Group 1: Market Overview - The Hong Kong stock market showed a collective rebound with the Hang Seng Index rising approximately 0.6%, the Hang Seng China Enterprises Index increasing about 1%, and the Hang Seng Tech Index up around 0.8% [2][3] - Market sentiment improved significantly compared to previous days, with total market turnover rising to approximately 210.4 billion HKD and the short-selling amount on the main board decreasing to about 15.74% of total turnover [2] - Southbound capital flows remained weak, with net inflows from northbound trading at around 1.3 billion HKD on Friday [2] Group 2: Sector Performance - Resource and cyclical stocks led the market rally, with rare earth, non-ferrous metals, and gold stocks performing well due to the implementation of export licenses and increased copper stockpiling by global commodity traders [3] - The financial sector also played a crucial role in driving the market upward, with insurance stocks, Chinese brokerage firms, and domestic banks generally showing strong performance [3] - Energy-related sectors, including electric power equipment, wind power, and nuclear power, were active, reflecting ongoing interest in energy transition and equipment investment opportunities [3] Group 3: Economic Indicators - The U.S. core PCE year-on-year growth rate fell to 2.8%, providing strong support for the Federal Reserve's potential interest rate cut [4] - Personal consumption expenditures in the U.S. showed almost no growth in September, indicating a cooling consumer market, with significant declines in spending on durable and non-durable goods [5] - The income distribution in the U.S. is becoming polarized, with lower-income households reducing spending while high-income groups maintain purchasing power due to asset appreciation [5] Group 4: Industry Insights - The small nucleic acid drug sector is emerging as a significant investment theme for 2026, characterized by rapid global market growth and advantages such as broad target coverage and high clinical trial success rates [7] - The global small nucleic acid drug market is projected to grow from 2.7 billion USD in 2019 to 5.7 billion USD in 2024, with a compound annual growth rate of 16.2% [7] - The market for siRNA drugs is expected to increase its share from 6.2% in 2019 to 44.5% in 2024, driven by advancements in delivery technologies and expanding indications [7] Group 5: Collaboration and Market Dynamics - The small nucleic acid field is becoming a hub for business development collaborations, with nearly 100 deals in the past three years and increasing transaction values [8] - Leading companies in the small nucleic acid market, such as Alnylam and Ionis, are setting the pace for global technological development, with Alnylam reporting a 149% year-on-year revenue increase in Q3 2025 [9] - Domestic pharmaceutical companies are also focusing on small nucleic acid drugs, with several candidates in clinical trials targeting conditions like high cholesterol [9] Group 6: Investment Recommendations - The report suggests that small nucleic acid drugs may become a major investment theme next year, with opportunities in both domestic and international markets [10] - Key companies to watch include overseas leaders like Alnylam, Arrowhead, and Ionis, as well as domestic firms like CSPC Pharmaceutical Group and Hengrui Medicine [10]

Core Viewpoint - Hepatitis B remains a significant global health challenge, with approximately 254 million chronic hepatitis B virus (HBV) infections worldwide and an annual death toll of 555,000 due to related diseases. The need for improved screening, diagnosis, treatment, and management is emphasized to meet the World Health Organization's goal of eliminating viral hepatitis as a public health threat by 2030 [1][4]. Group 1: Current Situation and Challenges - The prevalence of chronic hepatitis B in China exceeds 75 million, accounting for about 30% of global infections. The 2022 guidelines emphasize the need to reduce new infections by 90% and mortality by 65% by 2030, with a target diagnosis rate of 90% and treatment rate of 80% [4][5]. - Despite advancements in antiviral therapies since the introduction of lamivudine in 1997, treatment options remain limited, and achieving functional cure remains a challenge. Current therapies can control the disease but do not effectively eliminate the virus [3][9]. Group 2: Treatment Innovations - Several innovative drugs are under development, including receptor blockers, core protein inhibitors, long-acting interferons, and small nucleic acid drugs. Notably, small interfering RNA (siRNA) and antisense oligonucleotides (ASO) are gaining attention for their potential to be launched between 2026 and 2027 [3][9]. - The ideal treatment endpoint for hepatitis B is achieving functional cure, which involves sustained suppression of HBV replication and improvement in liver health. Achieving this requires the clearance of HBV DNA and surface antigens [5][6]. Group 3: Clinical Perspectives and Future Directions - The concept of functional cure is critical, as it significantly reduces the risk of disease progression, including liver cancer. Studies indicate that achieving surface antigen clearance can lower the incidence of liver cancer from 7.8% to 0.6% [5][6]. - The pharmaceutical industry is focusing on developing new drugs that target multiple stages of the HBV lifecycle, with a growing demand for such therapies in clinical settings. The collaboration between pharmaceutical companies and clinical experts is essential for advancing treatment options [10][11].