周二美联储公布非农数据喜忧参半，但市场预期降息持续升温，今日港股市场低开低走，午后异动翻 红，尾盘三大指数悉数走高。截止收盘，恒生指数涨0.92%或233.37点，报25468.78点，全日成交额为 1831.41亿港元；恒生国企指数涨0.98%，报8843.57点；恒生科技指数涨1.03%，报5457.95点。 浦银国际认为，11月至今，港股市场情绪指数较为波动，因美联储降息预期反复及美股AI板块回调。 目前，港股恒生指数的前瞻市盈率为12.7倍，较年内最高点已回调5%。在缺乏新催化剂的情况下，短 期港股市场情绪或将进入震荡修复期，但无需盲目悲观。短期风格和投资主线或将出现轮动，"科技 +红利"杠铃策略依然有效。 蓝筹股表现 李宁(02331)表现亮眼。截至收盘，涨4.26%，报19.07港元，成交额6.13亿港元，贡献恒指2.91点。李宁 品牌全球首家龙店在12月14日于北京三里屯太古里开业，同时李宁推出全新荣耀金标系列产品，中金认 为，此举是公司在奥运产品矩阵布局上的进一步强化。中金还表示，随着新奥运周期开始，李宁逐步在 新的产品系列和新的店型上不断尝试，有望持续提升品牌在消费者心中的影响力。 其他蓝筹 ...

智通财经APP获悉，周二美联储公布非农数据喜忧参半，但市场预期降息持续升温，今日港股市场低开 低走，午后异动翻红，尾盘三大指数悉数走高。截止收盘，恒生指数涨0.92%或233.37点，报25468.78 点，全日成交额为1831.41亿港元；恒生国企指数涨0.98%，报8843.57点；恒生科技指数涨1.03%，报 5457.95点。 浦银国际认为，11月至今，港股市场情绪指数较为波动，因美联储降息预期反复及美股AI板块回调。 目前，港股恒生指数的前瞻市盈率为12.7倍，较年内最高点已回调5%。在缺乏新催化剂的情况下，短 期港股市场情绪或将进入震荡修复期，但无需盲目悲观。短期风格和投资主线或将出现轮动，"科技 +红利"杠铃策略依然有效。 蓝筹股表现 李宁(02331)表现亮眼。截至收盘，涨4.26%，报19.07港元，成交额6.13亿港元，贡献恒指2.91点。李宁 品牌全球首家龙店在12月14日于北京三里屯太古里开业，同时李宁推出全新荣耀金标系列产品，中金认 为，此举是公司在奥运产品矩阵布局上的进一步强化。中金还表示，随着新奥运周期开始，李宁逐步在 新的产品系列和新的店型上不断尝试，有望持续提升品牌在消费者心 ...

智通财经获悉，港股恒生指数涨0.22%，涨55点，报25291点；恒生科技指数涨0.02%；港股早盘成交 848亿港元。 继宁德时代枧下窝矿被关停后，宜春再度出现大动作。宜春市自然资源局于近日发布了《关于拟公告注 销27个采矿权的公示》。锂矿股大涨，赣锋锂业（01772）涨超6%；天齐锂业（09696）涨超5%。 亿都国际(00259)早盘跌超12%，回吐月内多数涨幅，沐曦股份今日科创板上市。 11月航司淡季客座率表现亮眼，机场客流量仍健康增长。航空股早盘再度走高。 南方航空(01055)涨超 7%；东方航空(00670)涨超5%；中国国航(00753)涨5%。 佳鑫国际资源(03858)再涨6%，钨市场价格呈现加速上行态势，钨精矿价格刷新历史记录。 钧达股份(02865)涨超6%，旗下滁州基地近期实现TOPCon电池大规模量产。 长飞光纤光缆(06869)涨近11%，AI算力需求驱动光纤光缆主业。 药捷安康-B(02617)拉升18%，近日宣布在《柳叶刀》子刊发表替恩戈替尼积极临床结果。 李宁(02331)再涨4%，全新龙店与荣耀金标产品系列落地，有望形成强大协同效应。 中教控股(00839)再涨6%，年度 ...

点击蓝字，关注我们 今日上午港股 1 . 世纪联合控股(01959)复牌盘初一度涨超33%。截至发稿，涨4.24% 。消息面上，世纪联合控股及要 约人MSINT LTD联合公布，于2025年12月11日，要约人完成向崇杰有限公司及罗厚杰先生收购约3.77 亿股股份，占公司于本联合公告日期全部已发行股本约71.12%，现金总代价为约1.53亿港元，即每股 销售股份 0.405港元。 2 . 长飞光纤光缆(06869)涨超10% 。消息面上，华泰证券此前研报指出，公司光纤光缆主业在AI算力 需求的驱动下，产品结构持续优化。 3 . 康耐特光学(02276)涨超5% 。消息面上，近期，随着夸克AI眼镜正式发布，标志着阿里巴巴正式进 入AI眼镜赛道。 4. 贪玩(09890)早盘涨超7%，月内累计涨幅已超三成。截至发稿，涨4.34% 。消息面上，11月27日， 贪玩旗下专注潮玩业务的全资附属公司TANWAN，与COEXIST集团签订《艺术家作品开发合作协 定》。 5 . 药捷安康-B(02617)拉升近14%，截至发稿，涨18.57% 。消息面上，据药捷安康官微消息，近日， 公司宣布，核心产品替恩戈替尼在美国开展的针 ...

智通财经APP获悉，港股恒生指数涨0.22%，涨55点，报25291点；恒生科技指数涨0.02%；港股早盘成 交848亿港元。 继宁德时代枧下窝矿被关停后，宜春再度出现大动作。宜春市自然资源局于近日发布了《关于拟公告注 销27个采矿权的公示》。锂矿股大涨，赣锋锂业（01772）涨超6%；天齐锂业（09696）涨超5%。 11月航司淡季客座率表现亮眼，机场客流量仍健康增长。航空股早盘再度走高。 南方航空(01055)涨超 7%；东方航空(00670)涨超5%；中国国航(00753)涨5%。 贪玩(09890)再涨超4%，月内累涨逾三成，携手COEXIST拓展潮玩产业布局。 昭衍新药(06127)涨超10%，实验猴价格近期上行，机构料供需偏紧状态或将维持。 亿都国际(00259)早盘跌超12%，回吐月内多数涨幅，沐曦股份今日科创板上市。 长飞光纤光缆(06869)涨近11%，AI算力需求驱动光纤光缆主业。 药捷安康-B(02617)拉升18%，近日宣布在《柳叶刀》子刊发表替恩戈替尼积极临床结果。 李宁(02331)再涨4%，全新龙店与荣耀金标产品系列落地，有望形成强大协同效应。 中教控股(00839)再涨6%，年 ...

智通财经APP获悉，药捷安康-B(02617)拉升近14%，截至发稿，涨13.85%，报166.1港元，成交额1.12亿 港元。 （原标题：港股异动 | 药捷安康-B(02617)拉升近14% 近日宣布在《柳叶刀》子刊发表替恩戈替尼积极临 床结果） 消息面上，据药捷安康官微消息，近日，公司宣布，核心产品替恩戈替尼在美国开展的针对胆管癌的探 索性临床2期结果在《柳叶刀，胃肠病和肝病学》(影响因子38.6)上发表。为此，德克萨斯大学MD安德 森癌症中心研究人员评论："我们正在寻找针对耐药的下一代FGFR2抑制剂。替恩戈替尼作为下一代 FGFR抑制剂，以独特机制靶向FGFR。在这项2期研究中，替恩戈替尼在胆管癌患者中展现出持久缓解 和生存期延长。这些令人瞩目的数据支持启动3期注册试验。" 据悉，替恩戈替尼是一款自主研发、注册性临床阶段的创新多靶点小分子激酶抑制剂，通过靶向肿瘤细 胞和改善肿瘤微环境发挥抗肿瘤作用。目前，替恩戈替尼已经在中美两地开展了多项针对胆管癌、前列 腺癌、乳腺癌等实体瘤的临床试验，并获得了美国FDA授予的用于治疗胆管癌的"孤儿药认证"(ODD) 及"快速通道资格认证"，中国NMPA批准纳入突破性 ...

据悉，替恩戈替尼是一款自主研发、注册性临床阶段的创新多靶点小分子激酶抑制剂，通过靶向肿瘤细 胞和改善肿瘤微环境发挥抗肿瘤作用。目前，替恩戈替尼已经在中美两地开展了多项针对胆管癌、前列 腺癌、乳腺癌等实体瘤的临床试验，并获得了美国FDA授予的用于治疗胆管癌的"孤儿药认证"(ODD) 及"快速通道资格认证"，中国NMPA批准纳入突破性治疗品种名单及优先审评品种名单，欧洲EMA授予 的用于治疗胆道癌的孤儿药认证(ODD)。 消息面上，据药捷安康官微消息，近日，公司宣布，核心产品替恩戈替尼在美国开展的针对胆管癌的探 索性临床2期结果在《柳叶刀，胃肠病和肝病学》(影响因子38.6)上发表。为此，德克萨斯大学MD安德 森癌症中心研究人员评论："我们正在寻找针对耐药的下一代FGFR2抑制剂。替恩戈替尼作为下一代 FGFR抑制剂，以独特机制靶向FGFR。在这项2期研究中，替恩戈替尼在胆管癌患者中展现出持久缓解 和生存期延长。这些令人瞩目的数据支持启动3期注册试验。" 药捷安康-B(02617)拉升近14%，截至发稿，涨13.85%，报166.1港元，成交额1.12亿港元。 ...

Core Viewpoint - The stock of Zai Lab Limited (药捷安康-B) surged over 25% following the announcement of new research data on its core product, Tiengogatinib, for cholangiocarcinoma at the 2025 European Society for Medical Oncology (ESMO) annual meeting [1] Company Summary - Zai Lab's Tiengogatinib is an innovative multi-target small molecule kinase inhibitor developed in-house, currently in the registration clinical phase [1] - The drug targets tumor cells and improves the tumor microenvironment to exert anti-tumor effects [1] - Tiengogatinib is undergoing multiple clinical trials for cholangiocarcinoma, prostate cancer, and breast cancer in both the US and China [1] Regulatory Approvals - Tiengogatinib has received several designations, including Orphan Drug Designation (ODD) and Fast Track Designation from the US FDA for cholangiocarcinoma and prostate cancer [1] - The drug is also included in the breakthrough therapy list approved by China's NMPA and has received ODD from the European EMA for cholangiocarcinoma [1]

Core Insights - The stock price of Jiangsu Jietian Pharmaceutical Co., Ltd. (2617.HK) surged over 550% within six trading days, reaching a market capitalization of over HKD 100 billion, before experiencing a dramatic drop, losing nearly HKD 1.9 billion in market value in a single day [1][6] - The price increase was primarily driven by the company's core product, Tiengogatin, receiving clinical trial approval from the National Medical Products Administration for treating specific types of breast cancer [1][2] - The stock's rapid inclusion in multiple important indices led to significant passive fund inflows, which played a crucial role in the stock's price surge [2][3] Company Overview - Jiangsu Jietian Pharmaceutical is a clinical-stage biopharmaceutical company focused on developing innovative therapies for oncology, inflammation, and cardiovascular diseases [5] - The company has five clinical-stage candidates and several preclinical candidates, but has not yet achieved commercial profitability, reporting a revenue of only HKD 3.6 million in the first half of the year, a 65.1% decline year-on-year [4][5] - As of mid-2025, the company is projected to incur losses of HKD 343 million, HKD 275 million, and HKD 123 million for the years 2023, 2024, and the first half of 2025, respectively [5] Market Dynamics - The stock is characterized as a small-cap stock with a limited float of approximately 550,000 shares, making it susceptible to significant price fluctuations due to concentrated buying and selling [3][4] - Following its inclusion in the Hong Kong Stock Connect and various Hang Seng indices, the stock experienced a rapid price increase, with daily gains of 27.57%, 20.78%, and 77.09% recorded from September 10 to 12 [2][3] - The current market capitalization has fallen to HKD 59 billion, nearly an 80% decline from its peak, reflecting market skepticism towards unprofitable biotech firms [6]

Core Viewpoint - The rapid increase in stock price of Yaojie Ankang, which surged 52 times since its IPO, raises concerns about the sustainability of such valuations compared to the company's fundamentals [1][5][12] Company Overview - Yaojie Ankang, founded in 2014, focuses on developing small molecule innovative therapies for cancer, inflammation, and cardiovascular metabolic diseases [3] - The company has undergone significant leadership changes, with Wu Yongqian, an experienced figure in the pharmaceutical industry, becoming the CEO after acquiring a 40% stake in 2016 [3][4] Financial Performance - Despite raising approximately 1.723 billion yuan through nine rounds of financing, Yaojie Ankang reported a loss of 1.23 billion yuan in the first half of 2023, with no revenue expected in 2024 [4][5] - The company has consistently faced losses, with projected losses of 2.52 billion yuan, 3.43 billion yuan, and 2.75 billion yuan for 2022, 2023, and 2024 respectively [4] Stock Market Activity - Yaojie Ankang's stock price rose dramatically after its IPO on June 23, 2023, where it was initially priced at 13.15 HKD, reaching a peak of 679.5 HKD, resulting in a market capitalization close to 270 billion HKD [1][4] - The stock's volatility is attributed to speculative trading and limited available shares due to concentrated ownership among key stakeholders [14][15] Product Pipeline - The flagship product, Tinengotinib, is positioned as a "global first" with unique multi-targeting capabilities, showing promise in treating various cancers [7][8] - Tinengotinib has entered multiple clinical trials across different cancer types, with early data indicating significant efficacy, particularly in cholangiocarcinoma and prostate cancer [7][8][9] Market Dynamics - The optimistic market sentiment surrounding Yaojie Ankang is largely based on early clinical data for Tinengotinib, which is still far from commercialization [12][13] - The company faces challenges in establishing a commercial team and navigating market access, which could impact its ability to capitalize on its product pipeline [13][14] Investment Risks - The high valuation of Yaojie Ankang is seen as disconnected from its current financial performance and is based on optimistic assumptions about future clinical success and market conditions [14][15] - The reliance on external financing is critical, as the company has limited cash reserves to sustain operations amidst ongoing losses [14]