晨会纪要（2025/11/03） 编辑人 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 崔健 渤海证券研究所晨会纪要（2025.11.03） 券 研 Q3 归母净利润同环比双增，新建厂区预计提前启用——雅葆轩（920357）2025 年三季报点评 宏观及策略研究 外部因素短期扰动下，制造业景气度有所回落——2025 年 10 月 PMI 数据点 评 外部环境缓和，内部政策维稳——2025 年 11 月宏观经济月报 固定收益研究 央行将恢复国债买卖，曲线陡峭化下行——利率债周报 基金研究 权益仓位整体上升，增配电子、通信；减配银行、食品饮料——公募权益类 基金 2025 年三季报持仓分析 公司研究 究 行业研究 报 三季报顺利收官，第十一批集采开标——医药生物行业周报 证 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 9 晨会纪要（2025/11/03） 宏观及策略研究 外部因素短期扰动下，制造业景气度有所回落——2025 年 10 月 PMI 数据点评 宋亦威（证券分析师，SAC NO：S1150 ...

Core Viewpoint - The company announced the results of its Phase III clinical trial for QX002N, a monoclonal antibody for ankylosing spondylitis, which showed significant efficacy compared to the placebo group [1] Group 1: Clinical Trial Details - The Phase III clinical study was led by Professor Zeng Xiaofeng from Peking Union Medical College Hospital and involved 641 patients across 58 centers in China [1] - The study design was multi-center, randomized, double-blind, and placebo-controlled, with a treatment period of 48 weeks and a safety follow-up of 4 weeks [1] - Patients were randomly assigned in a 1:1 ratio to receive either 160mg of QX002N or a placebo, administered subcutaneously every four weeks [1] Group 2: Efficacy Results - At week 16, the ASAS40 response rate for the QX002N group was 40.4%, significantly higher than the 18.9% in the placebo group (P<0.0001) [1] - The ASAS20 response rate for the QX002N group was 65.2%, also significantly higher than the placebo group (P<0.0001) [1] - These results indicate that QX002N effectively alleviates symptoms and signs of ankylosing spondylitis across multiple dimensions, including pain and spinal function [1]