Pfizer's Development Plan: Pfizer has announced its development plan for the PD-1/VEGF bispecific antibody 707/PF'4404 in collaboration with 3SBIO, which is expected to exceed market expectations according to CMBI's research report.

Market Positioning: CMBI believes that the PD-1/VEGF bispecific antibody will become a cornerstone in tumor immunotherapy, and Pfizer is likely to leverage its internal pipeline and clinical execution to gain a competitive edge.

Impact on 3SBIO: The global value release of 707/PF'4404 is anticipated to be a significant catalyst for 3SBIO's growth, although CMBI has slightly adjusted its target price for the company from $37.58 to $37.43 while maintaining a Buy rating.

Short Selling Data: Pfizer's stock is experiencing short selling activity with a total of $47.20 million and a ratio of 10.495%, indicating some market skepticism despite the positive outlook on its drug development.

Mainland Chinese Mutual Funds' Holdings: CICC's report highlights the significant changes in Hong Kong stock holdings by Mainland Chinese mutual funds in 4Q25, with notable increases and decreases in various stocks.

Top Stocks with Increased Holdings: CNOOC and China Life saw increases in holdings, while Tencent, Alibaba, and SMIC experienced declines, reflecting varying investor confidence and market conditions.

Short Selling Trends: The report details short selling activities, indicating high ratios for several stocks, including Pop Mart and Kuaishou, suggesting bearish sentiment among investors.

Market Value Changes: The report outlines the market value changes for stocks, with significant losses for companies like Alibaba and Xiaomi, while others like Zijin Mining and YOFC showed gains, indicating a mixed market performance.

Market Overview: The HSI fell 1% to 26,579, with the HSCEI down 0.9% and the HSTECH decreasing by 1.1%, resulting in a total half-day turnover of $132.94 billion.

AI Stocks Performance: XTALPI saw a gain of 3.4%, while KINGSOFT CLOUD, INSILICO, GDS-SW, and UNISOUND experienced declines ranging from 2.7% to 5.6%.

Power Equipment Stocks: DONGFANG ELEC and HARBIN ELECTRIC both rose significantly, with increases of 6.6% and 7.3%, respectively, despite the overall market trend.

Pharmaceutical Sector Decline: Several pharmaceutical stocks, including SINO BIOPHARM and 3SBIO, faced declines of 4.6% to 6.1%, with WUXI APPTEC also dropping by 2.8%.

Market Performance: The NASDAQ Golden Dragon China Index rose over 4%, with Alibaba ADR leading the charge by climbing 10%, contributing to a strong opening for the Hong Kong bourse, which saw the HSI open 350 points higher and close the morning session up 268 points.

Technology Sector Movements: In the technology sector, notable stocks like BABA-W and ALI HEALTH saw gains of 3.5% and 3.3% respectively, while other major players like TENCENT and JD-SW also experienced slight increases, despite some stocks like MEITUAN-W and BIDU-SW declining.

Pharmaceutical Sector Highlights: The 44th JPMorgan Healthcare Conference commenced in San Francisco, with several Chinese pharmaceutical companies participating, leading to significant gains for stocks such as REMEGEN, which surged 11.6%, and CSPC PHARMA, which jumped 5.7% after its innovative drug application was accepted.

AI Concept Stocks Decline: Several AI concept stocks, including SENSETIME-W and WEIMOB INC, experienced declines ranging from 3.3% to 4.2%, while other stocks like KNOWLEDGE ATLAS and MINIMAX-WP saw even steeper drops of 8.8% and 7.5% respectively.

Stock Performance: 3SBIO, GUSHENGTANG, SINO BIOPHARM, and WUXI XDC all experienced positive stock price changes, with 3SBIO leading at +6.716%.

Short Selling Data: Significant short selling activity was noted, particularly for SINO BIOPHARM with a ratio of 12.457%, indicating investor caution.

Target Prices: Analysts have set target buy prices for the stocks, with 3SBIO at 37.58, GUSHENGTANG at 44.95, SINO BIOPHARM at 9.4, and WUXI XDC at 74.

Related News: Nomura reported that WUXI APPTEC exceeded expectations in its 4Q25 results, suggesting sustained growth momentum for the current year.