Core Viewpoint - Sanofi Pharmaceutical (01530) has seen its stock price increase by over 160% in the past two months, with a current price of 32.8 HKD and a trading volume of 404 million HKD [1] Group 1: Market Potential - The global licensing agreement between Sanofi Pharmaceutical and Pfizer for the PD-1*VEGF dual antibody SSGJ-707 became effective in July 2025, with a potential market size of 200 billion USD [1] - The PD(L)1 monoclonal antibody market is expected to reach 100 billion USD by 2029, indicating significant growth potential in oncology treatments [1] Group 2: Sales Forecast - The peak sales for SSGJ-707 in China is projected to reach between 6.3 billion to 8.4 billion CNY, while global peak sales are estimated to be between 11.3 billion to 13.4 billion USD [2] - Pfizer's oncology business focuses on breast cancer, hematological malignancies, thymic tumors, and bladder cancer, with plans to combine SSGJ-707 with existing drugs to target over 500,000 first-line patients in Europe and the US [2]

Core Viewpoint - Sangfor Pharmaceuticals (01530) has seen a significant stock increase of over 160% in the past two months, with a current price of 32.8 HKD and a trading volume of 404 million HKD [1] Group 1: Market Potential - The global licensing agreement between Sangfor Pharmaceuticals and Pfizer for the PD-1*VEGF dual antibody SSGJ-707 is set to take effect in July 2025, with a potential market size of 200 billion USD [1] - The PD(L)1 monoclonal antibody market is expected to reach 100 billion USD by 2029, indicating substantial growth in cancer treatment standards [1] Group 2: Sales Forecast - The peak sales potential for SSGJ-707 in China is estimated to reach between 6.3 billion to 8.4 billion CNY, while the global peak sales potential is projected to be between 11.3 billion to 13.4 billion USD [2] - Pfizer's oncology business focuses on breast cancer, hematological malignancies, thymic tumors, and bladder cancer, with plans to combine SSGJ-707 with existing drugs to cover over 500,000 frontline patients in Europe and the US [2]

Group 1 - The stock of Sanofi Pharmaceutical (01530) has increased over 3%, with a cumulative rise of more than 160% over the past two months, currently trading at 32.8 HKD with a transaction volume of 404 million HKD [1] - Haitong International's report indicates that the global licensing agreement with Pfizer for the PD-1*VEGF dual antibody SSGJ-707 became effective in July 2025, with a potential market coverage of 200 billion USD [1] - The PD(L)1 monoclonal antibody has become the standard treatment for global oncology indications over the past decade, with the overall market expected to reach 100 billion USD by 2029 [1] Group 2 - The peak sales for SSGJ-707 in China is projected to reach 6.3 to 8.4 billion CNY, while the global peak sales are expected to be between 11.3 to 13.4 billion USD [2] - Pfizer's oncology business focuses on breast cancer, hematological malignancies, thymic tumors, and bladder cancer, with an emphasis on small molecules, dual antibodies, and ADC drugs [2] - Pfizer is expected to leverage SSGJ-707 in combination with its existing drugs to cover over 500,000 frontline patients in Europe and the US, and to expedite the development of potential indications not yet in Phase III clinical trials [2]

Core Viewpoint - The report analyzes the potential opportunities for SSGJ-707 in the global market and discusses the likelihood of Pfizer's future investment in SSGJ-707 based on its fundamentals and the significant potential of the PD(L)1*VEGF pathway [1][2]. Group 1: Financial Projections - The company has raised its target price to 46.71 yuan, maintaining a buy rating, with projected revenues of 191.78 billion, 118.95 billion, and 140.51 billion yuan for 2025-2027, respectively [1]. - The forecasted net profit attributable to the parent company is 102.14 billion, 28.08 billion, and 35.08 billion yuan for the same period, with EPS estimates of 4.26, 1.17, and 1.46 yuan [1]. Group 2: Market Potential - The PD(L)1*VEGF dual antibody is expected to cover a market worth 200 billion USD, with the PD(L)1 monoclonal antibody market projected to reach 100 billion USD by 2029 [2]. - SSGJ-707 is currently in the second position globally and has shown superior tumor suppression effects compared to competitors in preclinical studies [2]. Group 3: Sales Forecast - The peak sales potential for SSGJ-707 in China is estimated to reach 6.3-8.4 billion yuan, while the global peak sales potential is projected to be 11.1-13.4 billion USD [3]. - Pfizer acquired overseas rights for SSGJ-707 at a record amount and has the option for commercialization in China, aiming to combine SSGJ-707 with its existing drugs to cover over 500,000 first-line patients in Europe and the U.S. [3]. Group 4: Future Drug Development - The company plans to launch 13 new drug assets between 2025 and 2027, enhancing its portfolio in hematology, immunology, nephrology, and dermatology, which could generate significant revenue [3]. - The company is also exploring three additional dual antibodies (705, 706, 708) in the dose exploration phase, indicating further potential for growth [3].

Group 1: Market Strategy - The key driver for the rise of the Chinese stock market in 2025 is the decline in the risk-free interest rate, which shifts investor focus from economic cycle fluctuations to discount rate changes [1][4][5] - Investors should adjust their understanding of the main contradictions in the market, recognizing that the decline in risk-free rates will lead to an increase in capital inflow into the stock market [1][4] Group 2: Real Estate Sector - China Merchants Shekou (招商蛇口) is positioned to benefit from the lowest financing costs in the industry, prudent financial strategies, and scarce land resources in Qianhai, leading to improved cash flow and risk management [4][6] - The company is focusing on high-energy cities and expanding its diversified REITs platform, which will drive performance recovery [4][8] Group 3: Nuclear Power Equipment Industry - The establishment of China Fusion Energy Co., Ltd. marks a significant development in the nuclear fusion industry, indicating a trend towards commercialization and a clearer path for industrialization [10][12][13] - The company has received substantial investment, totaling approximately 11.49 billion yuan, which will enhance its capabilities in engineering, technology validation, and digital R&D [12][13] Group 4: Investment Banking and Fund Management - The public fund market saw a significant increase in new fund issuance in June 2025, with a total of 1,221.24 billion units, reflecting a 85.71% increase [29][30] - The market is witnessing a shift towards mixed products and floating rate products, driven by an increase in investor risk appetite and demand for alpha-generating products [30][31]