Core Viewpoint - China Biologic Products (01177.HK) announced preliminary data from a Phase II clinical study of TQB2868, a PD-1/TGF-β dual-function fusion protein, in combination with Anlotinib and AG chemotherapy for first-line treatment of metastatic pancreatic ductal adenocarcinoma (mPDAC) at the 2025 ASCO annual meeting [1][2] Group 1: Clinical Study Results - The TQB2868-ALTN-II-01 study evaluated the efficacy and safety of TQB2868 combined with Anlotinib and AG chemotherapy (Gemcitabine + Albumin-bound Paclitaxel) in mPDAC patients [1] - As of January 2025, 40 patients with stage IV mPDAC were enrolled, with 36 being evaluable; the objective response rate (ORR) was 63.9%, significantly higher than the historical data for AG chemotherapy (23%-36%) [1] - The disease control rate (DCR) reached 100%, compared to 62.3% for AG chemotherapy, and the 6-month progression-free survival (PFS) rate was 86%, double that of AG chemotherapy (43.2%) [1] - The median overall survival (OS) has not yet been reached, but it is expected to exceed one year [1] Group 2: Safety Profile - The safety profile of the TQB2868 combination therapy was favorable, with a rate of grade 3 or higher adverse reactions at 52.5%, lower than the 68.1%-77% range reported for AG chemotherapy [1] Group 3: Future Developments - The company is in communication with the Chinese National Medical Products Administration (NMPA) regarding the registration of a Phase III clinical trial for the TQB2868 combination therapy [2] - This combination therapy is anticipated to become the first-line treatment for pancreatic cancer using immune checkpoint inhibitors, potentially leading to significant improvements in overall survival and quality of life for patients [2]

Core Viewpoint - The company announced preliminary data from a Phase II clinical study of TQB2868, a PD-1/TGF-β dual-function fusion protein, in combination with Anlotinib and chemotherapy for first-line treatment of metastatic pancreatic ductal adenocarcinoma (mPDAC) at the 2025 ASCO annual meeting [1] Group 1: Clinical Study Results - The study has enrolled 40 patients with stage IV mPDAC, with 36 patients being evaluable as of January 2025 [1] - The objective response rate (ORR) for TQB2868 combined with Anlotinib and AG chemotherapy reached 63.9%, which is 2-3 times higher than historical data for AG chemotherapy [1] - The disease control rate (DCR) was 100%, 1.6 times higher than that of AG chemotherapy [1] - The median progression-free survival (PFS) has not yet been reached, but the 6-month PFS rate is 86%, which is double that of AG chemotherapy [1] - The median overall survival (OS) has not yet been reached, but it is expected to exceed one year [1] Group 2: Safety Profile - The combination therapy demonstrated good safety and tolerability, with a rate of grade 3 or higher adverse reactions at 52.5% [1] - The company is in communication with the Center for Drug Evaluation (CDE) of the National Medical Products Administration regarding the registration of a Phase III clinical trial for the TQB2868 combination therapy [1]

北水关注个股 美团：5月29日，美团闪购618发布了酒品类首日战报，自5月28日启动以来的24小时内，酒类整体成交 额与去年同期相比增长超18倍。其中，白酒首12小时成交额即破3亿元，首日成交额与去年同期相比增 长逾70倍，多品牌持续热销。啤酒作为即时零售优势品类，首日卖出近千万瓶。年轻人喜欢的洋酒、葡 萄酒、鸡尾酒、调酒等潮饮品类年同比增长超三位数。 众安在线：国金证券近日发布报告称，香港立法会正式三读通过《稳定币条例草案》，预计今年底前， 机构可向香港金管局申请成为合规的稳定币发行商。该行认为，众安持股43.43%众安银行股权，众安 银行为香港首家为稳定币发行方，提供储备银行服务的数字银行，也与金管局首批沙盒参与者之一的圆 币创新科技合作，由于虚拟资产业务布局深入，估计有望长期受益。国金证券维持给予众安在线"买 入"评级。 泡泡玛特：建银国际发表研究报告，首次给予泡泡玛特"优于大市"评级，目标价为256港元，对应未来 12个月预测市盈率约50倍。该行预测公司未来盈利增长前景向好，2025至2027年收入及盈利年均复合增 长率将达到38%及44%。该行指出，泡泡玛特新产品可持续推动增长，加上持续在全球市场扩 ...

智通财经APP获悉，5月29日，诺亚控股(06686,NOAH.US)发布了2025年第一季度未经审核的财务业绩 公告。公告显示，诺亚控股在报告期内净收入为人民币6.15亿元；经营收益达到人民币1.86亿元，同比 增长53.1%；诺亚股东应占净收益为人民币1.49亿元，同比增长13.3%；非公认会计准则下的诺亚股东应 占净收益为人民币1.69亿元，同比增长4.7%。 其中，诺亚控股来自境外的净收入为人民币3.04亿元，同比相对持平，环比增加5.0%，主要由于境外保 险产品分销增加所致；境外收入持续增长，现占净收入总额近50%。随着海外的持续投入和建设，海外 收入端贡献占比提升，境外业务已成为重要增长引擎，反映了国际化战略成效显著。 在财富管理业务方面，诺亚控股注册客户总数为463161人，较2024年3月31日增长1.2%；活跃客户总数 为8822人，较2024年第一季度减少15.1%；分销的投资产品总价值为人民币161亿元，较2024年第一季 度减少14.7%。 在资产管理业务方面，诺亚控股总资产管理规模为人民币1493亿元，其中中国内地资产管理规模为人民 币1066亿元，境外资产管理规模为人民币427亿元 ...

Group 1 - The core event is the 11th anniversary celebration of the popular IP "Full-Time Master" by the company, with protagonist Ye Xiu celebrating his 28th birthday, leading to nationwide celebrations and significant online and offline engagement [1] - The company's stock rose by 2.03%, maintaining a market capitalization of HKD 28.261 billion, reflecting positive investor sentiment [1] - The gross merchandise value (GMV) of the company's derivatives exceeded RMB 500 million in 2024, with card game GMV surpassing RMB 200 million, indicating strong market performance and revenue growth from key IPs [1] Group 2 - The company has established a complete ecosystem for IP development, collaborating with over 150 authorized partners and successfully setting up more than 10 online self-operated live streaming rooms and official e-commerce platforms [2] - The company is advancing its IP creation and visualization while increasing its investment in AI technology, which is expected to enhance its content ecosystem and expand its commercial capabilities [2] - The company has built a distribution model that covers over 6,000 offline sales points and 3,000 online sales points, showcasing its extensive market reach [2]

智通财经APP获悉，5月29日港股市场，北水成交净买入43.82亿港元，其中港股通(沪)成交净买入41.86 亿港元，港股通(深)成交净买入1.96亿港元。 北水净买入最多的个股是美团-W(03690)、众安在线(06060)、石药集团(01093)。北水净卖出最多的个股 是中芯国际(00981)、小米集团-W(01810)、小鹏汽车-W(09868)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 美团-W | 28.37 乙 | 19.94 Z | 48.31亿 | | HK 03690 | | | +8.42亿 | | 小米集团-W | 13.14 Z | 14.18 Z | 27.32亿 | | HK 01810 | | | -1.04 Z | | 众安在线 | 14.89亿 | 8.69 Z | 23.57亿 | | HK 08060 | | | +6.20 亿 | | 阿里巴巴-W | 10.76 Z | 11.95亿 | 22.71亿 | | HK 09988 | | | -1.19 亿 | | 中芯国 ...

Core Insights - The LABUBU plush toy from China's Pop Mart is creating a craze in the Western market, significantly boosting Pop Mart's market value to over HKD 300 billion [2][6] - The Chinese IP derivative market is experiencing explosive growth, with several brands like 52TOYS and TOPTOY emerging alongside Pop Mart [2][7] Group 1: LABUBU's Success - LABUBU, a character from Pop Mart's THE MONSTERS series, has gained immense popularity, especially after endorsements from celebrities like David Beckham and Rihanna [2][4] - The LABUBU 3.0 series launched in April 2024 sold out quickly, with Pop Mart's app ranking first in the shopping category on the US App Store [3][5] - The emotional value and social attributes of LABUBU blind boxes contribute to their popularity, with consumers expressing a strong desire to purchase them [5][6] Group 2: Financial Performance - Pop Mart reported a 165% year-on-year increase in revenue for Q1 2025, reaching approximately HKD 170 million, and its market value surpassed HKD 230 billion [6][7] - 52TOYS, in contrast, reported a total revenue of only CNY 630 million for 2024, significantly lower than Pop Mart's CNY 13 billion [7][8] Group 3: Market Positioning - The Chinese IP derivative market is in a rapid growth phase, with a retail market size of CNY 715 billion in 2022, expected to exceed CNY 1 trillion by 2027 [14][15] - Pop Mart leads the market with a GMV of CNY 87.2 billion in 2024, while 52TOYS lags behind with a GMV of CNY 9.3 billion [17][18] Group 4: Business Models - 52TOYS primarily operates on an IP licensing model, with 65% of its revenue coming from licensed IPs, while Pop Mart focuses on self-owned IPs [8][21] - The reliance on licensed IPs has resulted in lower profit margins for 52TOYS, with a gross margin of only 39.9% compared to Pop Mart's 66.8% [24][25] Group 5: International Expansion - Pop Mart has successfully expanded its international presence, opening 14 new retail stores in key locations across the US and Europe [6][27] - 52TOYS is also focusing on international growth, with overseas revenue increasing significantly, but it still has a limited number of domestic stores [26][27]

佳兆业健康集团控股有限公司旗下的健康板块业务投资、融资、运营、管理,拥有—家香港上市公司(股 票代码:00876HK)和一家主板上市公司(股票代码:000403SZ)。核心业务包括:医药、医疗器械、医疗服 务。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 在医药板块,佳兆业健康拥有医药稀缺牌照,重点发展高端生物制药、深耕精神麻醉用药。青海制药厂成 立于1958年5月,是国家定点生产麻醉药品的第—个专业厂家。青海制药厂原料药包括阿片粉、吗啡、可 待因、罄粟碱等,其中吗啡系类、那可丁、双氢可待因原料药为国内独家供应。2019年5月,佳兆业集团收 购其54.84%股权,成为青海制药厂大股东。双林生物是在深交所上市的血制品企业,2017年,佳兆业通过协 议转让方式,收购原大股东振兴集团持有的股权,目前佳兆业持有双林生物4.8%股权,为第三股东。 本文源自：金融界 在医疗器械板块,"美加"是国内第一家齿科器械上市公司,是国内规模最大的专业齿科器械、高值耗材供 应商,打造了高科技数字美牙品牌,整合了全球领先的微创牙科美容修复理念、3D打印前沿高科技技术, 以"不磨牙,不伤原牙,轻松 ...

Group 1 - The stock price of CSPC Pharmaceutical Group Limited (01093.HK) closed at HKD 7.620 on May 29, marking an increase of 11.73% from the previous trading day, with an intraday high of HKD 7.800, reaching a nearly one-year high [1] - The net capital inflow for the day was HKD 40,423.60 million, with a total inflow of HKD 167,151.474 million and outflow of HKD 126,727.872 million [1] - CSPC Pharmaceutical is a well-known pharmaceutical company listed in Hong Kong, established in 1994, and became a constituent of the Hang Seng Index in 2018, being the first pharmaceutical stock in the index [1] Group 2 - CSPC Pharmaceutical operates in two main business segments: finished drugs and active pharmaceutical ingredients, with a core development strategy focused on innovative drugs [1] - The company has a strong product portfolio in therapeutic areas such as neurological diseases, oncology, anti-infection, and cardiovascular diseases, with popular innovative products including 'Enbipu', 'Domis', 'Jin You Li', 'Ke Ai Li', and 'Xuan Ning' [1] - The active pharmaceutical ingredients include Vitamin C, antibiotics, and caffeine series, with the main production base located in Shijiazhuang, Hebei Province, China [1] Group 3 - CSPC Pharmaceutical has an international R&D team with research bases in Shijiazhuang, Shanghai, Beijing, and the United States, focusing on small molecule targeted drugs, nano drugs, monoclonal antibodies, bispecific antibodies, antibody-drug conjugates, and immunobiological drugs [2] - The "CSPC" brand has been recognized as one of the "Top 500 Most Valuable Brands in China" by the World Brand Lab for over ten consecutive years since 2004 [2] - The company actively participates in social responsibility initiatives, supporting various charitable activities during significant events such as SARS, the Indonesian tsunami, and major earthquakes, demonstrating a commitment to giving back to society [2]

本文源自：金融界 上海复宏汉霖生物技术股份有限公司(2696.HK)是一家国际化的创新生物制药公司,致力于为全球患者提 供可负担的高品质生物药,产品覆盖肿瘤、自身免疫疾病、眼科疾病等领域,已在中国上市5款产品,在国 际上市2款产品,19项适应症获批,7个上市申请分别获中国药监局、美国FDA和欧盟EMA受理。自2010年 成立以来,复宏汉霖已建成一体化生物制药平台,高效及创新的自主核心能力贯穿研发、生产及商业运营 全产业链。公司已建立完善高效的全球创新中心,按照国际药品生产质量管理规范(GMP)标准进行生产 和质量管控,不断夯实一体化综合生产平台,其中,上海徐汇基地和松江基地(一)均已获得中国和欧盟GMP 认证。复宏汉霖前瞻性布局了一个多元化、高质量的产品管线,涵盖50多个分子,并全面推进基于自有抗 PD-1单抗H药汉斯状的肿瘤免疫联合疗法。继国内首个生物类似药汉利康(利妥昔单抗)、中国首个自主 研发的中欧双批单抗药物汉曲优(曲妥珠单抗,欧洲商品名:Zercepac)、汉达远(阿达木单抗)和汉贝泰(贝伐 珠单抗)相继获批上市,创新产品汉斯状(斯鲁利单抗)已获批用于治疗微卫星高度不稳定(MSI-H)实体瘤、 鳞状 ...