Investment Rating - The report indicates a positive investment outlook for the pharmaceutical and biotechnology sector, with a focus on AI-enabled strategic upgrades in pharmaceutical manufacturing [2]. Core Insights - The pharmaceutical and biotechnology sector experienced a 5.6% increase from December 29, 2025, to January 9, 2026, outperforming the Wind All A index (4.76%) and the CSI 300 index (2.18%). Key segments leading this growth include hospitals (12.95%), medical research outsourcing (9.25%), and medical devices (7.96%) [2][7]. - The report highlights the rapid development of AI in healthcare, emphasizing the government's initiative to foster AI in drug development, supply chain management, surgical robotics, and intelligent diagnostic systems by 2027. This initiative aims to cultivate 2-3 leading ecological enterprises and a number of specialized companies [2][11]. - The upcoming JPM Healthcare Conference from January 12 to 15, 2026, is expected to boost the sentiment in the innovative drug sector, with over 500 listed companies and thousands of startups participating [2][11]. Market Weekly Review - The pharmaceutical and biotechnology sector rose by 5.6% during the last interval, with hospitals, medical research outsourcing, and medical devices leading the gains. Notably, the stock of Sanbo Brain Science surged by 63.53%, while *ST Changyao saw a decline of 44.9% [7][10]. - The report provides detailed performance metrics for various sub-sectors, with hospitals showing a 12.95% increase, medical research outsourcing at 9.25%, and medical devices at 7.96% [8][9]. Industry News and Key Company Announcements - On January 7, eight departments jointly issued the "AI + Manufacturing" action plan, marking AI drug development and medical supply chain intelligence as national priorities [11]. - Notable company announcements include: - Yilian Bio's exclusive licensing agreement with Roche for the YL201 project, which includes a $570 million upfront payment [11]. - Merck's discussions to acquire Revolution Medicines for $28 billion to $32 billion [11]. - Structure Therapeutics' agreement with Roche and Genentech for a non-exclusive patent license, resulting in a $100 million upfront payment [11][12]. - Eli Lilly's acquisition of Ventyx Biosciences for $1.2 billion [14].

Core Viewpoint - Health元's subsidiary, Zhuhai Lizhu Biotech Co., Ltd., has announced that its product, Lakanqita monoclonal injection, has been included in the priority review and approval process as of December 26, 2025, marking its entry into the priority review stage for drug marketing authorization [1] Group 1 - The drug is intended for adult patients with moderate to severe plaque psoriasis who are suitable for systemic therapy or phototherapy [1] - Lakanqita monoclonal injection is the first domestically developed and the second globally in progress IL-17A/F dual-target inhibitor [1] - The clinical trial, which was multi-center, randomized, double-blind, and positive-controlled, was completed in July 2025, showing that the drug is more effective than the comparator, Secukinumab, with good safety [1] Group 2 - Although the drug application has been accepted, it still requires evaluation and on-site inspection, leaving uncertainty regarding the final approval and market launch timing [1]

Market Overview - The Hong Kong stock market opened lower and continued to decline, with the Hang Seng Index down 1.22% at 26,136.49 points, the Hang Seng Tech Index down 1.13% at 5,673.84 points, and the National Enterprises Index down 1.14% at 9,034.76 points [1] - Major technology stocks experienced declines, including Alibaba down 1.51%, Tencent down 1.68%, JD.com down 1.58%, Xiaomi down 1.78%, NetEase down 0.99%, Meituan down 2.78%, and Kuaishou down 2.51% [1] - The military industry stocks rose, with Aerospace Holdings increasing by over 5%, while the semiconductor sector showed strength with Meijiayin Holdings rising by over 8% [1] - Financial stocks collectively dragged the market down, with Apple concept stocks, gambling stocks, automotive stocks, and home appliance stocks all declining [1] - Three new stocks were listed today, with Jingfeng Medical-B rising over 29%, Tianshu Zhixin rising over 11%, and Zhipu rising over 11% [1] Company News - Xinyi International (00732.HK) reported a cumulative net operating revenue of approximately HKD 16.534 billion for 2025, a year-on-year decrease of about 7.3% [2] - China Overseas Development (00688.HK) reported a cumulative contract property sales amount of approximately RMB 251.231 billion for 2025, down 19.1% year-on-year [2] - Greentown China (03900.HK) reported a total contract sales amount of approximately RMB 251.9 billion for 2025, a decrease of 9% year-on-year [2] - China Overseas Hongyang Group (00081.HK) achieved a contract sales amount of RMB 2.57 billion in December 2025, down 43.9% year-on-year [3] - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 433 million tons for the year ending December 31, 2025, an increase of 4.48% year-on-year [4] - China Carbon Neutrality (01372.HK) signed a tripartite strategic cooperation agreement with China Tower and China Recycled Resources to jointly create a lithium battery circular economy ecosystem [4] - Guofu Hydrogen Energy (02582.HK) entered into a pre-purchase order agreement for the hydrogen energy project in Tasmania, Australia, including electrolyzer hydrogen production equipment and hydrogen refueling station equipment [4] - Lijun Pharmaceutical (01513.HK) had its Lecanemab injection included in the priority review and approval process [5] - Kinko Services (09666.HK) received acceptance from independent shareholders for 218.6 million shares without interests [6] - CICC (03908.HK) plans to issue no more than HKD 3 billion in perpetual subordinated bonds [7] - Agricultural Bank of China (01288.HK) saw Ping An Life increase its stake in its H-shares [8] - Alibaba (09988.HK) announced an upgrade to its Gaode Map with a new "Street View" feature [8] - Agile Group (03383.HK) reported a total pre-sale amount of approximately RMB 8.57 billion as of December 31, 2025 [8] - CIMC Group (02039.HK) announced that the sale of a property project will reduce the group's net profit attributable to shareholders by approximately RMB 1.08 billion for 2025 [9] - Xiaomi Group-W (01810.HK) repurchased 3.9 million shares for HKD 149 million at prices between HKD 38.12 and HKD 38.20 [10] - Tencent Holdings (00700.HK) repurchased 1.023 million shares for HKD 636 million at prices between HKD 615.5 and HKD 628 [10] - Geely Automobile (00175.HK) repurchased 3.388 million shares for HKD 59.156 million at prices between HKD 17.38 and HKD 17.65 [11] - Youjia Innovation (02431.HK) saw its chairman Liu Guoqing increase his stake by a total of 50,000 H-shares [12] Institutional Insights - Guoxin Securities believes that the Hong Kong stock market's recovery has begun, driven by a weaker US dollar and improved domestic liquidity, suggesting a focus on AI and PPI [13] - Galaxy Securities anticipates continued active trading in the Hong Kong market due to multiple positive factors, predicting an overall upward trend [14] - Everbright Securities shares a similar view, noting that domestic policy support and a weaker dollar may lead to further upward movement in the Hong Kong market [14] - Dongwu Securities suggests that the Hong Kong market is entering a period of upward fluctuation, emphasizing the importance of dividends as a base and capitalizing on the technology growth trend in the first half of the year [14] - Industrial Securities recommends a proactive approach to investing, indicating that the Hong Kong market may start a spring offensive led by the Hang Seng Tech Index [14]

Market Overview - The Hong Kong stock market opened lower on January 8, with the Hang Seng Index down 0.59% at 26,302.78 points, the Hang Seng Tech Index down 0.44% at 5,713.53 points, the National Enterprises Index down 0.43% at 9,099.63 points, and the Red Chip Index down 0.14% at 4,109.34 points [1] - Major tech stocks mostly declined, with Alibaba down 1.58%, Tencent down 0.96%, JD.com down 0.79%, Xiaomi down 0.42%, Meituan down 0.77%, and Bilibili down 0.47% [1] - New stocks listed today included Zhihui, which rose over 3%, Tianshu Zhixin, which surged over 31%, and Jingfeng Medical-B, which increased over 36% [1] Company News - Xinyi International (00732.HK) reported a cumulative net operating revenue of approximately HKD 16.534 billion for 2025, a year-on-year decrease of about 7.3% [2] - China Overseas Development (00688.HK) announced a cumulative contract property sales amount of approximately RMB 251.231 billion for 2025, down 19.1% year-on-year [2] - Greentown China (03900.HK) reported a total contract sales amount of approximately RMB 251.9 billion for 2025, a decrease of 9% year-on-year [2] - China Overseas Hongyang Group (00081.HK) achieved a contract sales amount of RMB 2.57 billion for December 2025, down 43.9% year-on-year [3] - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 433 million tons for the year ending December 31, 2025, an increase of 4.48% year-on-year [4] - Lijun Pharmaceutical (01513.HK) announced that the injection of Laconchita monoclonal antibody has been included in the priority review and approval process [5] - Kinko Service (09666.HK) received acceptance from independent shareholders for 218.6 million shares without interests [6] - CICC (03908.HK) plans to issue no more than HKD 3 billion in perpetual subordinated bonds [7] - Agricultural Bank of China (01288.HK) saw Ping An Life increase its stake in its H-shares [8] - Aoyou Group (03383.HK) reported a total pre-sale amount of approximately RMB 8.57 billion as of December 31, 2025 [9] - CIMC Group (02039.HK) stated that the sale of property projects will reduce the group's net profit attributable to shareholders by approximately RMB 1.08 billion for 2025 [10] Stock Buybacks - Xiaomi Group-W (01810.HK) repurchased 3.9 million shares for HKD 149 million at prices between HKD 38.12 and HKD 38.2 [11] - Tencent Holdings (00700.HK) repurchased 1.023 million shares for HKD 636 million at prices between HKD 615.5 and HKD 628 [11] - Geely Automobile (00175.HK) repurchased 3.388 million shares for HKD 59.156 million at prices between HKD 17.38 and HKD 17.65 [12] Institutional Insights - Zheshang International noted that the fundamentals of the Hong Kong stock market remain weak, with a decline in the funding environment, while policy focus is on new productivity and expanding domestic demand [14] - Goldman Sachs maintains an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios amid low profit growth and valuation levels [14] - FSMOne indicated that the valuation recovery of the Hang Seng Index has largely been achieved, with future performance dependent on corporate profit recovery [15] - Huatai Securities highlighted three investment opportunities under new industrialization: high-end manufacturing going global, strengthening domestic supply chains, and forward-looking investments in emerging industries [15]

Group 1: Product Announcement - The product "Lai Kang Qi Ta" monoclonal antibody injection has been included in the priority review list by the National Medical Products Administration (NMPA) as of December 26, 2025, following its application on December 18, 2025 [1][2] - This drug is intended for adult patients with moderate to severe plaque psoriasis who are suitable for systemic therapy or phototherapy [1] Group 2: Clinical Trial Results - The drug is the first domestically developed and the second globally in progress IL-17A/F dual-target inhibitor, showing superior efficacy in clinical trials compared to the control group [3] - Key efficacy endpoints were met in a clinical trial, demonstrating faster onset and better short-term and long-term efficacy, with a comparable safety profile to the control group [3] Group 3: Financial Guarantees - The company has approved a maximum guarantee of RMB 14.15 billion for its subsidiaries to secure financing from banks [7] - A guarantee agreement was signed with Zhuhai China Resources Bank, providing a maximum guarantee of RMB 12 million for a specific loan [8] Group 4: Guarantee Overview - As of December 31, 2025, the total amount of guarantees provided by the company is RMB 1,325.83 million, with an external guarantee balance of RMB 162.15 million, representing 11.70% of the company's latest audited net assets [10]

Group 1 - Health元药业's subsidiary, Zhuhai Lizhu Monoclonal Antibody Biotechnology Co., Ltd., has received priority review status for its drug, Laikangqita Monoclonal Antibody Injection, which is intended for adult patients with moderate to severe plaque psoriasis [1][2] - The drug is the first domestically developed and the second globally IL-17A/F dual-target inhibitor, showing superior efficacy in clinical trials compared to the control group [3] - The drug's application for marketing authorization was accepted in December 2025, indicating progress towards potential market entry [4] Group 2 - The priority review was granted based on compliance with the relevant regulations and guidelines set by the National Medical Products Administration [2] - Clinical trials demonstrated that Laikangqita Injection achieved primary and secondary efficacy endpoints, with faster onset and better long-term efficacy compared to the control [3] - The safety profile of the drug was comparable to that of the control group, indicating a favorable risk-benefit ratio [3] Group 3 - Health元药业 has announced a change in the audit project partner for its 2025 financial report, appointing Tang Hanlin as the new project partner due to the previous partner's work adjustment [8][9] - The change in audit personnel is not expected to impact the financial reporting and internal control audit for 2025 [12] Group 4 - In December 2025, Health元药业 provided a guarantee of RMB 120 million for its subsidiary, Lizhu Pharmaceutical Group, to support its operational needs [15] - The company has a total guarantee balance of RMB 2,111.52 million as of December 31, 2025, with no overdue guarantees reported [19][20]

Core Viewpoint - Livzon Pharmaceutical Group Inc. has announced that its subsidiary, Zhuhai Livzon Monoclonal Antibody Biotechnology Co., Ltd., in collaboration with Beijing Xinkanghe Biopharmaceutical Technology Co., Ltd., has had its product, Lakanqita Monoclonal Antibody Injection, included in the priority review list by the National Medical Products Administration (NMPA) of China, marking a significant step towards expedited approval for market launch [1] Group 1 - The product Lakanqita Monoclonal Antibody Injection was officially included in the priority review list after the public notice period ended [1] - The inclusion in the priority review list indicates that the product will undergo expedited approval procedures for drug market licensing [1]

Core Viewpoint - Livzon Pharmaceutical Group Inc. has announced that its subsidiary, Zhuhai Livzon Monoclonal Antibody Biotechnology Co., Ltd., in collaboration with Beijing Xinkanghe Biological Pharmaceutical Technology Co., Ltd., has had its product, Lakanqita Monoclonal Antibody Injection, included in the priority review list by the National Medical Products Administration of China, marking a significant step towards expedited approval for market entry [1] Group 1 - The product Lakanqita Monoclonal Antibody Injection was officially included in the priority review list after the public announcement period ended [1] - The inclusion in the priority review list indicates that the product will undergo expedited approval procedures for drug market licensing [1]

Core Viewpoint - Livzon Pharmaceutical Group Inc. has successfully entered its product, Lakanqita Monoclonal Antibody Injection, into the priority review list by the National Medical Products Administration of China, indicating a significant step towards obtaining market approval for treating moderate to severe plaque psoriasis in adults [1]. Group 1: Product Development - The product, Lakanqita Monoclonal Antibody Injection, is developed in collaboration with Beijing Xinkanghe Biological Pharmaceutical Technology Co., Ltd. [1] - The application for the product was submitted on December 18, 2025, and it was publicly announced on December 26, 2025 [1]. Group 2: Regulatory Approval - The product has been included in the priority review list, which allows for expedited approval processes under specific regulatory guidelines [1]. - The inclusion in the priority review list is based on compliance with the Drug Registration Management Measures and other relevant announcements by the National Medical Products Administration [1].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 自願公告 萊康奇塔單抗注射液被納入優先審評審批程序 麗珠醫藥集團股份有限公司 Livzon Pharmaceutical Group Inc.*（「本公司」）控股子公司珠 海市麗珠單抗生物技術有限公司（「麗珠單抗」）與北京鑫康合生物醫藥科技有限公司聯合 開發的產品萊康奇塔單抗注射液（「本品」）於 2025 年 12 月 26 日被國家藥品監督管理局 藥品審評中心納入擬優先審評品種公示名單；現公示期滿後，根據國家藥品監督管理局藥品 審評中心網站信息公開顯示，本品已納入優先審評品種名單，正式進入藥品上市許可優先審 評審批程序。現將相關情況公告如下： 藥品基本情況 本品由麗珠單抗與北京鑫康合生物醫藥科技有限公司聯合開發。 風險提示 根據藥品註冊相關法律法規要求，新藥上市申請尚需經過審評、藥品臨床試驗現場檢查和審 批等環節，本品能否最終獲得上市批准及上市時間存在不確定性，未來產品的競爭形勢亦有 可能隨著市場環境 ...