Core Viewpoint - Merck's PD-1 inhibitor, Pembrolizumab (brand name: Keytruda), has received approval from the National Medical Products Administration (NMPA) in China for use in combination with Carboplatin and Paclitaxel as a first-line treatment for adult patients with mismatch repair-deficient (dMMR) advanced or recurrent endometrial cancer, followed by Pembrolizumab monotherapy for maintenance treatment. This new indication is based on data from the Phase III clinical trial KEYNOTE-868 (NRG-GY018) [1] Group 1 - Merck's Pembrolizumab has been approved for a new indication in China [1] - The approval is for the treatment of advanced or recurrent endometrial cancer in combination with Carboplatin and Paclitaxel [1] - The new indication is supported by data from the Phase III clinical trial KEYNOTE-868 [1]

Group 1: Overseas Service Industry - The investment rating for the overseas service industry is positive, with Macau's gaming revenue maintaining double-digit growth and visitor numbers reaching historical highs [1][3]. - In December, Macau's gross gaming revenue was 20.9 billion MOP, representing a year-on-year increase of 14.8%, and recovering to 91% compared to the same period in 2019 [3]. - The total number of visitors to Macau in 2025 is projected to be 40.06 million, a year-on-year increase of 14.7%, marking a historical high [3]. Group 2: Overseas Pharmaceutical Industry - The investment rating for the overseas pharmaceutical industry is optimistic, with significant advancements in drug approvals and clinical trials [2][6]. - BeiGene's BCL2 inhibitor received conditional approval in China for treating chronic lymphocytic leukemia and mantle cell lymphoma, marking it as the first approved BCL2 inhibitor for MCL in the country [6][7]. - The Hang Seng Healthcare Index rose by 11.15%, outperforming the Hang Seng Index by 9.12 percentage points [6]. Group 3: Overseas Education Industry - The investment rating for the overseas education industry is favorable, with a focus on vocational training and spring enrollment [12][14]. - The education index increased by 2.7% in the first week of January, outperforming the Hang Seng National Enterprises Index by 1.3 percentage points [12]. - China Oriental Education is recommended as a top pick due to its proactive operational adjustments and expected enrollment growth in the second half of the year [14].