日）医药生物收 涨 1.16%，跑赢 wind 全 A（1.15%）和沪深 300（0.38%）。 从板块来看，医疗研发外包（6.34%）和原料药（4.72%） 部分个股一季报表现亮眼，涨幅居前，血液制品（- 3.26%）和疫苗（-6.38%）延续上周跌势。从个股来看， 永安药业（31.4%）、舒泰神（28.4%）和尔康制药（2 ...

[Table_ReportDate] 2025 年 04 月 28 日 [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G 国产创新药闪耀 ASCO [Table_ReportType] 医药生物行业周报（4 月第 4 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（4 月 21 日-4 月 25 日）医药生物收 涨 1.16%，跑赢 wind 全 A（1.15%）和沪深 300（0.38%）。 从板块来看，医疗研发外包（6.34%）和原料药（4.72%） 部分个股一季报表现亮眼，涨幅居前，血液制品（- 3.26%）和疫苗（-6.38%）延续上周跌势。从个股来看， 永安药业（31.4%）、舒泰神（28.4%）和尔康制药（2 ...

2025 年 4 月 28 日 星期一 ➢ 每日大市点评 港股市场延续反弹步伐，恒生指数上周全周上涨 2.7%至 21,980 点，虽未站稳 22,000 点关口，但日均成交额放大至 2,389 亿港元，显示资金活跃度回升。值得关注的是，恒生科指周涨幅仅 2.0%且未能突破 5,000 点心理关口，反映科技板块修 复动能相对不足。从资金流向观察，港股通全周净流出 3.8 亿港元，其中上周三单日流出 181 亿，显示内地投资者趁反弹 锁定收益的操作特征。板块分化加剧成为市场显著特征，医疗保健与信息科技板块分别大涨 8.4%和 6.0%，但必需消费及 电讯板块逆势下跌，揭示资金在政策预期与避险需求间的再平衡。 全球资本市场对关税风险的定价出现显著逆转，德国 DAX、意大利富时 MIB、印度及韩国 KOSPI 等主要股指已收复 4 月关 税消息冲击的全部失地，而美股三大指数也逐渐升抵 4 月 2 日的下跌裂口，恐慌指数大幅回落，显示海外投资者情绪有所 改善。尽管中国外交部否认重启经贸谈判，但美方释放削减关税信号。值得警惕的是，港股虽同步反弹但修复力度弱于 欧美市场，反映国际资金对地缘风险溢价仍存差异化定价。 四月政 ...

Core Viewpoint - The approval of the new indication for the bispecific antibody Iwosimab (PD-1/VEGF) for first-line treatment of PD-L1 positive non-small cell lung cancer (NSCLC) marks a significant advancement in cancer therapy in China, allowing patients to access a leading global treatment option [1][2]. Group 1: Drug Approval and Clinical Results - Iwosimab has received approval from the National Medical Products Administration (NMPA) for use in treating locally advanced or metastatic NSCLC with negative EGFR mutations and ALK [1]. - The approval is based on positive results from a randomized, double-blind, controlled Phase III clinical trial (AK112–303/HARMONi-2), where the median progression-free survival (PFS) for Iwosimab was 11.14 months compared to 5.82 months for Pembrolizumab, demonstrating a 49% reduction in the risk of disease progression or death (PFS HR=0.51, P<0.0001) [1][2]. - A mid-term analysis of overall survival (OS) at 39% maturity showed that Iwosimab significantly reduced the risk of death by 22.3% compared to Pembrolizumab (OS HR=0.777) [2]. Group 2: Future Plans and Ongoing Research - The company plans to hold a business highlights communication meeting on April 28, 2025, with details to be announced on its official website and public account [2]. - Iwosimab is currently undergoing 12 Phase III clinical studies, including 3 international multicenter trials, and has a total of 18 ongoing clinical trials covering various cancers such as lung cancer, cholangiocarcinoma, head and neck squamous cell carcinoma, triple-negative breast cancer, colorectal cancer, pancreatic cancer, and hepatocellular carcinoma [3].

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]