Core Viewpoint - AstraZeneca's AZD6234 and AZD9550 injections have been approved for clinical trials in China, aimed at long-term weight management for overweight or obese adults with at least one obesity-related comorbidity [2][4]. Group 1: Clinical Trial Details - AZD6234 is a long-acting insulin analog currently undergoing Phase II monotherapy studies for obesity in China and the US, while also being tested in combination with AZD9550 in various countries [4]. - AZD9550 is a dual receptor agonist targeting GLP-1R and GCGR, with indications covering metabolic dysfunction-related fatty liver disease, type 2 diabetes, and obesity, and is also in clinical research [4]. - The ASCEND study is a global, multi-center, randomized, double-blind, placebo-controlled Phase IIb clinical trial, evaluating the efficacy, safety, and tolerability of the combination therapy or monotherapy in overweight/obese adults with obesity-related complications, aiming to enroll 360 participants [4]. Group 2: Product Pipeline - AstraZeneca has three innovative products in its obesity treatment pipeline: AZD5004, AZD6234, and AZD9550, with AZD5004 currently in Phase II monotherapy clinical trials for diabetes and obesity [4].

Group 1 - The Hang Seng Index fell by 0.79% as of June 26, with the Hong Kong pharmaceutical sector experiencing a pullback, and the CSI Hong Kong Innovation Drug Index (987018.SZ) dropping over 3% at one point [1] - Among the index constituents, Dongyangguang Changjiang Pharmaceutical rose over 2%, while Kangzhe Pharmaceutical, Lepu Biopharma-B, and Fosun Pharma declined by 0.17%, 1.04%, and 1.23% respectively [1] - The Hong Kong Innovation Drug ETF (159567) also saw a decline of over 2%, with a trading volume exceeding 700 million yuan and a significant premium rate of 0.7% [1] Group 2 - AstraZeneca's new weight management drug AZD6234 has been approved for clinical trials in China, targeting overweight or obese adults with at least one obesity-related comorbidity [2] - AZD6234 is a peptide drug designed for weekly subcutaneous injection, currently undergoing Phase 2b clinical trials internationally [2] - Tianfeng Securities indicates that Chinese innovative drugs are expected to continue achieving domestic innovation due to policy support and enhanced product capabilities, despite foreign companies holding a significant portion of the market [2]

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a slight increase of +0.41% on June 25, 2025, underperforming the CSI 300 index by 1.03 percentage points, ranking 23rd among 31 sub-industries in the Shenwan classification [4]. - Among sub-industries, medical consumables (+1.34%), medical devices (+1.24%), and hospitals (+1.23%) performed well, while offline pharmacies (-0.10%), blood products (+0.10%), and in vitro diagnostics (+0.12%) lagged behind [4]. - AstraZeneca's two new drugs, AZD6234 and AZD9550, received clinical trial approval in China for long-term weight management in overweight or obese adults with at least one obesity-related comorbidity [5]. Summary by Sections Market Performance - On June 25, 2025, the pharmaceutical sector's performance was +0.41%, underperforming the CSI 300 index by 1.03 percentage points [4]. - The top three gainers were Huachang Technology (+13.48%), Shuyuan Pingmin (+6.80%), and Huitai Medical (+6.07%), while the top three losers were Yiming Pharmaceutical (-8.56%), Yong'an Pharmaceutical (-7.87%), and Beilu Pharmaceutical (-7.35%) [4]. Industry News - AstraZeneca's AZD6234 is a long-acting insulin receptor agonist approved for clinical trials in China, while AZD9550 is a synthetic GLP-1/glucagon dual receptor agonist, marking its first clinical approval in China [5]. - Yifan Pharmaceutical announced the approval for clinical trials of its biosimilar insulin injection [6]. - Shenzhou Cell and Hanyu Pharmaceutical also received approvals for their respective clinical trials and drug listings [6].