荃信生物-B(02509)涨超5%，截至发稿，涨5%，报18.9港元，成交额1305.09万港元。 中邮证券指出，公司是国内自免创新药的佼佼者，在自免创新药领域具备良好的积淀。公司的成熟管线 逐步迈入兑现期提升造血能力，创新性管线出海授权陆续达成，为公司稳健经营提供进一步的保证。华 创证券表示，看好公司持续巩固在自免领域的领先地位。 消息面上，12月22日，荃信生物宣布与Windward附属公司就TSLPxIL-13双抗药物达成总金额最高7.0亿 美元的授权。值得一提的是，这是荃信生物今年达成的第3笔出海交易。此前公司将QX030N全球权益 授予了Caldera，将QX031N授权罗氏。 ...

（原标题：港股异动 | 荃信生物-B(02509)涨超5% 三款长效双抗顺利出海 机构看好公司在自免领域领先 地位） 消息面上，12月22日，荃信生物宣布与Windward附属公司就TSLPxIL-13双抗药物达成总金额最高7.0亿 美元的授权。值得一提的是，这是荃信生物今年达成的第3笔出海交易。此前公司将QX030N全球权益 授予了Caldera，将QX031N授权罗氏。 中邮证券指出，公司是国内自免创新药的佼佼者，在自免创新药领域具备良好的积淀。公司的成熟管线 逐步迈入兑现期提升造血能力，创新性管线出海授权陆续达成，为公司稳健经营提供进一步的保证。华 创证券表示，看好公司持续巩固在自免领域的领先地位。 智通财经APP获悉，荃信生物-B(02509)涨超5%，截至发稿，涨5%，报18.9港元，成交额1305.09万港 元。 ...

◎邱思雨 记者 操子怡 从复旦大学毕业后，裘霁宛便一头扎进生物药研发领域深耕几十年，积累了扎实的技术，拥有对行业的 深刻洞察。他创办的荃信生物在短短十年间，就成长为具有完整自主创新能力的国家级高新技术企业， 拥有及申报国内外发明专利百余项，在自身免疫病领域闯出了自己的一片天地。 更让人印象深刻的，是荃信生物写在公司文化里的使命和价值观——"追求科学创新，提供可负担的优 质疗法""用我们的努力，实现自我价值，创造社会福祉"。 "我们想把生物药这只'堂前燕'送到寻常百姓家，满足普通百姓的需求。"荃信生物董事会秘书胡衍保向 上海证券报记者表示，"当市场需求被充分激活，产品销量和销售额自然会提升，企业利润也会随之增 长，这是一个多方共赢的良性循环。" QX005N是荃信生物自主研发的，以IL-4Rα为靶点的创新型人源化单克隆抗体，目前已在国内拿下7项 IND许可，适应症覆盖成人和青少年中重度特应性皮炎、结节性痒疹及慢性鼻窦炎伴鼻息肉等。 "IL-4Rα赛道潜力巨大，但竞争也相对激烈，布局的企业不在少数。"胡衍保坦言，为了突出优势，公司 做了两件关键事：一是锚定差异化适应症研发药品；二是借力华东医药的渠道优势。 "为最 ...

Core Viewpoint - The Hong Kong innovative drug sector has experienced a significant rally this year, with the Hong Kong innovative drug index (CSI:931787) rising by 75% until October, but has since entered a cooling phase as investors digest previous gains [3][4]. Group 1: Market Performance - The innovative drug sector saw 23 companies listed in the Hong Kong healthcare sector this year, compared to only 8 last year [3]. - Despite the initial surge, many companies that have not yet entered the Stock Connect are experiencing a decline in stock prices, indicating a challenging path to inclusion [3][4]. Group 2: Stock Connect Mechanism - The Stock Connect allows mainland investors to trade Hong Kong-listed stocks, with significant contributions from southbound funds, accounting for 40%-50% of trading volume in some companies [3][4]. - Companies not included in the Stock Connect face liquidity challenges, as most mainland public funds cannot invest directly [4][5]. Group 3: Challenges for Inclusion - The threshold for entering the Stock Connect has increased due to rising market valuations, with the market capitalization requirement for inclusion in the Hang Seng Composite Index set at approximately HKD 9.32 billion [6]. - Companies previously included in the Stock Connect but later removed face significant hurdles to re-entry, as liquidity issues persist [7][8]. Group 4: Business Development (BD) Fatigue - The market has shown signs of "BD fatigue," where announcements of potential business developments no longer lead to significant stock price increases, as seen with recent collaborations that resulted in stock declines [9][10]. - Investors are now demanding more substantial evidence of project viability and commitment from partners before reacting positively to BD announcements [10]. Group 5: Future Outlook - The market is currently in a quiet phase, with investors waiting for clear signals of recovery before increasing their positions, reflecting a cautious sentiment as year-end approaches [10][11].

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].

Core Viewpoint - The company, Qianxin Biopharmaceuticals-B (02509), has seen its stock price rise over 8% following the announcement of clinical trial approval for its long-acting dual antibody QX027N, aimed at treating asthma and atopic dermatitis [1] Group 1: Clinical Developments - Qianxin Biopharmaceuticals has received implied clinical trial approval from the National Medical Products Administration for its self-developed long-acting dual antibody QX027N [1] - The clinical approval marks the entry of the company's innovative dual antibody matrix into the clinical stage for autoimmune and allergic diseases [1] Group 2: Strategic Partnerships - On October 28, Qianxin Biopharmaceuticals announced a global exclusive collaboration and licensing agreement with Roche for its self-developed long-acting autoimmune dual antibody QX031N [1] - Under the agreement, Roche will have exclusive rights for research, development, registration, production, and commercialization of QX031N globally [1] - Qianxin Biopharmaceuticals will receive an upfront payment of $75 million, with potential milestone payments of up to $995 million and tiered royalties on future product sales [1]

Core Viewpoint - The stock of Zai Lab Limited (荃信生物-B) surged over 8% following the announcement of its long-acting dual antibody QX027N receiving clinical trial approval from the National Medical Products Administration, marking a significant advancement in the company's innovation pipeline for autoimmune and allergic diseases [1] Group 1: Clinical Developments - Zai Lab's QX027N injection is intended for the treatment of asthma and atopic dermatitis, indicating the company's commitment to addressing unmet medical needs in these areas [1] - The clinical trial approval signifies the official entry of the company's innovative dual antibody matrix into the clinical stage [1] Group 2: Strategic Partnerships - On October 28, Zai Lab announced a global exclusive collaboration and licensing agreement with Roche for its long-acting autoimmune dual antibody QX031N [1] - Under the agreement, Roche will gain exclusive rights for research, development, registration, production, and commercialization of QX031N globally [1] - Zai Lab will receive an upfront payment of $75 million, with potential milestone payments of up to $995 million, along with tiered royalties on future product sales [1]

Core Viewpoint - The stock of Zai Lab Limited (02509) rose over 8% following the announcement of clinical trial approval for its self-developed long-acting dual antibody QX027N, aimed at treating asthma and atopic dermatitis [1] Group 1: Clinical Developments - Zai Lab's long-acting dual antibody QX027N injection received implied clinical trial approval from the National Medical Products Administration, marking a significant step into clinical stages for the company's innovative dual antibody matrix in autoimmune and allergic diseases [1] - The company also announced a global exclusive collaboration and licensing agreement with Roche for its self-developed long-acting autoimmune dual antibody QX031N, granting Roche rights for research, development, registration, production, and commercialization [1] Group 2: Financial Aspects - Under the agreement with Roche, Zai Lab will receive an upfront payment of $75 million, with potential milestone payments of up to $995 million, along with tiered royalties on future product sales [1]

Core Viewpoint - The stock of Zai Lab Limited (荃信生物-B) has increased by over 10%, reaching HKD 20.92, following announcements regarding its business strategies and partnerships in the biopharmaceutical sector [1][2]. Group 1: Business Developments - The board of Zai Lab has proposed a new annual cap for related transactions under the QX001S framework agreement for the fiscal years 2026 to 2028, with profit-sharing limits expected to rise significantly from RMB 55 million in 2026 to RMB 290 million in 2028 [1]. - Zai Lab has entered into a global exclusive collaboration and licensing agreement with Roche for its self-developed long-acting dual antibody QX031N, which includes an upfront payment of USD 75 million and potential milestone payments up to USD 995 million, along with tiered royalties on future product sales [2]. Group 2: Market Position and Outlook - Zai Lab is recognized as a leader in the domestic self-immune innovative drug sector, with a strong foundation in this field [2]. - The company's mature pipeline is approaching a monetization phase, and its innovative pipeline is seeing successful international licensing agreements, which further supports its stable operations [2].