**Top Headline** Two studies published on *Nature*'s website confirm the efficacy and safety of a new diabetes drug developed jointly by Chinese and US pharmaceutical companies. The research, conducted on Chinese patients with type 2 diabetes, demonstrated that Mazdutide outperformed placebo or dulaglutide in blood sugar control and weight loss while improving cardiovascular, liver, and kidney-related indicators. Mazdutide is a dual glucagon/GLP-1 receptor agonist co-developed by Innovent Biologics (01801) and Eli Lilly.

Dr. Qian Lei, Chief R&D Officer at Innovent, stated that the findings provide high-quality evidence for treating overweight, obesity, and diabetes, showcasing China's research capabilities in the field. Obesity exacerbates insulin resistance, a major factor in type 2 diabetes progression and complications affecting blood vessels, eyes, kidneys, and feet.

**Market Overview** Overnight, US stocks closed higher: - Dow Jones rose 0.14% to 47,951.85. - S&P 500 gained 0.79% to 6,774.76. - Nasdaq surged 1.38% to 23,006.36.

Tech stocks led gains, with Tesla up over 3%, and Amazon and Meta rising over 2%. Memory and semiconductor stocks also advanced, with Micron up 10% and SanDisk over 6%. Most US-listed Chinese stocks rose, including Zhihu (+3%) and XPeng (+2%). The Hang Seng Index ADR climbed 0.18% to 25,544.89.

**Key Developments** 1. **State Council Issues Guidelines on Combating Tobacco-Related Illegal Activities** The State Council released measures targeting counterfeit production, smuggling, and sales to safeguard national interests and consumer rights. The policy emphasizes cross-border enforcement cooperation and domestic crackdowns, potentially benefiting CTIHK (06055).

2. **BHP CEO: Copper Supply Crunch to Sustain High Prices for Years** CEO Mike Henry highlighted copper's critical role in decarbonization and digitalization, forecasting a 70% demand surge by 2050 amid constrained supply due to fewer discoveries and challenging mining conditions.

3. **Xinte Energy (01799) Subsidiary Transfers 79.92% Partnership Stake** Inner Mongolia Energy, a subsidiary, transferred its stake to an asset manager under a support plan, with no additional payment beyond capital contributions.

4. **Meituan (03690) Open-Sources SOTA Virtual Avatar Video Model** Meituan’s LongCat team launched LongCat-Video-Avatar, enhancing realism, stability, and identity consistency in AI-generated videos.

5. **IPO Watch: Wisdom Mining (02546) Surges 126.16% in Gray Market** The Tibet-focused zinc, lead, and copper miner’s shares soared ahead of its HKEX debut, with one lot yielding HK$5,690.

6. **Evergrande Auto (00708) Subsidiary Ownership Transferred to Guangzhou Juli** Following a court-approved restructuring, the subsidiary’s equity was canceled and re-registered under Guangzhou Juli without cash consideration. Trading remains suspended.

**Stock Spotlight: Wasion Holdings (03393)** Its Brazilian subsidiary, Wasion da Amazônia, secured an RMB80+ million contract with CPFL, Brazil’s second-largest power utility. The company projects AI data center revenue to double annually, reaching RMB4 billion by 2027. Citigroup raised its target price to HK$21, citing strong order momentum and potential inclusion in Stock Connect.