智通财经APP获悉，和誉-B(02256)早盘涨超6%，截至发稿，涨4.92%，报17.93港元，成交额3907.14万 港元。 中金发布研报称，ABSK043 是公司具备全球权益的潜力口服小分子PD-L1 抑制剂。该行认为，公司持 续布局的口服+口服联用方案相较注射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展 值得关注。此外，公司被纳入MSCI全球小盘股指数成分股，有望提升公司的全球资金关注度，或对流 动性产生积极影响。 消息面上，和誉近日宣布，在研口服PD-L1 抑制剂ABSK043 和艾力斯的KRAS G12C抑制剂戈来雷塞片 联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准，意味着ABSK043 联用戈来雷塞进入二 期临床。此外，近日公司被纳入MSCI全球小盘股指数成分股。 ...

和誉-B(02256)早盘涨超6%，截至发稿，涨4.92%，报17.93港元，成交额3907.14万港元。 消息面上，和誉近日宣布，在研口服PD-L1抑制剂ABSK043和艾力斯的KRAS G12C抑制剂戈来雷塞片 联用治疗KRAS G12C突变的NSCLC的IND申请在中国获得批准，意味着ABSK043联用戈来雷塞进入二 期临床。此外，近日公司被纳入MSCI全球小盘股指数成分股。 中金发布研报称，ABSK043是公司具备全球权益的潜力口服小分子PD-L1抑制剂。该行认为，公司持续 布局的口服+口服联用方案相较注射+口服联用有望具备更好的患者依从性和安全谱，后续临床进展值 得关注。此外，公司被纳入MSCI全球小盘股指数成分股，有望提升公司的全球资金关注度，或对流动 性产生积极影响。 ...

Group 1 - The core viewpoint of the article is that HeYu has received IND approval in China for its oral PD-L1 inhibitor ABSK043 and the KRAS G12C inhibitor, which is expected to attract market attention due to its clinical progress [1] - HeYu has been included in the MSCI Global Small Cap Index, which is anticipated to enhance the company's global funding visibility and positively impact its liquidity [1] - The company maintains its profit forecast for the next two years at 48 million and 320 million, respectively, and has raised the target price by 33.3% to HKD 20, while maintaining an "outperforming the industry" rating [1]

Group 1 - The company maintains its net profit forecast for 2025 and 2026 at 48 million and 320 million respectively, while upgrading the target price by 33.3% to 20.0 HKD, indicating an upside potential of 18.3% from the current stock price [1] - The company announced the approval of its IND application for the oral PD-L1 inhibitor ABSK043 in combination with the KRAS G12C inhibitor for treating KRAS G12C mutated NSCLC in China, and it has been included in the MSCI global small-cap index [2][4] - ABSK043 is a promising oral small molecule PD-L1 inhibitor with good bioavailability and selectivity, showing good safety and anti-tumor activity in phase I studies, and is currently entering phase II clinical trials in combination with the KRAS G12C inhibitor [3] Group 2 - Being included in the MSCI global small-cap index is expected to enhance the company's visibility and liquidity, positively impacting global fund attention [4]

Group 1 - The core viewpoint of the report maintains the profit forecast for the company at 0.48 billion CNY for 2025 and 3.2 billion CNY for 2026, while raising the target price by 33.3% to 20.0 HKD, indicating an 18.3% upside potential from the current stock price [1] - The company has received IND approval in China for the oral PD-L1 inhibitor ABSK043 and the combination treatment with the KRAS G12C inhibitor for NSCLC [2] - ABSK043 is a promising oral small molecule PD-L1 inhibitor with good bioavailability and selectivity, showing good safety and anti-tumor activity in phase I studies [3] Group 2 - The company is advancing to phase II clinical trials for the combination of ABSK043 and the KRAS G12C inhibitor, which may offer better patient compliance and safety compared to injection plus oral combinations [4] - The company has been included in the MSCI Global Small Cap Index, which is expected to enhance global investor attention and improve liquidity [5]

Core Viewpoint - The adjustment of the national medical insurance and commercial health insurance drug directories is a significant event for the innovative drug investment landscape in the second half of the year, with over 650 drugs entering the basic medical insurance directory and commercial insurance innovative drug directory [1][2]. Group 1: Medical Insurance Directory Adjustments - A total of 534 drug generic names passed the initial review for the basic medical insurance directory, with 310 drugs being added to the directory, a significant increase from 249 in 2024 [2]. - The directory adjustments allow newly approved innovative drugs to have the opportunity to enter the insurance directory, including several notable drugs such as the lung cancer drug Gorailis and the autoimmune drug Fuanqi [2]. Group 2: Commercial Health Insurance Directory - The commercial health insurance innovative drug directory has approved 121 drugs, including five CAR-T therapies and a domestic vaccine, marking a new approach for market access for preventive biological products [3]. - Notable CAR-T therapies that made it into the directory include products from Fosun Kite, Huyuan Bio, and WuXi AppTec, with the latter's product achieving $808 million in revenue in the first half of the year, reflecting a doubling in growth [3]. Group 3: Future Outlook for Innovative Drugs - The upcoming months will see significant overseas pharmaceutical conferences and further developments in the medical insurance directories, providing ample opportunities for speculation and investment in innovative drugs [4]. - The domestic innovative drug sector is expected to benefit from increased clinical data catalysts and a rebound in funding and secondary market activity, enhancing the demand for new drug development [4].

Core Insights - Lung cancer remains the leading cause of cancer-related deaths globally, with ongoing research and development of innovative drugs targeting this disease [1][2] - A total of 2813 drugs are currently in development for lung cancer indications, with a significant focus on non-small cell lung cancer (NSCLC) [2] - In the first half of this year, 9 innovative drugs for lung cancer have been approved, providing new treatment options for patients [3] Group 1: Drug Development Trends - The number of drugs in development for lung cancer has increased from 1655 in November 2022 to 2813 by July 2023, with the majority targeting NSCLC [2] - Among the 2813 drugs, small molecule drugs are the most prevalent, totaling 1028, followed by monoclonal antibodies (264), antibody-drug conjugates (ADC) (226), and bispecific antibodies (110) [2] - The most common drug targets include EGFR (66 drugs), PD-1 (42 drugs), and PD-L1 (27 drugs) [2] Group 2: Recent Drug Approvals - The 9 newly approved lung cancer drugs include products from major companies such as Johnson & Johnson, Bristol-Myers Squibb, and domestic firms like Hengrui Medicine and Hansoh Pharma [3][5] - Johnson & Johnson's Evotazumab is the first bispecific antibody approved for lung cancer, initially for second-line treatment of EGFR exon 20 insertion mutations [4] - The domestic drug Luconisumab, developed by Kelun-Biotech, is the second globally and the first in China ADC targeting TROP2, approved for treating advanced NSCLC [5] Group 3: Emerging Treatment Strategies - The approval of new drugs is addressing rare mutations such as EGFR exon 20 insertion, which accounts for 4%-10% of EGFR mutations and has poor prognosis with existing treatments [3] - The PD-1/VEGF bispecific antibody Ivosidenib has been approved for first-line treatment of PD-L1 positive NSCLC, marking a significant advancement in immunotherapy [7] - The introduction of drugs targeting KRAS mutations, previously considered "undruggable," indicates a shift in treatment possibilities for advanced NSCLC [6]

Group 1: 泰恩康 (Tianenkang) - The company has completed the enrollment of 200 subjects for the Phase II clinical trial of CKB ointment, with results expected in July 2025 [1] - The registration application for the domestic production of Hewei Zhengchang Wan has been accepted, and the production line transformation is complete, aiming for approval within the year [1] - Minoxidil lotion has completed pre-listing preparations, with expected revenue recognition in Q2 of this year [1] - The company plans to submit multiple product approvals within the next year, including CKB and injectable paclitaxel polymer micelles [1] Group 2: 环旭电子 (Huanxu Electronics) - The domestic manufacturing ratio has decreased to 60%, with production shifting to Mexico, Poland, and Vietnam [2] - AI accelerator card business is expected to grow by 150%, with capacity expansion in Taiwan and Mexico [2] - The company is focusing on wearable products and SiP modules, with new product lines in Vietnam [2] - Annual capital expenditure (Capex) is projected to be over $200 million [2] Group 3: 艾力斯 (Ailis) - The company is advancing multiple key products, with Golai Resep tablets entering the comprehensive review stage and aiming for inclusion in annual medical insurance negotiations [3] - A new large molecule R&D department has been established, focusing on lung cancer, with plans for IND submission next year [3] - The company plans to continue expanding its marketing team and optimize resource allocation to ensure stable operations [3] - Cash dividends totaling 292.5 million yuan are planned for 2024, with an increase in mid-term dividends expected in the first half of 2025 [3] Group 4: 华阳集团 (Huayang Group) - The automotive electronics business has seen an expanding customer base, with a significant year-on-year increase in new orders [4] - The company has achieved larger display viewing angles for VPD products and is promoting them to multiple automakers [4] - Huayang Group is reducing geopolitical risks by establishing subsidiaries in Thailand and Mexico [4]