Group 1 - UBS report indicates that China Biologic Products (01177) management requires more time to finalize guidance on the development of its out-licensing (BD) business for this year [1] - Expected data releases this year include Phase I clinical data for TQB3702 in blood cancer, Phase II clinical data for TQA3334, and Phase III clinical data for lanifibranor targeting metabolic-associated fatty liver disease [1] - The firm maintains a "Buy" rating on the company with a target price of HKD 12.2 [1] Group 2 - Management expresses optimism regarding the inclusion prospects of VIIa in the 2025 National Medical Insurance Drug List negotiations, as only three companies were selected [1] - Penpulimab has successfully entered the medical insurance directory for the first time; anlotinib has been approved for expansion to first-line treatment of soft tissue sarcoma without any price reduction, while Yilishu benefits from an expanded reimbursement scope [1]