Market Trends - The convertible bond market is expected to maintain a high level due to supply-demand imbalance, with a recommendation for index component adjustment and deep individual bond exploration [4][7] - Since mid-August 2025, the median market price of convertible bonds has fluctuated between 129-135 yuan, with 130 yuan being a potential upper limit due to most public convertible bonds having strong redemption clauses at 130% [7] - The overall valuation of the convertible bond market is considered high, with a significant decrease in turnover rate from 15% in late August to around 9% in October [7] 2026 Market Outlook - By the end of 2026, the number of outstanding convertible bonds is projected to decrease to around 300, with a bond balance of 480 billion yuan, and further to 250 bonds and 350 billion yuan by the end of 2027 [7] - The market is expected to focus on high-priced bonds, newly listed bonds, and bonds with less than one year remaining until maturity [7] Investment Strategies for 2026 - The convertible bond ETF currently has an AUM exceeding 52 billion yuan, with significant influence on the market [7] - A strategy involving index component adjustment arbitrage is recommended, with a historical cumulative return of 52.06% from buying new bonds on the day after listing and selling on the first day of the following month [7] - Key individual bonds to focus on include 运机, 微导, 应流, 渝水, 百润, among others [7] Industry Commentary - INHBE siRNA is identified as a promising therapy for fat reduction without muscle loss, showing potential for long-term dosing with only 1-2 injections per year [8][9] - The clinical trial results for WVE-007 indicate a 9.2% reduction in visceral fat and a 0.9% increase in lean body mass after 12 weeks [8] - ARO-INHBE combined with GLP-1 showed a 23.2% reduction in visceral fat and a 9.4% weight loss in diabetic obese patients, demonstrating superior results compared to GLP-1 alone [8][9]

Core Viewpoint - Jingyin Pharmaceutical has officially filed for an IPO in Hong Kong, with its prospectus now publicly available, marking a significant step in its growth strategy [1]. Company Overview - Jingyin Pharmaceutical was established in 2021 and focuses on leveraging the clinical and commercial potential of siRNA therapies. The company has developed a diverse product pipeline with three main candidates: FXI siRNA, Lp(a) siRNA, and INHBE siRNA, targeting coagulation disorders, cardiovascular metabolic diseases, and obesity, respectively. The market potential for these therapies is substantial [4]. Product Pipeline - The FXI siRNA is currently in Phase II clinical trials in Europe and has a collaboration agreement with CRISPR Therapeutics for joint development, sharing global rights on a 50:50 basis. This partnership includes a cash infusion of $25 million and $70 million in equity, along with potential milestone payments totaling $800 million [4][6]. - The Lp(a) siRNA is in Phase I clinical trials, showing over 95% suppression after 43 days at doses of 300mg and 600mg, with a sustained effect lasting at least 12 weeks. There is potential for a dosing regimen of once every six months or even annually [9]. - The INHBE siRNA is also part of the pipeline, with ongoing development efforts [4]. Financial Background - Since its inception, Jingyin Pharmaceutical has completed three rounds of financing, with the latest being a $47.5 million Series B2 round in May 2025, resulting in a post-money valuation of $252.5 million [6][7]. Technology Platform - The company utilizes a proprietary PEPR technology platform that employs unique chemical modification techniques, enhancing the efficacy and durability of target protein knockdown. This platform positions Jingyin Pharmaceutical favorably within the siRNA landscape [11][14]. Market Position - The emergence of small nucleic acids as a significant drug modality, alongside antibodies and small molecules, is expanding treatment options for various diseases, including genetic disorders and cardiovascular diseases. Jingyin Pharmaceutical's established siRNA technology platform and differentiated product pipeline may position it as a new benchmark in the international market for small nucleic acids [14].