Core Insights - Infosys collaborates with Telenor Shared Services to standardize HR processes and enhance employee productivity through Oracle Cloud Human Capital Management [1][2] - The partnership aims to unify various management systems on a single platform, improving data quality and decision-making capabilities [2][3] Company Overview - Infosys is a global leader in next-generation digital services and consulting, with over 320,000 employees operating in 59 countries [4] - The company focuses on enabling clients to navigate digital transformation powered by cloud and AI, emphasizing a commitment to sustainability and diversity [4] Collaboration Details - The collaboration will streamline HR operations and integrate Human Capital Management, Financial Management, Supply Chain Management, and Projects Portfolio Management [2][3] - Telenor Shared Services' CEO highlighted the importance of modernizing HR operations to improve efficiencies and employee experience [3]

Core Insights - The report from CMB International highlights the release of the first batch of innovative pharmaceutical technology medical insurance payment incentive catalog by Zhejiang Province, which is expected to alleviate the challenges of innovative drugs entering hospitals [1] - Despite the Trump administration's announcement of a 100% tariff on imported innovative drugs, the overall impact on China's pharmaceutical industry chain is considered manageable, with a recommendation to monitor subsequent developments [1] - The upcoming ESMO conference in mid to late October is noted as a key event, with a focus on companies such as CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (688331.SH) that are expected to release significant data [1] Industry Summary - The Hong Kong pharmaceutical sector has shown relatively flat performance in September, but with increasing industry catalysts such as academic conferences and favorable policy implementations in October, a market rebound is anticipated [1] - The report recommends focusing on specific segments: 1) Innovative drugs: Companies like 3SBio (01530) and Eucure Biopharma-B (06996) have rich short-term catalysts and their valuations do not yet reflect the core value of major products; companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered significantly undervalued with clear long-term growth logic [1] 2) CXO: Leaders in this segment, such as WuXi AppTec (02268), are expected to benefit from high downstream demand and marginal recovery in financing [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 和黃醫藥（中國）有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00013 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | 本月底法定 ...

Core Insights - The public fund industry has experienced a fruitful year in the structural bull market, with active equity funds making a significant comeback, particularly supported by the AI computing and innovative pharmaceutical sectors [1][2]. Group 1: Fund Performance - A total of 53 funds have achieved over 100% returns year-to-date as of September 30, with 42 of these being active equity funds, showcasing the fund managers' effective strategies in high-growth sectors [2][4]. - The top-performing fund, managed by Ren Jie, achieved a return of 194.49%, heavily investing in the overseas computing industry chain, with significant contributions from stocks like Shenghong Technology, which surged 581% this year [2][3]. - Other notable funds include Zhang Wei's fund with a 155.09% return, focusing on Hong Kong's innovative pharmaceuticals, and Feng Ludan's fund with a 140.86% return, both capitalizing on the AI industry chain [3]. Group 2: Commodity Performance - Gold ETFs have emerged as the standout performers in the commodity fund sector, with all 14 gold ETFs showing gains exceeding 40% year-to-date, driven by rising international gold prices [5][6]. - The highest-performing gold ETFs, managed by Zhao Xu and Rong Ying, reported returns of 41.48% and 41.47%, respectively, reflecting strong long-term investment value [5][6]. Group 3: Market Outlook - Looking ahead to Q4, several fund companies suggest maintaining a focus on growth sectors while also considering cyclical and consumer stocks, as the market has already seen significant gains [7][8]. - The ongoing AI technology innovation is expected to provide a premium valuation for related assets, despite potential short-term volatility [8][9]. - The overall market sentiment remains bullish, with continued optimism for emerging technologies and cyclical financial sectors, particularly in the context of the "anti-involution" policies that may enhance competition in the renewable energy sector [9].

Core Insights - Hutchison China MediTech Limited (和黄医药) will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results for fruquintinib combined with sintilimab in the second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented in a mini-oral session [1] - Further analysis results of the FRUSICA-1 study on fruquintinib for endometrial cancer, as well as the SACHI and SAVANNAH studies on savolitinib for non-small cell lung cancer, will be showcased in poster presentations [1]

Core Viewpoint - The company announced that it will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results of fruquintinib combined with sintilimab for second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented in a mini-oral session [1] - Further analysis results of fruquintinib for endometrial cancer from the FRUSICA-1 study will be showcased in a poster presentation [1] - The SACHI and SAVANNAH studies analyzing savolitinib for non-small cell lung cancer will also be presented in the poster session [1]

Core Viewpoint - The company, Hutchison China MediTech Limited (和黄医药), announced that it will present updated research data on its self-developed compounds at the European Society for Medical Oncology (ESMO) 2025 Annual Meeting in Berlin from October 17 to 21, 2025 [1] Group 1: Research Presentations - The FRUSICA-2 registration study results for fruquintinib combined with sintilimab in the second-line treatment of locally advanced or metastatic renal cell carcinoma will be presented during a mini-oral session [1] - Further analysis results of the FRUSICA-1 study on fruquintinib for endometrial cancer, as well as the SACHI and SAVANNAH studies on savolitinib for non-small cell lung cancer, will be showcased in the poster presentation session [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：13） 自願性公告 和黃醫藥將於2025年歐洲腫瘤內科學會 (ESMO) 年會公佈臨床數據 和黃醫藥（中國）有限公司（簡稱「和黃醫藥」或 「HUTCHMED」）今日宣佈將於2025年10月17日至21日在德國 柏林召開的歐洲腫瘤內科學會（「ESMO」）2025年年會上公佈和黃醫藥自主研發的化合物的數項研究的最新及更新 後的數據。 呋喹替尼（fruquintinib）聯合信迪利單抗（sintilimab）用於二線治療局部晚期或轉移性腎細胞癌的FRUSICA-2註 冊研究結果將於迷你口頭報告環節公佈。此外，呋喹替尼用於治療子宮內膜癌的FRUSICA-1研究，以及賽沃替尼 （savolitinib）用於治療非小細胞肺癌的SACHI和SAVANNAH研究的進一步分析結果將於海報展示環節公佈。 ...

Core Insights - HUTCHMED will present new and updated data from several studies at the ESMO Congress 2025, scheduled for October 17-21, 2025, in Berlin, Germany [1][2] Group 1: Study Presentations - Results from the FRUSICA-2 study on the combination of fruquintinib and sintilimab for second-line treatment of advanced renal cell carcinoma will be presented in a Mini Oral session [2] - Additional analyses from the FRUSICA-1 study in endometrial cancer and the SACHI and SAVANNAH studies in non-small cell lung cancer will be showcased during poster sessions [2] - Specific presentations include a phase 3 study comparing fruquintinib plus sintilimab against axitinib or everolimus for renal cell carcinoma [2] Group 2: Drug Information - Fruquintinib is a selective oral inhibitor of VEGFRs and is co-developed by HUTCHMED and Eli Lilly, marketed as ELUNATE® in China [4] - Savolitinib is a selective MET tyrosine kinase inhibitor developed by AstraZeneca and HUTCHMED, commercialized as ORPATHYS® [5] - Surufatinib is an oral angio-immuno kinase inhibitor marketed in China as SULANDA® and retains all rights with HUTCHMED [8]

Core Viewpoint - The announcement of a 100% tariff on all branded/patented drugs by Trump starting in October is expected to have limited impact on China's innovative drug industry chain, with no excessive concerns warranted [1] Group 1: Impact on Innovative Drugs - Most Chinese innovative drugs that are currently being exported have either established production capacity in the U.S. or have outsourced production to local CMO companies [1] - The majority of domestic innovative drugs are exported using a business development (BD) model, which mitigates the impact of the tariff [1] Group 2: Impact on CXO Sector - The export products in the CXO sector primarily consist of raw materials and biological raw liquids, which are not affected by the new tariff; the proportion of finished dosage forms exported is low [1] - The investment timeline for multinational corporations (MNCs) to build factories in China will take time, leading to limited direct impact on CXO orders in the short term [1] - Long-term policy changes may influence the pace of factory construction by MNCs [1] Group 3: Upcoming Catalysts - The ESMO conference will take place in mid to late October, with a focus on companies like CanSino Biologics (09926), Kelun-Biotech (06990), and Rongchang Biologics (09995) that are expected to release significant data [1] - The results of medical insurance negotiations and the first version of the commercial insurance innovative drug directory are expected to be announced in October-November [1] Group 4: Mid to Long-term Recommendations - Recommended stocks in the innovative drug sector include 3SBio (01530) and Eucure Biopharma-B (06996), which have rich short-term catalysts and their valuations do not yet reflect the core value of major products [2] - Companies like Ascletis Pharma (02096), Hutchison China MediTech (00013), and Legend Biotech are considered undervalued with clear long-term growth logic [2] - In the CXO sector, WuXi AppTec (02268) is highlighted as a leading player benefiting from high downstream demand and improving financing conditions [2]