Market Overview - US stock market decline impacts Hong Kong and A-shares, with Hang Seng Index closing down 1.85% [1] - October non-farm payroll report expected to be released, but will lack unemployment rate data, leading to incomplete labor market assessments [1] - Disagreement within the Federal Reserve regarding interest rate cuts, with December rate cut expectations dropping below 50% [1] Technology Sector - Japanese storage giant Kioxia reports a 60% drop in adjusted net profit for Q2, causing a collective decline in US storage stocks and affecting A-shares [3] - Despite strong Q3 results from Tencent, the stock did not perform well due to lower-than-expected capital expenditure guidance for 2025 [3] - Alibaba's entry into the C-end market against ChatGPT did not boost its stock, which fell over 4% [3] Energy Sector - National Energy Administration releases guidelines to promote the integration of renewable energy, focusing on green hydrogen and ammonia [4] - Shandong Province plans to promote over 2,000 hydrogen vehicles and build 38 hydrogen refueling stations [4] - Heavy increase in revenue for Reformed Energy in fuel cell systems, with overseas revenue surging 360% [4] Hydrogen Energy Developments - Guofu Hydrogen Energy's Qilu liquid hydrogen project successfully achieves 10 tons/day production, marking a significant technological advancement [5] - CIMC Group strengthens its position in the energy storage container market, with recent share buybacks leading to a stock increase of over 14% [5] Pharmaceutical Sector - Gilead Sciences announces clinical development of ASC36 and ASC35, with a projected FDA submission in Q2 2026, leading to a stock increase of over 15% [6] - Kingsray Biotech reports strong growth in CARVYKTI, with significant market demand and treatment center coverage expansion [6] Weather Impact on Energy Demand - Upcoming cold wave expected to increase heating demand, benefiting natural gas operators like China Gas and New Hope Energy [7] TCL Electronics Performance - TCL Electronics reports a 20.4% revenue growth in H1 2025, with significant increases in overseas sales and market share in AI/AR glasses [8][9] - The company’s global strategy and product optimization contribute to a 5.3% increase in global TV shipments [9]

Core Viewpoint - The company, Gilead Sciences (歌礼制药), has seen a stock increase of over 4%, currently trading at 11.68 HKD, with a transaction volume of 8.54 million HKD. The company announced the clinical development of two new combination drugs, ASC36 and ASC35, aimed at obesity treatment, with plans to submit an IND application to the FDA by Q2 2026 [1]. Group 1 - Gilead Sciences has entered the clinical development phase for ASC36, a new generation amylin receptor agonist, and ASC35, a new generation GLP-1R/GIPR dual-target agonist combination formulation [1]. - The company anticipates submitting an IND application for ASC36 and ASC35 to the FDA for obesity treatment by the second quarter of 2026 [1]. - The CEO, Dr. Wu Jinzi, expressed optimism about the potential for ASC36 and ASC35 to achieve more significant weight loss effects in obese populations compared to monotherapy, based on encouraging preclinical data [1].

Core Viewpoint - The company, Gilead Sciences (01672), has seen its stock price increase by over 4%, currently trading at 11.68 HKD, with a trading volume of 8.54 million HKD. The rise is attributed to the announcement of the clinical development phase for two new combination drugs aimed at obesity treatment [1]. Group 1: Clinical Development - Gilead Sciences has announced that its next-generation amylin receptor agonist ASC36 and the next-generation GLP-1R/GIPR dual-target agonist ASC35 combination formulation have entered the clinical development stage [1]. - The company plans to submit an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for ASC36 and ASC35 for obesity treatment in the second quarter of 2026 [1]. Group 2: Market Potential - The CEO, Dr. Wu Jinzi, expressed optimism that ASC36 and ASC35 combination formulations could achieve more significant weight loss effects in obese populations compared to monotherapy, based on encouraging preclinical data [1]. - The increasing results demonstrate the company's platform technology's capability in designing, optimizing, and developing multiple long-acting peptide injections administered monthly [1].

Core Insights - The company, Gilead Sciences, has announced the initiation of clinical development for its next-generation amylin receptor agonist ASC36 and the dual-target GLP-1R/GIPR agonist ASC35, both designed for monthly administration [1][2] - Gilead plans to submit an Investigational New Drug (IND) application to the FDA for ASC36 and ASC35 in the second quarter of 2026 for obesity treatment [1] Group 1 - ASC36 and ASC35 are developed using Gilead's AI-assisted drug discovery and ultra-long-acting drug development platforms, enabling proprietary formulations for monthly subcutaneous administration [2] - The formulations demonstrate superior physicochemical stability, avoiding aggregation and precipitation issues commonly seen with other amylin receptor agonists at neutral pH [2] Group 2 - In head-to-head studies, ASC36 showed a 32% greater weight loss effect compared to eloralintide in diet-induced obesity (DIO) rats, while ASC35 demonstrated a 71% greater effect compared to tirzepatide in DIO mice [3] - The combination of ASC36 and ASC35 resulted in a 51% greater weight loss effect compared to the combination of eloralintide and tirzepatide in DIO rat studies [3] - The CEO of Gilead expressed optimism about the potential of ASC36 and ASC35 to achieve more significant weight loss effects in obese populations compared to monotherapy, highlighting the company's capabilities in developing long-acting peptide therapies [3]

Core Insights - The company, Gilead Sciences, has announced the clinical development of its next-generation amylin receptor agonist ASC36 and the GLP-1R/GIPR dual-target agonist ASC35, both designed for monthly administration [1][2] - Gilead plans to submit an Investigational New Drug (IND) application to the FDA for ASC36 and ASC35 by the second quarter of 2026 for obesity treatment [1] Group 1 - ASC36 and ASC35 are developed using Gilead's AI-assisted drug discovery and ultra-long-acting drug development platforms, enabling proprietary formulations for monthly subcutaneous administration [2] - The formulations demonstrate superior physicochemical stability, avoiding aggregation and precipitation issues that can weaken efficacy and increase immunogenicity risks [2] Group 2 - In head-to-head studies, ASC36 showed a 32% greater weight loss effect compared to eloralintide in diet-induced obesity (DIO) rats, while ASC35 demonstrated a 71% greater effect compared to teriparatide in DIO mice [3] - The combination of ASC36 and ASC35 resulted in a 51% greater weight loss effect compared to the combination of eloralintide and teriparatide in DIO rat studies [3] - The CEO of Gilead expressed optimism about the potential of ASC36 and ASC35 to achieve more significant weight loss effects in obese populations compared to monotherapy [3]

Core Viewpoint - The company, Gilead Sciences-B (01672.HK), has announced the initiation of clinical development for its next-generation amylin receptor agonist ASC36 and the dual-target agonist ASC35, both designed for monthly administration, targeting obesity treatment [1] Group 1: Clinical Development - ASC36 and ASC35 are expected to enter clinical trials, with the company planning to submit an Investigational New Drug (IND) application to the FDA in the second quarter of 2026 [1] - The company believes that ASC36 and ASC35 have the potential to achieve more significant weight loss effects in obese populations compared to monotherapy, based on promising preclinical data [1] Group 2: Company Insights - Dr. Wu Jinzi, the founder, chairman, and CEO of the company, highlighted the increasing evidence supporting the company's platform technology in designing, optimizing, and developing multiple long-acting peptide formulations for monthly subcutaneous injection [1]

Core Viewpoint - The company, Gilead Sciences-B (01672.HK), has announced the initiation of clinical development for its next-generation amylin receptor agonist ASC36 and the dual-target GLP-1R/GIPR agonist ASC35 combination formulation, both designed for monthly administration. The company plans to submit an Investigational New Drug (IND) application to the FDA for these treatments aimed at obesity in the second quarter of 2026 [1]. Group 1 - The ASC36 and ASC35 combination formulations are expected to provide more significant weight loss effects in obese populations compared to monotherapy [1]. - The founder and CEO of the company, Dr. Wu Jinzi, highlighted the encouraging preclinical data supporting the potential of these formulations [1]. - The company has demonstrated its capability in designing, optimizing, and developing multiple long-acting peptide injections for monthly subcutaneous administration [1].