Market Overview - The Hong Kong stock market experienced a volatile trading day on December 9, with the Hang Seng Index closing down 1.29% at 25,434.23 points, the Hang Seng Tech Index down 1.90% at 5,554.68 points, and the National Enterprises Index down 1.62% at 8,936.41 points [1] - Technology stocks generally declined, with notable drops in Bilibili, Xiaomi, and Baidu, each falling over 3%, while Kuaishou and Meituan dropped over 2% [1] - Gold and non-ferrous metal stocks faced pressure, with Zijin Mining down over 4% [1] - Real estate stocks weakened significantly, with Yaloo Group plunging over 18% [1] - The semiconductor sector saw substantial declines, with Huahong Semiconductor down over 5% and SMIC down over 4% [1] - New consumption concept stocks also fell, with Pop Mart down over 5% [1] - Pharmaceutical stocks performed well, with Genscript Biotech rising 18%, Hongteng Precision up 11%, and Zhaoyan New Drug up 5.9% [1] Company News - Dongfeng Group reported cumulative sales of 1.697 million vehicles in the first 11 months, a slight decrease of approximately 0.3% year-on-year, while new energy vehicle sales reached 489,203 units, marking a 39.1% increase [2] - New天绿色能源 achieved a cumulative power generation of 13.3689 million MWh in the first 11 months, an increase of 8.04% year-on-year, with November's generation at 1.662 million MWh, up 24.45% [2] - Longyuan Power completed a cumulative power generation of approximately 69.0964 million MWh in the first 11 months, reflecting a year-on-year growth of 0.41% [2] - Greenland Hong Kong reported contract sales of approximately 6.823 billion yuan in the first 11 months, a decline of 22.6% year-on-year [3] - Sunny Optical Technology completed a share swap merger with GoerTek, with its subsidiary Ningbo Aolai holding approximately 31.31% of the shares, becoming the second-largest shareholder [3] - Zoomlion Heavy Industry completed the acquisition of 81% of the shares in Zoomlion Heavy Industry Finance Leasing (Beijing) [4] - Cambridge Technology plans to increase its investment in CIG USA by $100 million [5] - WuXi AppTec announced research data for JWCAR201 IIT at the 67th American Society of Hematology Annual Meeting [6] - Four Seasons Pharmaceutical's innovative drug Anjiuwei® was successfully renewed for inclusion in the 2025 National Basic Medical Insurance Drug List, while its innovative drug Xuanyue Ning® was included for the first time [6] - Yuan Da Pharmaceutical's Class 1 innovative drug GPN01360 successfully reached clinical endpoints in a Phase II clinical study conducted in China [7] - Agile Group's hearing has been further postponed to March 9, 2026 [8] Institutional Insights - Bank of China International views the recent market adjustment as a normal phenomenon in a bull market, maintaining a positive outlook for the Hong Kong stock market, predicting the Hang Seng Index could reach 30,100 points by December 2026 [9] - Huaxia Fund believes that the previous irrational panic in the tech sector has eased, and with AI development paths becoming clearer, it is advisable to position for a recovery in the market [9] - Everbright Securities notes that the Hang Seng Index's current P/E ratio is above its five-year average, indicating a reasonable valuation range, while the tech index has room for growth [9] - Guosen Securities suggests that the recent market adjustment opens up space for future growth, with significant net inflows from southbound funds into the Hong Kong market [10]

Market Overview - The US stock market experienced a collective decline, leading to a weak market sentiment in Hong Kong, with the Hang Seng Index down 0.84% to 25,549.90 points, the Hang Seng Tech Index down 1.32% to 5,587.69 points, and the National Enterprises Index down 1.12% to 8,981.84 points [1] Company News - Dongfeng Group reported cumulative sales of 1.697 million vehicles in the first 11 months, a year-on-year decrease of approximately 0.3%. New energy vehicle sales reached 489,203 units, marking a year-on-year increase of about 39.1% [2] - New天绿色能源 achieved a cumulative power generation of 13.3689 million MWh in the first 11 months, an increase of 8.04% year-on-year, with November's generation at 1.662 million MWh, up 24.45% year-on-year [2] - Longyuan Power completed a cumulative power generation of approximately 69.0964 million MWh in the first 11 months, reflecting a year-on-year growth of 0.41% [3] - Greenland Hong Kong reported contract sales of approximately 6.823 billion yuan in the first 11 months, a year-on-year decline of 22.6% [4] - Sunyu Optical Technology completed a share swap merger with Goer Optical, with its subsidiary Ningbo Aolai holding approximately 31.31% of the shares, becoming the second-largest shareholder [4] - Zoomlion Heavy Industry completed the acquisition of 81% equity in Zoomlion Heavy Industry Finance Leasing (Beijing) [5] - Cambridge Technology plans to increase its investment in CIG USA by $100 million [6] - WuXi AppTec announced research data for JWCAR201 IIT at the 67th American Society of Hematology Annual Meeting [7] - Four Seasons Pharmaceutical's innovative drug Anjiuwei® successfully renewed its inclusion in the 2025 National Basic Medical Insurance Drug List, while its innovative drug XuanYueNing® was included for the first time [7] - Yuanda Pharmaceutical's Class 1 innovative drug GPN01360 successfully reached clinical endpoints in Phase II clinical trials in China [8] - Agile Group's hearing has been further postponed to March 9, 2026 [9] Institutional Insights - Haitong International suggests that after market consolidation, a rebound is expected, with technology stocks having room for recovery. The rebound's strength will depend on policy implementation and potential interest rate cuts by the Federal Reserve [10] - Everbright Securities notes that the Hang Seng Index's current P/E ratio is above its 5-year average, indicating overall valuation recovery, while the tech index has just returned to its 5-year average, suggesting room for further valuation catch-up [10] - Guosen Securities predicts that the short-term adjustment in Hong Kong stocks opens up space for market growth in 2026, with net inflows from southbound funds exceeding 110 billion yuan in November [10]

Major Events - GuoXia Technology (02655) plans to conduct an IPO from December 8 to December 11, offering 33.85 million H-shares and introducing cornerstone investors such as Huikai Hong Kong [1] - Basilea Pharmaceutica AG (02616) has its drug Pujihua® (Pralsetinib Capsules) included in the National Medical Insurance Directory for 2025 [1] - Four Seasons Pharmaceutical (00460) sees its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Shanghai Pharmaceuticals (02607) successfully negotiates and includes Amisulpride Orally Disintegrating Tablets in the National Medical Insurance Directory [1] - Hansoh Pharmaceutical (03692) has its innovative drug Amelotex® approved for two new indications in the updated 2025 National Medical Insurance Directory [1] - Xiansheng Pharmaceutical (02096) sees EnzeShu® and EnDu® included in the updated National Medical Insurance Drug List [1] - Hutchison China MediTech (00013) has its drug Tazverik® included in the first edition of the National Commercial Health Insurance Innovative Drug List [1] - XuanZhu Biotechnology (02575) has its innovative drug XuanYueNing® included in the National Basic Medical Insurance Drug List for the first time [1] - Yino Pharmaceutical (02591) has its H-shares included in the list of eligible securities for the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect [1] - China Metallurgical Group (01618) and its subsidiaries plan to sell non-core business assets for approximately 60.68 billion yuan, focusing on core businesses in metallurgical engineering, non-ferrous metals, and mining engineering [1] - Cambridge Technology (06166) intends to invest a total of 405 million yuan to acquire and subscribe for shares in the Yangzhong Happiness Home Venture Capital Partnership Fund [1] Operating Performance - Dongfeng Motor Group (00489) reports cumulative automobile sales of 1.697 million units in the first 11 months, a year-on-year decrease of approximately 0.3% [2] - New天绿色能源 (00956) achieves a cumulative power generation of 1,336.89 million MWh in the first 11 months, an increase of 8.04% year-on-year [2] - Longyuan Power (00916) reports a cumulative power generation of approximately 6,909.64 million MWh in the first 11 months, a year-on-year growth of 0.41% [2] - Baolong Real Estate (01238) records a total contract sales of approximately 6.666 billion yuan in the first 11 months, a year-on-year decline of 43.2% [2]

相关事件 本次医保谈判结果有助于轩竹生物进一步提高轩悦宁®在患者中的可负担性和可及性，有利于进一步推 动该药物的市场推广、提升销售规模，对轩竹生物的长期经营发展具有积极影响。轩竹生物将积极配合 推进医保政策落地，持续推进医院准入工作、拓展核心市场及广阔市场的覆盖，以期不断提升患者的用 药可及性。 格隆汇12月8日丨四环医药(00460.HK)宣布，集团旗下非全资附属公司轩竹生物科技股份有限公司("轩 竹生物")自主研发的创新药吡洛西利片(商品名：轩悦宁®)首次纳入《国家基本医疗保险、生育保险和 工伤保险药品目录(2025年)》(「2025国家基本医保目录」)。2025国家基本医保目录将于2026年1月1日 正式执行. 四环医药(00460.HK)：创新药轩悦宁®首次纳入国家基本医保药品目录 四环医药(00460.HK)：安久卫® 成功续约2025年国家基本医保药品目录 ...

Core Viewpoint - The announcement highlights that Xuanzhu Biotechnology, a subsidiary of Four环医药, has successfully included its innovative drug Pirlosilib Tablets (brand name: XuanYueNing®) in the 2025 National Basic Medical Insurance Directory, which will be implemented on January 1, 2026 [1] Group 1 - The inclusion of XuanYueNing® in the National Basic Medical Insurance Directory will enhance its affordability and accessibility for patients [1] - This development is expected to promote the market penetration and increase sales scale of the drug, positively impacting the long-term operational growth of Xuanzhu Biotechnology [1] - Xuanzhu Biotechnology plans to actively cooperate in the implementation of the insurance policy, focusing on hospital access and expanding coverage in core and broader markets to improve patient access to medication [1]

四环医药(00460.HK)发布公告，经过与国家医保局的简易医保续约，集团旗下非全资附属公司轩竹生物 科技股份有限公司自主研发的创新药安奈拉唑钠肠溶片(商品名：安久卫®)将继续获纳入自2026年1月1 日起生效的新版《国家基本医疗保险、生育保险和工伤保险药品目录(2025年)》(2025年国家基本医保药 品目录)。 本文源自：金融界AI电报 ...

Core Viewpoint - The announcement highlights that the innovative drug Pirlosil (brand name: XuanYueNing®) developed by XuanZhu BioTech, a non-wholly owned subsidiary of the company, has been included in the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance Drug List, which will take effect on January 1, 2026 [1] Group 1 - The inclusion of XuanYueNing® in the national insurance list will enhance its affordability and accessibility for patients [1] - This development is expected to promote the market penetration and increase sales scale of the drug [1] - The long-term operational development of XuanZhu BioTech is positively impacted by this insurance negotiation outcome [1] Group 2 - The company will actively cooperate to implement the insurance policy and continue to work on hospital access [1] - There is a focus on expanding coverage in core and broader market areas to improve patient access to medication [1]

四环医药(00460)发布公告，本集团旗下非全资附属公司轩竹生物科技股份有限公司(轩竹生物)自主研发 的创新药吡洛西利片(商品名：轩悦宁)首次纳入《国家基本医疗保险、生育保险和工伤保险药品目录 (2025年)》(2025国家基本医保目录)。2025国家基本医保目录将于2026年1月1日正式执行。 本次医保谈判结果有助于轩竹生物进一步提高轩悦宁在患者中的可负担性和可及性，有利于进一步推动 该药物的市场推广、提升销售规模，对轩竹生物的长期经营发展具有积极影响。轩竹生物将积极配合推 进医保政策落地，持续推进医院准入工作、拓展核心市场及广阔市场的覆盖，以期不断提升患者的用药 可及性。 ...

Core Viewpoint - The announcement by Four Seasons Pharmaceutical (00460) regarding the inclusion of its innovative drug Anjiewei® in the updated National Basic Medical Insurance Drug List (2025) is a significant development for the company and the industry, as it ensures continued market access and potential growth for the product [1] Group 1: Product Development and Approval - Anjiewei® (sodium anaprazole enteric-coated tablets) is the first and only domestically developed proton pump inhibitor in China, approved for market in June 2023 [1] - The drug is indicated for the treatment of duodenal ulcers and was first included in the National Basic Medical Insurance Drug List in December 2023 [1] Group 2: Market Impact - The successful renewal of Anjiewei® in the 2025 National Basic Medical Insurance Drug List will stabilize market sales and benefit a larger patient population [1] - This renewal is expected to enhance the drug's penetration rate in relevant indications, providing momentum for long-term growth [1]

作为首款且唯一国内自主研发的质子泵抑制剂，安久卫®于2023年六月在中国获批上市，用于治疗十二 指肠溃疡，并于2023年12月首次纳入国家基本医保药品目录。本次安久卫®成功续约2025年国家基本医 保药品目录，将利于稳定市场销售，继续惠及更多患者人群，提升该产品在相关适应症上的渗透率，为 安久卫®的长期增长注入动力。 格隆汇12月8日丨四环医药(00460.HK)宣布，经过与中国国家医保局的简易医保续约，集团旗下非全资 附属公司轩竹生物科技股份有限公司("轩竹生物")自主研发的创新药安奈拉唑钠肠溶片(商品名：安久卫 ®)将继续获纳入自2026年1月1日起生效的新版《国家基本医疗保险、生育保险和工伤保险药品目录 (2025年)》(「2025年国家基本医保药品目录」)。 ...