Zhitong Hong Kong Stock Early Knowledge | The "14th Five-Year Plan" for Disease Prevention and Control Issued, SK Hynix Falls Below US Stock IPO Issuance Price

【Today's Headlines】

7 Departments Issued the "15th Five-Year Plan" for Disease Prevention and Control

The "Plan" prioritizes the prevention and control of major infectious diseases, proposing six key tasks based on the "multi-disease prevention" approach: strengthening the prevention and control of respiratory infectious diseases, vector-borne infectious diseases, blood and sexually transmitted infectious diseases, zoonotic diseases, vaccine-preventable diseases, and other diseases. Additionally, the "Plan" includes a column outlining actions for the prevention and control of major infectious diseases.

CITIC Securities believes that the pharmaceutical sector continues to highlight the high certainty of demand, and with the sustained high growth of domestic biopharmaceutical financing data, CITIC Securities expects that innovative pharmaceutical companies and global pharmaceutical supply chain companies will continue to experience steady growth in performance over the next 3-5 years.

【Market Outlook】

SK Hynix Falls Below U.S. IPO Issue Price

Overnight, the U.S. stock market closed with the Dow Jones Industrial Average rising 262.83 points from the previous trading day, closing at 52,210.08 points, an increase of 0.51%; the S&P 500 index rose 1.2 points to 7,413.18 points, an increase of 0.02%; the Nasdaq Composite Index fell 43.74 points to 24,932.08 points, a decrease of 0.18%.

Large tech stocks had mixed results, with Apple rising over 1% to a new high, bringing its total market value close to $5 trillion, surpassing Nvidia again to become the world's largest. Google rose over 2%, Microsoft nearly 2%, while Tesla and SpaceX fell over 1%, and Nvidia dropped nearly 5%. AI hardware stocks generally fell, with the Philadelphia Semiconductor Index down over 2%, led by declines in optical communication and storage sectors, with SanDisk down over 11%, Kioxia ADR and SK Hynix down over 7%, and SK Hynix falling below its U.S. IPO issue price.

Most popular Chinese concept stocks rose, with the Nasdaq Golden Dragon China Index up 2.51%. The Hang Seng Index ADR rose, closing at 25,320.21 points, an increase of 113.03 points or 0.45% compared to the Hong Kong close.

WTI crude oil futures for the current month fell $7.40, closing at $81.91 per barrel, a decrease of 8.29%. COMEX gold futures for the current month rose $7.80, an increase of 0.19%, closing at $4,078.6 per ounce.

【Hot Topics Ahead】

Dongfang Securities (03958): Plans to Acquire 100% Equity of Shanghai Securities for a Transaction Price of 25.12 Billion Yuan

Dongfang Securities announced that the company plans to acquire 100% equity of Shanghai Securities held by Baillie Group, Guotai Junan, and other parties through the issuance of A-shares and cash payment, with a transaction price of 25.12 billion yuan (RMB). Among this, the share consideration is 23.55 billion yuan, and the cash consideration is 1.57 billion yuan. The issuance price of the shares is 10.29 yuan per share, totaling approximately 2.289 billion shares.

Wanguo Gold Group (03939) Clarifies Local Landslide Incident at Jinling Gold Mine: No Casualties, Mining Operations Proceeding as Usual

At approximately 12:45 PM (Solomon Islands time) on July 27, 2026, a local landslide occurred at the northwest edge of the North One Pit in the open-pit mining area, which was not an operational step Before the incident, GRML had implemented safety control measures based on the on-site situation, including sealing and securing the affected area and implementing safety warning controls. This incident did not result in any casualties or damage to equipment or property. Currently, mining operations at Jinling Gold Mine are proceeding as usual, and ongoing construction projects have not been affected.

Galactico Pharmaceuticals-B (01672): Monthly subcutaneous injection of GLP-1R/GIPR/GCGR triple-target agonist peptide ASC37 shows superior weight loss effects in diet-induced obese mouse models

In DIO mice, ASC37 achieved a weight reduction of up to 41.5%, and this effect was dose-dependent. After 11 days of administration, the weight loss effect of ASC37 in DIO mice was superior to that of tirzepatide, with statistically significant differences. Dr. Wu Jinzi, Chairman and CEO, stated, "Obtaining biopharmaceutical qualification provides many advantages for ASC37, including a longer statutory market exclusivity period compared to small molecule drugs and a longer protection period from government price negotiations."

Shijiazhuang Pharmaceutical Group (01093) expects mid-term shareholder attributable comprehensive profit of approximately 5.9 billion to 6.2 billion yuan, achieving significant growth year-on-year

This growth is primarily attributed to the combined effects of the following factors: 1. A significant increase in royalty income compared to the same period last year, with an upfront payment of $840 million (approximately 5.74 billion yuan) expected to be recognized as royalty income in the second quarter of 2026, contributing significantly to the group's revenue during the reporting period. 2. Excluding the impact of royalty income, the sales revenue of the pharmaceutical business steadily increased, with a year-on-year increase of approximately 10% during the reporting period, continuing to provide robust support for the group's overall profit.

HaploMed-B (02142) signs strategic cooperation agreement with China National Pharmaceutical Group to establish a joint innovation consortium

According to the strategic cooperation, the group and China National Pharmaceutical Group will conduct research and development cooperation around the entire lifecycle of innovative biopharmaceuticals, with strategic focus covering diseases such as tumors and immune inflammation.

Basic Semiconductor (09971): Plans to build a silicon carbide module packaging production line base

According to Zhitong Finance APP, Basic Semiconductor (09971) announced that on July 27, 2026, the company signed a general contracting agreement for the project with the contractor (China Construction Second Engineering Bureau Co., Ltd.). According to this agreement, the contractor agrees to undertake the engineering of the company's silicon carbide module packaging production line base, with a total contract price of 193.3 million yuan.

Innovent Biologics (09969): Fadeucravacitinib (ICP-488) successfully achieves its primary endpoint in Phase III registration trial for moderate to severe plaque psoriasis

The study results showed that fadeucravacitinib (ICP-488) achieved the primary endpoint with statistical significance and clinically meaningful improvement. In addition, it also successfully reached multiple secondary endpoints, demonstrating consistent therapeutic effects across various efficacy evaluation indicators. Detailed efficacy and safety data from this study will be presented at subsequent international academic conferences and submitted for publication in peer-reviewed medical journals Lao Pu Gold (06181) Issues Earnings Upgrade: Expected Adjusted Net Profit for the Interim Period Approximately RMB 4.31 Billion to RMB 4.36 Billion, Year-on-Year Growth of Approximately 83% to 85%

The main reasons for the increase in net profit are: the continuous expansion of the group's brand influence forming an absolute market advantage, leading to overall revenue growth; the continuous optimization and iteration of the group's products, ensuring sustained revenue growth; and the increase in high customer spending, gold consumption, and repurchase rates driving the group's performance growth.

Eucure Biopharma-B (06996) Issues Earnings Upgrade: Expected Profit for the First Half Approximately RMB 195 Million to RMB 238 Million

According to Zhitong Finance APP, Eucure Biopharma-B (06996) announced that the group expects to achieve revenue between RMB 490 million and RMB 536 million for the six months ending June 30, 2026, compared to approximately RMB 53.2 million for the six months ending June 30, 2025; the profit for this period is expected to be between RMB 195 million and RMB 238 million, while a loss of approximately RMB 76.4 million was recorded for the corresponding period.

【Stock Highlights】

Youran Dairy (09858): The Supply and Demand Pattern of Raw Milk Continues to Optimize, Industry Expected to Enter Profit Upturn Channel

The Ministry of Agriculture and Rural Affairs recently announced that the national average price of raw milk on July 16 was RMB 3.05/kg. This is the first time since June 12, 2025, that the milk price has exceeded the bottom range of RMB 3.02-3.04/kg. Meanwhile, the Shandong Dairy Association has monitored that recent spot milk prices have risen to RMB 2.8-3.1/kg, exceeding contract milk prices. In addition, Modern Dairy recently completed its tender offer for China Shengmu, while also disclosing a positive profit forecast for the first half of the year. Huachuang Securities analyzes that this highlights the trend of industry capacity concentrating towards leading companies, while also confirming the profit elasticity of industry leaders during the recovery phase.

Guotai Junan Securities indicates that a reversal in the livestock cycle is expected soon, optimistic about the domestic meat and milk prosperity resonating upward, and livestock companies' performance is likely to welcome high elasticity recovery. Huachuang Securities points out that with the continuous optimization of the supply and demand pattern, the industry is accelerating its exit from the bottom operating range and entering a profit upturn channel; considering that the benefits of rising milk prices will first be transmitted to the upstream breeding segment, the realization rhythm and elasticity of profit improvement at the farm level are more prominent, and the allocation value of the sector continues to strengthen