Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The commercialization of Antibody-Drug Conjugates (ADC) is accelerating, with 20 ADC drugs approved globally, and 6 of them consistently generating over $1 billion in revenue for two consecutive years. The competition in the ADC market is entering a new phase, with approximately 60 ADC drugs currently in clinical phase 3 or awaiting market approval [6][30]. - Domestic innovative pharmaceutical companies are adopting various strategies for ADC capacity layout, with companies like Rongchang Biopharma transitioning from outsourcing to in-house production, while others like Kelong Biotechnology are building their own production bases [6][31]. - The recent revision of the "Regulations on the Implementation of the Drug Administration Law of the People's Republic of China" supports segmented contract manufacturing and commercial-scale drug sales, providing a foundation for ADC commercialization partnerships [6][32]. Market Performance - The pharmaceutical index rose by 0.14% this week, outperforming the CSI 300 index by 1.47 percentage points, ranking 15th in industry performance [10]. - Since the beginning of 2026, the pharmaceutical index has increased by 3.28%, again outperforming the CSI 300 index by 2.99 percentage points, ranking 23rd [10]. - The best-performing sub-sector this week was Traditional Chinese Medicine, which increased by 2.56%, while Chemical Pharmaceuticals and Biological Products saw declines of 0.62% and 1.82%, respectively [15][17]. Stock Performance - Among A-share pharmaceutical stocks, the top five performers this week were Guangshengtang (+29.83%), Haixiang Pharmaceutical (+18.64%), and Meidixi (+18.04%) [20]. - In the Hong Kong market, the top performers included Yiteng Jiahe (+14%) and Kedi-B (+9.96%), with 38 out of 116 pharmaceutical stocks rising, representing 32.76% [24][25]. Industry News and Policies - The inclusion of implantable brain-machine interfaces in the category of Class III medical devices marks a significant regulatory development, indicating a focus on innovative medical technologies [27]. - Novartis has submitted an application for the marketing of Ianalumab in China, a drug targeting various autoimmune diseases, which has shown promising results in clinical trials [27]. - Johnson & Johnson announced the approval of Daratumumab injection for a new combination therapy in China, providing a new treatment option for multiple myeloma patients [28].

Core Viewpoint - Johnson & Johnson (JNJ.US) announced the approval of its innovative treatment drug Daratumumab injection for expanded indications, providing a new treatment option for adult patients with newly diagnosed multiple myeloma suitable for autologous stem cell transplantation [1] Group 1: Approval and Treatment Options - The drug has been approved by the National Medical Products Administration for use in combination with Bortezomib, Lenalidomide, and Dexamethasone [1] - Patients will have the opportunity to receive a four-drug combination therapy based on Daratumumab injection at the newly diagnosed stage, significantly improving prognosis [1] Group 2: Clinical Study Results - The approval is based on the results of the Phase III PERSEUS study, which compared two treatment regimens for newly diagnosed multiple myeloma patients suitable for autologous stem cell transplantation [1] - The study evaluated a four-drug combination regimen (DVRd) using Daratumumab injection for induction and consolidation therapy, followed by maintenance therapy with Daratumumab and Lenalidomide [1] Group 3: Safety Profile - The overall safety profile of the DVRd regimen is consistent with the known safety characteristics of Daratumumab injection and the VRd regimen [1] - Common hematological adverse reactions (incidence ≥20%) include neutropenia, thrombocytopenia, and anemia, while non-hematological adverse reactions include peripheral neuropathy, fatigue, peripheral edema, fever, upper respiratory infections, COVID-19, constipation, diarrhea, back pain, insomnia, weakness, and rash [1]

Group 1 - Semiconductor company SMIC has implemented a price increase of approximately 10% on certain production capacities due to rising demand from mobile applications and AI, as well as increased raw material costs [4] - Agricultural Bank is expected to see a narrowing of net interest margin to around 4 basis points by 2026, marking the first annual decline in single digits since 2022, which may lead to improved revenue and net profit growth for listed banks [4] - Pharmaceutical company Stone Pharmaceutical has received approval from the National Medical Products Administration of China to conduct clinical trials for its drug Daratumumab injection [4] Group 2 - Tencent Holdings will hold a board meeting on March 18, 2026, to approve the annual performance for the year ending December 31, 2025, and consider the distribution of a final dividend, if any [5] Group 3 - Recent trading data shows net buying of SMIC at 490 million, Agricultural Bank at 174 million, and Stone Pharmaceutical at 100 million, while net selling of China Mobile reached 710 million, Tencent Holdings at 611 million, and Alibaba-W at 288 million [1][3]

Core Viewpoint - The announcement indicates that the company’s subsidiary, Shiyao Group Jushi Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of Daratumumab injection, a biosimilar to the original drug, targeting multiple myeloma patients [1] Group 1 - The clinical trial approval notification for Daratumumab injection was recently issued [1] - Daratumumab injection is a recombinant fully human IgG1 monoclonal antibody targeting ADP-ribosyl cyclase (CD38) [1] - The drug is classified as a biosimilar to the original drug, Zhaoke®, and is submitted under category 3.3 for therapeutic biological products [1] Group 2 - The drug is intended for the treatment of adult patients with multiple myeloma [1]

Core Viewpoint - The announcement indicates that the drug Daratumumab injection developed by the company has received approval from the National Medical Products Administration of the People's Republic of China to conduct clinical trials in China [1] Group 1: Product Information - The product is a recombinant fully human IgG1 monoclonal antibody targeting ADP-ribosyl cyclase (CD38) and is a biosimilar to the original drug Darzalex [1] - It is classified under Category 3.3 for therapeutic biological products and is intended for the treatment of adult patients with multiple myeloma [1] Group 2: Research and Development - The development of the product follows the relevant research guidelines for biosimilars, and the pharmaceutical and non-clinical research results indicate that the product is highly similar to the reference drug in terms of quality, safety, and efficacy [1] - These findings support the initiation of subsequent clinical research [1]

Group 1 - Shareholder of Okoyi plans to reduce holdings by up to 1.89% of the company's shares, amounting to a maximum of 3 million shares due to personal funding needs [1] - Tianchuang Fashion is planning a change in control, leading to continued suspension of its stock trading, expected to last no more than 3 trading days [2] - China Electric Power Construction Company reported a new contract amount of 10,317.55 billion yuan for the first 11 months of 2025, a year-on-year decrease of 1.65% [3] Group 2 - Pilin Bio's wholly-owned subsidiary received approval for a clinical trial of a drug, indicating progress in its product development [4] - Yihong Medical obtained two medical device registration certificates for diagnostic kits, enhancing its product portfolio [5] - Aohong Electronics plans to use up to 450 million yuan of idle fundraising for cash management, targeting safe and liquid financial products [6] Group 3 - China Electric Power Construction signed a contract worth approximately 6.626 billion yuan for a natural gas booster station project in Turkey, with a construction period of about 55 months [7] - Baosheng Co. won a bid for a power cable project in Singapore, valued at around 1.2 billion yuan, marking the largest overseas order in its history [8] - *ST Xinyan's stock will resume trading on December 24, 2025, following a capital increase plan that will raise its total share capital to 3.29 billion shares [9] Group 4 - Ningbo Construction's subsidiary signed a construction contract worth 428 million yuan for an engineering project with a duration of 990 days [11] - Lianhuan Pharmaceutical's subsidiary received approval for a drug that passed the consistency evaluation for generic drugs, enhancing its market competitiveness [12] - Zhongjie Automotive received a project designation for a new electric air conditioning compressor, with expected sales of approximately 29.86 million USD over its lifecycle [13] Group 5 - Biopharmaceuticals' major shareholder plans to increase holdings by 50 million to 100 million yuan, indicating confidence in the company's future [14] - Haizheng Pharmaceutical's subsidiary received approval for a veterinary drug product, expanding its product offerings in the animal health sector [15] - *ST Songfa's subsidiary signed contracts for the construction of 8 vessels, with a total contract value between 200 million to 400 million USD [16] Group 6 - Shandong Pharmaceutical Glass announced the resignation of its chairman due to age reasons, indicating a potential leadership transition [17] - Xinno Wei's subsidiary received approval for a clinical trial of a monoclonal antibody drug, indicating advancements in its drug development pipeline [18] - Ningbo Huaxiang's subsidiary secured an order for robot joints, expected to positively impact future business performance [19][20] Group 7 - China Resources Double Crane's subsidiary received approval for a clinical trial of a drug aimed at treating a genetic eye disease, reflecting ongoing R&D efforts [21] - Huaxin Technology's shareholders set a transfer price of 56.69 yuan per share for a block of shares, indicating active shareholder engagement [22] - Xinhua Net announced the resignation of its president due to job relocation, suggesting potential changes in management [23] Group 8 - Taiji Group plans to transfer a 40% stake in a subsidiary to focus on its core pharmaceutical business, enhancing operational efficiency [24] - Huaxin Construction's shareholder plans to increase holdings by 200 million to 400 million yuan, reflecting confidence in the company's prospects [25] - Dongjie Intelligent is planning to issue shares and cash for asset acquisition, with stock trading suspended until further notice [26] Group 9 - Wanrun New Energy was designated as a delivery warehouse for lithium carbonate futures, indicating its strategic position in the market [27] - Prolo Pharmaceutical's subsidiary received a drug registration certificate for an influenza treatment, expanding its product range [28] - Saiwu Technology invested 5 million yuan in a private equity fund focused on smart vehicles and energy innovation, indicating strategic investment in growth sectors [29] Group 10 - Bohui Innovation's subsidiary received approval for a clinical trial of an immunoglobulin drug, indicating progress in its product development [30] - Bohui Innovation's subsidiary also received a drug registration certificate for a coagulation factor product, enhancing its therapeutic offerings [31] - Hanghua Co. plans to allocate 146 million yuan of surplus fundraising for a new green printing materials project, reflecting a commitment to sustainability [32] Group 11 - Nova Star Cloud obtained a loan commitment letter from a bank for a share repurchase plan, indicating financial support for its capital management strategy [33] - Jimin Health established a joint venture for technology innovation, indicating a strategic move to enhance its technological capabilities [34] - Huili Pharmaceutical received a drug registration certificate for a medication used in treating digestive ulcers, expanding its product portfolio [35]

Core Viewpoint - The approval of Daratumumab injection by the National Medical Products Administration of China marks a significant advancement for the company in the field of targeted therapies for multiple myeloma [1] Group 1: Product Development - The product is a recombinant fully human IgG1 monoclonal antibody targeting ADP-ribosyl cyclase (CD38) [1] - It is a biosimilar to the original drug, Darzalex, and has been filed under Class 3.3 for therapeutic biological products [1] - The development of the product adheres to the relevant guidelines for biosimilar research, demonstrating high similarity in quality, safety, and efficacy compared to the reference drug [1] Group 2: Clinical Trials - The approval allows the company to initiate clinical trials in China for the treatment of adult patients with multiple myeloma [1] - The results from pharmaceutical and non-clinical studies support the continuation of subsequent clinical research [1]

Core Viewpoint - The company, Stone Pharmaceutical Group, has received approval from the National Medical Products Administration of the People's Republic of China to conduct clinical trials for its drug, Daratumumab injection [1] Group 1: Product Development - The product is a recombinant fully human IgG1 monoclonal antibody targeting ADP-ribosyl cyclase (CD38) [1] - It is a biosimilar to the original drug, Darzalex, and is classified under Category 3.3 for therapeutic biological products [1] - The drug is intended for the treatment of adult patients with multiple myeloma [1] Group 2: Research and Compliance - The development of the product adheres to the relevant research guidelines for biosimilars [1] - Pharmaceutical and non-clinical research results indicate that the product is highly similar to the reference drug in terms of quality, safety, and efficacy, supporting further clinical research [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之內容概不負責，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之任何損失承擔任何責任。 CSPC PHARMACEUTICAL GROUP LIMITED 石 藥 集 團 有 限 公 司 自願公告 達雷妥尤單抗注射液 在中國獲臨床試驗批准 石 藥 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱「 本 集 團 」）董 事 會（「 董 事 會 」）欣 然 宣 布，本集團開發的達雷妥尤單抗注射液（「該產品」）已獲中華人民共和國國家藥品監督管理 局批准，可在中國開展臨床試驗。 該 產 品 是 一 種 靶 向 ADP - 核 糖 基 環 化 酶 (CD38) 的 重 組 全 人 源 Ig G1 單 克 隆 抗 體 ， 為 原 研 藥 兆 珂®的生物類似藥，按照治療用生物製品3.3類申報，適用於治療多發性骨髓瘤成年患者。 該產品研發遵循生物類似藥相關研究指導原則，藥學及非臨床研究結果顯示，該產品與原 研參照藥在質量、安全性和有效性方面高度相似，支持開展後續臨床研究。 ...

Core Viewpoint - The company XinNuoWei (300765.SZ) announced that its subsidiary, Giant Stone Biopharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the clinical trial of Daratumumab injection, a biosimilar to the original drug, targeting multiple myeloma patients [1] Group 1 - The clinical trial approval notification for Daratumumab injection has been issued, allowing the company to commence clinical trials shortly [1] - Daratumumab injection is a recombinant fully human IgG1 monoclonal antibody that targets ADP-ribosyl cyclase (CD38) [1] - The drug is classified as a Class 3.3 biological product for therapeutic use and is intended for adult patients with multiple myeloma [1]