Group 1 - The article highlights the top three and bottom three AH premium rates for various stocks, with Northeast Electric (00042) leading at a premium rate of 900.00% [1] - The top three stocks with the highest deviation values are Northeast Electric (00042) at 102.08%, Changfei Optical Fiber (06869) at 43.54%, and Zhejiang Shibao (01057) at 31.64% [1] - The bottom three stocks with the lowest deviation values include Qin Port Co. (03369) at -23.64%, Longyuan Power (00916) at -15.36%, and Goldwind Technology (02208) at -14.92% [1] Group 2 - The top ten AH stocks by premium rate include Northeast Electric (00042), Hongye Futures (03678), and Zhejiang Shibao (01057) [1] - The bottom ten AH stocks by premium rate include Ningde Times (03750) with a premium rate of -14.11%, followed by Hengrui Medicine (01276) at -0.86% [1] - The article provides detailed tables showing the premium rates and deviation values for both top and bottom AH stocks, indicating significant disparities in market valuation [1][2]

Core Viewpoint - The report from Open Source Securities indicates that small RNA drugs targeting weight loss are focusing on two main targets: INHBE and ALK7, with Arrowhead and Wave making the fastest progress in this area [1][2]. Group 1: Market Potential - The small RNA drug sector is expected to break into the billion-dollar weight loss market, with a focus on INHBE and ALK7 as key targets [1]. - INHBE is expressed in liver cells and plays a role in fat metabolism by encoding and secreting Activin E, which interacts with ALK7 [1]. Group 2: Company Progress - Arrowhead and Wave are leading in the development of INHBE siRNA molecules, with phase 1 trial data expected within the next six months [2]. - Alnylam, while slightly behind, has a comprehensive approach covering INHBE, ALK7, and GeneD for muscle targeting [2]. Group 3: Clinical Insights - Preclinical data shows that Arrowhead's ALK7 siRNA combined with Tirzepatide can enhance weight loss effects and provide longer-lasting efficacy, allowing for less frequent dosing [3]. - Genetic studies suggest that individuals with loss of function in INHBE or ALK7 exhibit healthier metabolic profiles, indicating that targeting these pathways may reduce visceral fat rather than just overall weight [3]. Group 4: Investment Recommendations - Short-term focus is recommended on Arrowhead and Wave's data readouts, particularly regarding safety, pharmacokinetics, dosing intervals, biomarker knockdown levels, early efficacy, and metabolic changes [4]. - Recommended stocks include Yuyuan Pharmaceutical (688658.SH), Sunshine Novo Nordisk (688621.SH), Rejuve Biotech (688068.SH), and Shiyao Group (01093), with beneficiaries including Frontier Biotech-U (688221.SH) and Hengrui Medicine (600276) (01276) [4].

Core Viewpoint - The A-share IPO market has demonstrated strong resilience and vitality in 2023, with significant growth in both the number of new listings and the total funds raised, despite a complex global macroeconomic environment [3][4]. Summary by Sections IPO Market Performance - In the first three quarters of 2023, a total of 75 new stocks were issued in the A-share market, an increase from 69 in the same period last year, indicating a steady upward trend [4]. - The total funds raised through IPOs reached 743.72 billion yuan, a year-on-year increase of 265 billion yuan, primarily driven by Huadian New Energy's fundraising of 181.71 billion yuan [3][4]. - The average first-day increase for the 75 new stocks was 244%, nearly doubling from the previous year's average [9]. Financing Structure - The financing structure of new stocks shows a pattern of "one company dominating, with smaller averages," where the average and median financing amounts were 9.92 million yuan and 5.5 million yuan, respectively [4]. - Huadian New Energy's IPO accounted for 24.4% of the total financing amount, highlighting its significant impact on the market [4]. Market Trends and Investor Sentiment - The overall market environment has improved, with increased risk appetite and high-quality new stocks contributing to the notable rise in the "money-making effect" of new listings [12]. - Major stock indices, including the Sci-Tech 50 and ChiNext, have risen by over 50% this year, boosting investor confidence and leading to higher valuation premiums for new stocks [12]. Notable New Listings - Several new stocks have seen exceptional performance, with some offering returns exceeding five times their issue price, such as Haibo Sichuang and Ying Shi Innovation [11]. - The top-performing new stocks are primarily in popular sectors, such as energy storage, which has attracted significant investor interest [11]. Global Comparison - The Hong Kong Stock Exchange led the global IPO financing rankings with over 180 billion HKD raised from 66 new stocks, while the Shanghai Stock Exchange ranked fifth globally with 454 billion yuan raised from 25 new stocks [8][7].

Core Viewpoint - The A-share IPO market has demonstrated strong resilience and vitality in 2023, with significant fundraising achievements despite a complex global macroeconomic environment. Group 1: IPO Market Performance - In the first three quarters of 2023, A-shares issued 75 new stocks, an increase from 69 in the same period last year, indicating a steady upward trend [1][2] - The total fundraising amount for IPOs reached 743.72 billion yuan, a year-on-year increase of 265 billion yuan, primarily driven by Huadian New Energy's 181.71 billion yuan fundraising [1][2] - The average first-day increase for the 75 new stocks was 244%, nearly 100 percentage points higher than the same period last year, with no new stock experiencing a decline on its debut [1][2][10] Group 2: Fundraising Structure - The fundraising structure showed a pattern of "one company dominating, with smaller averages," where the average and median fundraising amounts were 9.92 million yuan and 5.5 million yuan, respectively [2][3] - Huadian New Energy was the only large-scale IPO this year, accounting for 24.4% of the total fundraising amount [2][3] Group 3: Sector Analysis - The ChiNext board led in the number of IPOs with 27 new stocks raising a total of 195.34 billion yuan, while the Shanghai Stock Exchange's main board led in total fundraising with 372.84 billion yuan [5] - The Hong Kong Stock Exchange ranked first globally in IPO fundraising, with 66 new stocks raising over 180 billion HKD, and four of the top five fundraising companies were A-share listed companies going public in Hong Kong [6] Group 4: Investor Sentiment and Market Trends - The significant increase in the "money-making effect" of new stocks is attributed to an overall market recovery, increased risk appetite, and the high quality of new stocks [10] - Major indices in the A-share market have rebounded, with the ChiNext 50, ChiNext Index, and North Exchange 50 rising over 50% this year, boosting investor confidence [10]

Core Insights - The article highlights the top and bottom AH share premium rates, with Northeast Electric (00042) leading at 881.82% and Ningde Times (03750) at -11.55% [1][2][3] Group 1: Top AH Share Premium Rates - Northeast Electric (00042) has the highest premium rate of 881.82% with a deviation value of 87.12% [1][2][4] - Zhejiang Shibao (01057) follows with a premium rate of 228.63% and a deviation value of 28.72% [1][2][4] - Andeli Juice (02218) ranks third with a premium rate of 225.76% and a deviation value of -3.85% [1][2][4] Group 2: Bottom AH Share Premium Rates - Ningde Times (03750) has the lowest premium rate at -11.55% with a deviation value of 2.42% [1][3] - Heng Rui Pharmaceutical (01276) has a premium rate of -3.49% and a deviation value of -2.41% [1][3] - Zijin Mining (02899) ranks third from the bottom with a premium rate of 4.81% and a deviation value of -1.32% [1][3] Group 3: Deviation Values - The highest deviation values are seen in Northeast Electric (00042) at 87.12%, followed by Changfei Optical Fiber (06869) at 31.52% and Dazhong Public Utilities (01635) at 29.80% [1][4] - The lowest deviation values are recorded for Qin Port Co. (03369) at -22.56%, Longyuan Power (00916) at -20.30%, and Longpan Technology (02465) at -16.74% [1][5]

（文章来源：每日经济新闻） 每经AI快讯，9月25日，港股恒瑞医药(01276.HK)早盘涨超4%，截至发稿，涨4%，报90.95港元，成交 额4737.84万港元。 ...

公开资料显示，Glenmark Specialty隶属于Glenmark Pharmaceuticals公司，后者是一家以研究为主导的全 球制药公司，总部位于印度孟买，于印度国家证券交易所以及孟买证券交易所上市，业务涵盖创新药、 仿制药及OTC领域，重点关注呼吸、皮肤及肿瘤学治疗领域。在四大洲拥有11家世界级生产设施，业务 覆盖80多个国家，2023年制药销售额位列生物制药公司前100名。 消息面上，恒瑞医药发布公告称，将公司具有自主知识产权的1类创新药瑞康曲妥珠单抗(SHR-A1811) 项目有偿许可给Glenmark Specialty。Glenmark Specialty将向恒瑞支付1800万美元首付款。恒瑞有资格获 得与注册和销售相关的里程碑付款，最高可达10.93亿美元。根据瑞康曲妥珠单抗在授权范围内的销售 情况，Glenmark Specialty将向恒瑞支付相应的销售提成。 智通财经APP获悉，恒瑞医药(01276)早盘涨超4%，截至发稿，涨4%，报90.95港元，成交额4737.84万 港元。 ...

Major Events - Chery Automobile (09973) has received a subscription rate of 308.18 times for its Hong Kong public offering [1] - Sinopec Oilfield Services (01033) has officially signed a contract for the second phase of the Ratawi oil field and inter-well pipeline project in Iraq [1] - Heng Rui Medicine (01276) has signed a licensing agreement for the Trastuzumab project with Glenmark Specialty [1] - AsiaInfo Technologies (01675) has signed a cooperation contract with Alibaba Cloud for a capability center [1] - Baidu Biotechnology-B (02315) has received approval from the Shanghai Stock Exchange's Science and Technology Innovation Board for its A-share issuance [1] Financial Data - Chow Tai Fook Enterprises (00659) reported a 3.73% year-on-year increase in net profit attributable to shareholders, reaching HKD 2.162 billion, with a final dividend of HKD 0.35 per share [1] - Nine Dragons Paper (02689) reported a 135.4% year-on-year increase in profit attributable to equity holders, amounting to approximately HKD 1.767 billion [1] - Datang New Energy Group (00559) announced an annual profit of HKD 33.614 million, marking a return to profitability [1] Buybacks and Increases - Tencent Holdings (00700) repurchased 858,000 shares at a cost of approximately HKD 550 million on September 24 [1] - Anta Sports (02020) spent HKD 188 million to repurchase 2.003 million shares on September 24 [1] - Midea Group (00300) repurchased 1.3541 million A-shares for approximately HKD 99.9934 million on September 24 [1] - Lianlian Digital (02598) plans to repurchase H-shares in the open market [1] - Giant Bio (02367) saw its controlling shareholder increase holdings by 2.0066 million shares [1] - New天绿色能源 (00956) received an increase of 1 million H-shares from its shareholder, Great Wall Life Insurance [1]

根据协议，恒瑞将瑞康曲妥珠单抗在除中国大陆、中国香港特别行政区、中国澳门特别行政区及中国台 湾地区、美国、加拿大、欧洲、日本、俄罗斯、亚美尼亚、阿塞拜疆、白俄罗斯、哈萨克斯坦、吉尔吉 斯斯坦、摩尔多瓦、塔吉克斯坦、土库曼斯坦和乌兹别克斯坦外 的全球范围内开发及商业化的独家权 利有偿许可给Glenmark Specialty。Glenmark Specialty 将向恒瑞支付 1800 万美元首付款，恒瑞有资格获 得与注册和销售相关的里程碑付款，最高可达10.93 亿美元。根据瑞康曲妥珠单抗在授权范围内的销售 情况，Glenmark Specialty 将向恒瑞支付相应的销售提成。 智通财经APP讯，恒瑞医药(01276)公布，公司与GlenmarkSpecialty S.A.(以下简称"Glenmark Specialty") 达成协议，将公司具有自主知识产权的 1 类创新药瑞康曲妥珠单抗(SHR-A1811)项目有偿许可给 GlenmarkSpecialty。 本协议的签署有助于拓宽瑞康曲妥珠单抗的海外市场，为全球患者提供优质的治疗选择，也将进一步提 升公司创新品牌和海外业绩。公司坚持自主研发与开放合作并重 ...

Glenmark Specialty隶属于Glenmark Pharmaceuticals公司，Glenmark Pharmaceuticals是一家以研究为主导 的全球制药公司，总部位于印度孟买，于印度国家证券交易所(股份代码：GLENMARK)以及孟买证券 交易所(股份代码：532296)上市，业务涵盖创新药、仿制药及OTC领域，重点关注呼吸、皮肤及肿瘤学 治疗领域。 恒瑞将瑞康曲妥珠单抗在除中国大陆、中国香港、中国澳门及中国台湾、美国、加拿大、欧洲、日本、 俄罗斯、亚美尼亚、阿塞拜疆、白俄罗斯、哈萨克斯坦、吉尔吉斯斯坦、摩尔多瓦、塔吉克斯坦、土库 曼斯坦和乌兹别克斯坦外的全球范围内开发及商业化的独家权利有偿许可给GlenmarkSpecialty。 Glenmark Specialty将向恒瑞支付1800万美元首付款。恒瑞有资格获得与注册和销售相关的里程碑付款， 最高可达10.93亿美元。根据瑞康曲妥珠单抗在授权范围内的销售情况，Glenmark Specialty将向恒瑞支 付相应的销售提成。 格隆汇9月24日丨恒瑞医药(01276.HK)发布公告，公司与GlenmarkSpecialty S.A.( ...