Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights significant clinical advancements in the dual-antibody sector, particularly focusing on the TSLP/IL-13 dual antibody Lunsekimig by Sanofi, which has entered Phase III clinical trials for COPD, with the first patient dosed on September 24 [4][5] - The report emphasizes the potential of dual antibodies in autoimmune diseases, particularly in respiratory conditions like asthma and COPD, indicating a substantial market opportunity [7] Summary by Relevant Sections Industry Basic Situation - The closing index level is 8665.0, with a 52-week high of 9323.49 and a low of 6764.34 [1] Clinical Progress Updates - Sanofi's Lunsekimig is in Phase II/III trials for COPD, aiming to enroll 1884 patients to evaluate its efficacy and safety compared to a placebo [4] - The CM512 dual antibody by Connoa shows promising results in atopic dermatitis, with EASI-75 and EASI-90 response rates of 58.3% and 41.7% respectively, compared to 21.4% and 0% in the placebo group [5] Market Activity and Collaborations - The report notes ongoing collaborations, such as the agreement between Qianxin Biotech and Roche for QX031N, which targets both TSLP and IL-33, with an upfront payment of $75 million and potential milestone payments up to $995 million [6] - The report also mentions the presentation of the CS2015 dual-specific antibody by Basestone Pharmaceuticals at the ACAAI conference, showcasing its therapeutic potential [6] Investment Recommendations - The report suggests focusing on companies like Connoa, Innovent Biologics, Qianxin Biotech, and Basestone Pharmaceuticals, as dual antibodies are expected to reshape treatment paradigms in autoimmune diseases [7][9]

Core Insights - The report from China Post Securities highlights the potential of dual antibodies in the field of autoimmune diseases, particularly in respiratory conditions like asthma and COPD, indicating significant room for improvement in existing therapies. The market potential for TSLP class dual antibodies is viewed positively [1]. Group 1: Clinical Progress of Dual Antibodies - Sanofi's lunsekimig (TSLP/IL-13 dual antibody) has entered Phase III clinical trials, with the first patient dosed on September 24. The trials aim to enroll 1,884 patients to evaluate the efficacy and safety of lunsekimig compared to placebo in adults with eosinophilic phenotype COPD [1]. - The primary endpoint of the studies is the annualized rate of moderate to severe COPD exacerbations from baseline to week 48. The company confirmed the completion of the first patient dosing during the Q3 earnings call on October 24 [1]. Group 2: Efficacy Data and Advantages - The first-phase data for Connoa's CM512 (TSLP x IL-13 dual antibody) in atopic dermatitis (AD) showed promising results, with EASI-75 and EASI-90 response rates of 58.3% and 41.7% respectively at the 300mg dose after 12 weeks, compared to 21.4% and 0% in the placebo group. This indicates a strong potential for deep relief and sustained stability [2]. - CM512's long half-life advantage suggests that it can effectively reduce dosing frequency in clinical use, thereby improving patient compliance [2]. Group 3: Ongoing Transactions and Research Activity - On October 28, Qianxin Biotech entered a global exclusive collaboration and licensing agreement with Roche for QX031N, a long-acting dual antibody targeting TSLP and IL-33, with an upfront payment of $75 million and potential milestone payments up to $995 million. This product is expected to be developed as a new treatment option for COPD and asthma [3]. - BGI Pharma showcased the OX40L/TSLP bispecific antibody CS2015 at the 2025 ACAAI, which demonstrated therapeutic potential in preclinical trials [3].

Group 1: Market Overview - The Hang Seng Index closed at 23892.32, down 1.06%, while the Hang Seng Tech Index fell by 1.76% to 5231.99 [3][4] - The trading volume for the day was 2338.78 million [4] Group 2: Economic Data - In June, China's Consumer Price Index (CPI) rose by 0.1% year-on-year, ending four consecutive months of deflation [7][8] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with the decline widening by 0.3 percentage points compared to the previous month [7][8] Group 3: Company News - New World Development is reportedly seeking to sell its real estate assets in mainland China, including landmark buildings in cities like Hangzhou, Shenzhen, and Shanghai, following a refinancing agreement [12] - China General Nuclear Power Corporation's renewable energy output in June decreased by 1.3% year-on-year, with a total output of 1403.5 GWh [11] - Cornerstone Pharmaceuticals announced a placement of 100 million new shares at a price of 4.72 HKD per share, raising 4.72 million HKD, with 90% of the proceeds allocated for further development of specific assets [13] Group 4: Sector Insights - Morgan Stanley indicated that Hong Kong real estate stocks have outperformed the Hang Seng Index by 8% since mid-June, suggesting potential profit-taking in the short term [9] - The report highlights that the issuance of convertible bonds by major developers could lead to a decrease in average financing costs, with Henderson Land's recent issuance being a key example [9]

Core Insights - Company disclosed two proprietary bispecific antibody drug candidates targeting autoimmune/inflammatory diseases: CS2013 and CS2015, both showing potential as best-in-class or first-in-class therapies [1][2] - CS2013 targets BAFF and APRIL to block B cell and plasma cell development, with preclinical data indicating a synergistic effect and superior pharmacokinetic properties compared to fusion protein drugs [1] - CS2015 targets OX40L and TSLP, providing a new treatment strategy for type 2 inflammatory diseases such as atopic dermatitis and asthma, also showing long half-life and potential for subcutaneous administration [2] Company Strategy - The CEO emphasized the significant unmet needs in the autoimmune/inflammatory disease market, which is becoming the second-largest disease market after oncology, due to the variety of diseases and large patient base requiring lifelong treatment [2] - The development of CS2013 and CS2015 reflects the company's strategic expansion beyond oncology and its commitment to innovation aimed at improving global patient health [2] - The company plans to initiate IND preparation for new drug clinical trials in the second half of 2025 [1]