Core Viewpoint - Heng Rui Medicine (01276) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Summary by Categories Company Actions - The company plans to repurchase 209,900 A-shares at a total cost of 12.7432 million RMB [1] - The buyback price per share is set between 60.58 and 60.78 RMB [1] Financial Implications - The total expenditure for the buyback reflects a strategic move to enhance shareholder value [1]

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11月20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 。 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) | 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 | | | | | | | | | 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 ...

Core Viewpoint - The article highlights the significant inflow of southbound capital into the Hong Kong stock market, driven by the increasing presence of high-quality Chinese companies and the attractiveness of valuations, which is expected to support a long-term "slow bull" market trend in Hong Kong stocks [3][10][16]. Group 1: Southbound Capital Inflow - As of November 10, southbound capital's cumulative net purchase of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [3]. - By November 19, southbound capital net inflow through the Stock Connect reached 65.91 million HKD, bringing the total net purchase for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [5][6]. - The proportion of southbound capital in the total trading volume of the Hong Kong market has steadily increased from 15.6% at the beginning of 2024 to 23.6% in the third quarter of 2025 [6]. Group 2: Investment Trends and Sector Focus - The composition of southbound capital has shifted significantly, with technology and dividend-paying stocks becoming the primary focus, moving away from the banking sector, which previously dominated [7][8]. - The top ten holdings of southbound capital are now split between technology and high-dividend stocks, with Tencent Holdings and Alibaba being major players [8]. - Insurance funds and public funds are the main contributors to southbound capital, with insurance holdings surpassing 1 trillion RMB by the end of the third quarter [9]. Group 3: Future Growth Potential - Analysts predict that the southbound capital inflow could increase by 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential growth of 10 trillion RMB (about 11 trillion HKD) over the next five years [11][13]. - The continuous inflow of long-term capital is expected to enhance market liquidity and optimize the capital market structure, supporting a sustainable "slow bull" market [13][14]. Group 4: Quality of Listed Companies - The article notes that more high-quality Chinese companies are choosing to list in Hong Kong, which enhances the market's attractiveness to both domestic and foreign investors [15][17]. - As of November 19, 2025, 88 companies have gone public in Hong Kong, raising a total of 250.5 billion HKD, a 172.44% increase from the previous year [17]. - The increasing number of globally competitive companies listed in Hong Kong is expected to attract more capital inflow, creating a positive feedback loop [18].

Core Insights - The Hong Kong stock market is becoming a crucial platform for global investors to share in the growth dividends of China's core assets, with significant inflows of southbound capital [1][12] - As of November 10, southbound capital's cumulative net purchases of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [1] - The influx of long-term mainland funds, primarily from insurance and public offerings, is expected to support a "slow bull" market in Hong Kong [1][8] Southbound Capital Inflows - As of November 19, southbound capital net inflows through the Stock Connect reached 65.91 million HKD, bringing the total for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [2] - Cumulative net inflows since the launch of the Stock Connect have surpassed 5 trillion HKD [2][3] Market Dynamics - Southbound capital has become a core driver of liquidity in the Hong Kong stock market, with its share of total market turnover rising from 15.6% at the beginning of 2024 to 23.6% by the third quarter of 2025 [3] - The total market value of southbound capital holdings exceeded 6.3 trillion HKD by the end of the third quarter, representing a year-on-year increase of over 90% [3] Sector and Stock Preferences - The allocation of southbound capital has shifted significantly, with the banking sector previously dominating but now more evenly distributed across industries, including media, pharmaceuticals, and technology [3][4] - The top ten holdings of southbound capital are now characterized by a "technology + dividend" strategy, with Tencent Holdings and Alibaba being major beneficiaries [4] Fund Composition - Insurance funds and public funds constitute the majority of southbound capital, with insurance holdings surpassing 1 trillion RMB (approximately 1.4 trillion HKD) by the end of the third quarter [7] - Public fund holdings reached 1.01 trillion RMB, accounting for about 18% of total southbound capital [7] Future Projections - Predictions indicate that southbound capital could see an additional inflow of 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential total increase of 10 trillion RMB (approximately 11 trillion HKD) over the next five years [8] - The continuous inflow of long-term capital is expected to enhance market fundamentals and support a "slow bull" market [8][9] Market Valuation and Asset Supply - The Hong Kong stock market is viewed as having significant allocation value, with lower valuation levels compared to other major global markets [11] - The influx of quality companies listing in Hong Kong is creating a virtuous cycle, enhancing market liquidity and attracting more capital [12][13] Historical Context - Historical analysis indicates that periods of outperformance in the Hong Kong stock market have been driven by the scarcity of assets, with current trends reflecting similar dynamics as seen in previous advantageous periods [14]

Core Insights - The article highlights the top and bottom AH share premium rates as of November 19, with Northeast Electric (00042) leading at 847.37% and CATL (03750) at -8.50% [1][2]. Premium Rate Rankings - The top three AH share premium rates are: - Northeast Electric (00042): 847.37% - Hongye Futures (03678): 281.60% - Sinopec Oilfield Service (01033): 278.48% [2] - The bottom three AH share premium rates are: - CATL (03750): -8.50% - China Merchants Bank (03968): 0.33% - Heng Rui Medicine (01276): 3.61% [2] Deviation Value Rankings - The highest deviation values are: - Hongye Futures (03678): 31.12% - Sinopec Oilfield Service (01033): 29.24% - Zhejiang Shibao (01057): 28.97% [1][2] - The lowest deviation values are: - Ganfeng Lithium (01772): -15.34% - COSCO Shipping Energy (01138): -11.82% - China Eastern Airlines (00670): -11.38% [1][3]

Core Insights - The article highlights the top and bottom AH share premium rates as of November 18, with Northeast Electric (00042) leading at 847.37% and Ningde Times (03750) at -7.82% [1][2][3] Top AH Share Premium Rates - Northeast Electric (00042) has a premium rate of 847.37% with H-share priced at 0.285 HKD and A-share at 2.25 CNY [2] - Sinopec Oilfield Service (01033) follows with a premium rate of 296.15%, H-share at 0.780 HKD and A-share at 2.58 CNY [2] - Hongye Futures (03678) ranks third with a premium rate of 275.07%, H-share at 3.490 HKD and A-share at 10.93 CNY [2] Bottom AH Share Premium Rates - Ningde Times (03750) shows a negative premium rate of -7.82%, with H-share at 504.000 HKD and A-share at 387.89 CNY [3] - China Merchants Bank (03968) has a premium rate of -0.08%, H-share at 51.400 HKD and A-share at 42.88 CNY [3] - Heng Rui Pharmaceutical (01276) has a premium rate of 4.52%, with H-share at 70.800 HKD and A-share at 61.78 CNY [3] Top AH Share Deviation Values - Sinopec Oilfield Service (01033) leads in deviation value at 49.38% [1][4] - Zhejiang Shibao (01057) follows with a deviation value of 31.62% [1][4] - Beijing Jingcheng Machinery Electric (00187) has a deviation value of 28.48% [1][4] Bottom AH Share Deviation Values - Ganfeng Lithium (01772) has the lowest deviation value at -13.86% [1][5] - China Life (02628) follows with -12.23% [1][5] - CNOOC Services (02883) has a deviation value of -11.47% [1][5]

Core Viewpoint - Heng Rui Medicine (01276) has seen a stock price increase of nearly 3%, currently trading at 72.35 HKD, following the announcement of receiving clinical trial approval for its drug, Fumaric Acid Tegeline Injection, from the National Medical Products Administration [1] Group 1: Company Developments - On November 17, Heng Rui Medicine announced that it received the clinical trial approval notice for Fumaric Acid Tegeline Injection from the National Medical Products Administration [1] - Fumaric Acid Tegeline Injection is a μ-opioid receptor (MOR) biased small molecule agonist, set to be approved for domestic market launch in January 2024, marking it as China's first independently developed Class 1 opioid analgesic innovation drug [1] - The company has invested approximately 200 million RMB in the research and development of Fumaric Acid Tegeline Injection to date [1] Group 2: Market Context - A similar product, Oliceridine (brand name: Olinvyk), developed by Trevena, was approved for sale in the United States in 2020 [1] - Jiangsu Enhua Pharmaceutical Co., Ltd. has obtained exclusive licensing from Trevena for Oliceridine, which was approved for sale in China in May 2023, although no sales data has been reported yet [1]

Major Events - Shandong Xinhua Pharmaceutical Co., Ltd. received the approval notice for the listing application of fumaric acid vonoprazan chemical raw materials [1] - HeYue Pharmaceutical showcased long-term efficacy and safety data from the clinical III MANEUVER study of pitmiprazole at the CTOS 2025 conference [1] - China Software International partnered with Deep Open Hong and Yiswei Computing to build a new ecosystem for "open-source HarmonyOS + RISC-V" digital infrastructure [1] - China General Nuclear Power Corporation's Zhaoyuan Unit 1 is set to begin full construction [1] - Hengrui Medicine's fumaric acid teglutide injection received approval for clinical trials [1] - China National Nuclear Corporation signed an intention procurement agreement for cobalt-60 irradiation sources with the Brazilian National Nuclear Energy Commission [1] Operating Performance - China Railway Construction Corporation recently won several major projects with a total investment of 49.629 billion yuan [1] - Geely Automobile reported a net profit of 3.82 billion yuan for the third quarter, a year-on-year increase of 59% [1] - China Resources Power's subsidiary power plants achieved a cumulative electricity sales volume of 185 million megawatt-hours in the first ten months, a year-on-year increase of 6.5% [1] - Leap Motor reported a net profit of 150 million yuan for the third quarter, maintaining the top sales position among new force brands in China for eight consecutive months [1] - Huazhu Group's net profit attributable to shareholders for the third quarter was 1.5 billion yuan, a year-on-year growth of 15.4% [1] - Air China saw a year-on-year increase of 8.7% in passenger turnover in October [1] - China Eastern Airlines reported a year-on-year increase of 10.58% in passenger turnover in October [1]

Core Viewpoint - Heng Rui Medicine has received approval from the National Medical Products Administration for clinical trials of Fumaric Acid Tegeline Injection, marking a significant step in the development of China's first independently developed Class 1 opioid analgesic [1] Group 1: Product Development - Fumaric Acid Tegeline Injection is a μ-opioid receptor (MOR) biased small molecule agonist [1] - The product is expected to be launched in China in January 2024 [1] - The company has invested approximately 200 million yuan in the research and development of this project [1] Group 2: Market Context - Oliceridine, a similar product developed by Trevena, was approved for sale in the United States in 2020 [1] - Jiangsu Enhua Pharmaceutical Co., Ltd. has obtained exclusive licensing from Trevena for Oliceridine, which was approved for sale in China in May 2023 [1] - No sales data for Oliceridine in China has been reported as of now [1]

Core Viewpoint - Heng Rui Medicine (01276) has received approval from the National Medical Products Administration for multiple clinical trial applications, indicating a significant advancement in its drug development pipeline [1] Group 1: Clinical Trial Approvals - The company and its subsidiaries have been granted clinical trial approval for HRS-4642 injection, SHR-1701 injection, SHR-7367 injection, SHR-8068 injection, Adalimumab injection, Bevacizumab injection, SHR-A2102 for injection, Famitinib malate capsules, and Darsylis sulfate tablets [1] - The approved clinical trials are set to commence in the near future, reflecting the company's ongoing commitment to expanding its product offerings [1]