格隆汇9月29日丨恒瑞医药(01276.HK)发布公告，2025年9月29日耗资人民币7370.23万元回购108万股A 股，回购价格每股67.8-69.33元。 ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年9月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | A 股份類別 | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 600276 | 說明 | A股（於上海證券交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks as of September 29, with Northeast Electric (00042) leading with a premium rate of 918.87% [1] - The article also provides a detailed ranking of stocks based on their deviation values, indicating significant discrepancies between H-shares and A-shares [1] AH Premium Rate Rankings - Northeast Electric (00042) has the highest AH premium rate at 918.87%, followed by Zhejiang Shibao (01057) at 229.34% and Hongye Futures (03678) at 225.06% [1] - The lowest AH premium rates are recorded for Ningde Times (03750) at -12.99%, followed by Hengrui Medicine (01276) at -3.55% and China Merchants Bank (03968) at 4.26% [1] Deviation Value Rankings - The top three stocks with the highest deviation values are Northeast Electric (00042) at 116.65%, Changfei Optical Fiber (06869) at 40.35%, and Jihong Co. (02603) at 33.97% [1] - Conversely, the stocks with the lowest deviation values include Qin Port Co. (03369) at -25.11%, Longyuan Power (00916) at -23.75%, and Beijing Machinery (00187) at -17.02% [1] Additional Insights - The article includes a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, providing a comprehensive overview of the current market situation [1][2] - The data is generated based on the Hong Kong Stock Exchange and reflects the current market dynamics, indicating potential investment opportunities and market inefficiencies [2]

Group 1 - The top three companies with the highest short positions as of September 19 are ZTE Corporation (00763) at 15.35%, COSCO Shipping Holdings (01919) at 14.10%, and CATL (03750) at 13.44% [1][2] - The companies with the largest absolute increase in short positions are China Education Holdings (00839) with an increase of 2.61%, Dongfang Electric (01072) with an increase of 2.06%, and Xiexin Technology (03800) also with an increase of 2.06% [1][2] - The companies with the largest absolute decrease in short positions are Hua Hong Semiconductor (01347) with a decrease of -2.52%, Chifeng Jilong Gold Mining (06693) with a decrease of -1.77%, and Laikai Pharmaceutical-B (02105) with a decrease of -1.72% [1][2] Group 2 - The latest short position data shows that ZTE Corporation maintained 116 million shares, COSCO Shipping Holdings had 406 million shares, and CATL had 20.95 million shares [2] - The companies with the largest increase in short positions include China Education Holdings, which rose from 3.73% to 6.33%, and Dongfang Electric, which rose from 7.34% to 9.40% [2] - The companies with the largest decrease in short positions include Hua Hong Semiconductor, which fell from 9.00% to 6.48%, and Chifeng Jilong Gold Mining, which fell from 3.30% to 1.53% [2][3]

Core Viewpoint - The potential imposition of a 100% tariff on imported brand and patented drugs by the Trump administration starting October 1, 2025, has raised concerns among pharmaceutical companies, particularly those in China, leading to a decline in their stock prices [2][3]. Group 1: Impact on Pharmaceutical Companies - The announcement of the tariff has caused significant declines in the stock prices of Chinese pharmaceutical companies, with Heng Rui Pharmaceutical dropping 3.03% in A-shares and 2.23% in Hong Kong shares, and BeiGene falling 4.38% in A-shares and 1.55% in Hong Kong shares [2]. - The Hang Seng Innovative Drug Index (HSIDI) fell by 2.37%, with notable declines in stocks such as Fosun Pharma, which dropped 5.82%, and 3SBio, which fell by 5.34% [3]. - Industry experts suggest that the impact of the tariff on Chinese pharmaceutical companies may be limited, as many are focused on generic drugs and active pharmaceutical ingredients (APIs) [4]. Group 2: Industry Perspectives - Some industry leaders believe that the tariff policy may not be implemented as proposed, citing the high cost of drugs in the U.S. and the potential for political changes in future administrations [4][5]. - Companies like Heng Rui Pharmaceutical indicated that their current exports primarily consist of generics and APIs, suggesting minimal impact from the proposed tariffs [4]. - Other companies, such as Lepu Biopharma, noted that their licensing partnerships would shield them from significant effects [5]. Group 3: U.S. Policy Context - The Trump administration has previously threatened to impose tariffs on imported drugs, with discussions around a 200% tariff and subsequent smaller tariffs leading to a potential increase over time [6][7]. - Major multinational pharmaceutical companies have responded to the tariff threats by committing to significant investments in U.S. manufacturing, with companies like Novartis and Roche pledging $23 billion and $50 billion respectively over the next five years [8].

Core Viewpoint - The potential implementation of a 100% tariff on all brand-name and patented drugs by the U.S. government starting October 1, 2025, unless companies are building drug manufacturing plants in the U.S. [2] Group 1: Market Reaction - Pharmaceutical stocks in multiple markets, including China, Japan, and South Korea, experienced a collective decline following the announcement [3] - Specific declines included a 3.03% drop in Hengrui Medicine (600276.SH/01276.HK) A-shares and a 2.23% drop in Hong Kong shares, while BeiGene (ONC.NASDAQ/06160.HK/688235.SH) saw a 4.38% drop in A-shares and a 1.55% drop in Hong Kong shares [3] - The Hang Seng Innovative Drug Index (HSIDI) fell by 2.37%, with notable declines in stocks such as Fosun Pharma (600196.SH/02196.HK) down 5.82% and 3SBio (01530.HK) down 5.34% [4] Group 2: Industry Perspectives - Industry experts suggest that Chinese pharmaceutical companies aiming to expand internationally need to consider the potential implementation of this policy and explore possible solutions [5] - Some executives believe that the high cost of drugs in the U.S. may hinder the realization of this policy [5] - Hengrui Medicine's executive noted that the impact of the potential policy would be limited as their exports mainly consist of generic drugs and APIs [5] - Other companies, such as Lepu Biopharma, indicated that their licensing partnerships would not be significantly affected [5] - Investors pointed out that this is a political issue that could change with future administrations, suggesting that while there may be short-term negative impacts, the long-term effects may not be significant [5] Group 3: Historical Context - Historically, pharmaceuticals have been excluded from tariff lists, but President Trump has repeatedly threatened to impose tariffs on imported drugs this year [5] - The Trump administration initiated a "232 investigation" under the Trade Expansion Act of 1962, which allows for tariffs if imports threaten national security [6] - Previous statements from Trump indicated plans for escalating tariffs on imported drugs, with initial small tariffs leading to potential increases up to 250% [7] Group 4: Investment Commitments - In response to the tariff threats, several multinational pharmaceutical companies have committed to investing in U.S. manufacturing facilities, with significant investments announced by companies like Novartis, Roche, Sanofi, and AstraZeneca [8] - Notably, Novartis and Roche pledged $23 billion and $50 billion respectively over five years, while AstraZeneca committed to a $50 billion investment by 2030 [8]

恒瑞醫藥 Hengrui Pharmaceuticals 中期報告 2025 江蘇恒瑞醫藥股份有限公司 Jiangsu Hengrui Pharmaceuticals Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） 股份代號 :1276 Jiangsu Hengrui Pharmaceuticals Co., Ltd. 江蘇恒瑞醫藥股份有限公司 目 錄 | 公司資料 | 2 | | --- | --- | | 財務摘要 | 4 | | 公司概覽 | 5 | | 管理層討論與分析 | 7 | | 企業管治及其他資料 | 21 | | 中期簡明合併損益及其他全面收入表 | 32 | | 中期簡明合併財務狀況表 | 34 | | 中期簡明合併權益變動表 | 36 | | 中期簡明合併現金流量表 | 38 | | 未經審計簡明中期財務資料附註 | 40 | | 釋義 | 57 | 2025 年中期報告 江蘇恒瑞醫藥股份有限公司 2 公司資料 董事會 執行董事 孫飄揚先生 （董事長） 戴洪斌先生 （副董事長） 馮佶女士 （總經理（總裁）兼首席運營官） 張連山先生 （執行副總裁） 江寧軍先生 （執行副總裁 ...

Group 1 - The company, Heng Rui Medicine, announced a share buyback plan on September 26, 2025, with an investment of 61.3569 million RMB to repurchase 883,400 A-shares [1] - The repurchase price per share ranges from 69.25 to 69.81 RMB [1]

格隆汇9月26日丨恒瑞医药(01276.HK)发布公告，2025年9月26日耗资人民币6135.7万元回购88.34万股A 股，回购价格每股69.25-69.81元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 江蘇恒瑞醫藥股份有限公司 呈交日期： 2025年9月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 | 否 | | | | 證券代號 (如上市) | 600276 | 說明 | A股（於上海證券交易所上市） | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...