Core Viewpoint - The financial markets are experiencing volatility due to mixed signals from the Federal Reserve regarding interest rate policies, geopolitical tensions, and sector-specific performance in both U.S. and international markets [3][4][11]. Market Performance - U.S. stock indices showed mixed results with the Dow Jones down 0.65%, S&P 500 down 0.05%, and Nasdaq up 0.13% [4][8]. - European indices faced declines, with Germany's DAX30 down 0.69%, UK's FTSE 100 down 1.11%, and the Euro Stoxx 50 down 0.85% [4][8]. - Hong Kong's Hang Seng Index fell 1.85%, closing at 26,572.46 points, with significant declines in technology stocks [5][8]. - A-shares also declined, with the Shanghai Composite Index down 0.97%, closing below 4,000 points [6][9]. Commodity Prices - WTI crude oil prices rose by 2.13%, closing at $59.82 per barrel, while Brent crude increased by 0.22% to $63.95 per barrel [4][8]. - Gold prices fell by 2.2%, ending at $4,079.58 per ounce, and silver dropped by 3.4% to $50.56 per ounce [8][9]. Federal Reserve Signals - Federal Reserve officials, including Logan and Schmidt, issued strong hawkish signals, indicating that further rate cuts may not be appropriate at this time [11]. - The market is reacting to these signals, with expectations of interest rate stability impacting various asset classes [11]. Corporate Developments - Berkshire Hathaway disclosed a rare technology stock position, having built a stake in Alphabet, Google's parent company, during Q3 [11]. - Huawei is expected to announce breakthrough technologies in the AI sector, which could enhance computational resource efficiency [17].

Market Performance - The Hang Seng Index increased by 1.26% this week, closing at 26,572.46 points, while the Tech Index decreased by 0.42% to 5,812.80 points, and the National Enterprises Index rose by 1.41% to 9,397.96 points [2][4]. Market Dynamics - The fluctuations in the Hong Kong stock market are closely related to external environments, particularly the impact of the U.S. government shutdown, which temporarily locked nearly one trillion dollars in liquidity, raising the cost of dollar funds and pressuring risk assets like U.S. and Hong Kong stocks [4]. - A recent report from Western Securities suggests that the end of the U.S. government shutdown may release previously "frozen" dollar liquidity, potentially leading to a liquidity-driven rally in the Hong Kong stock market [4]. Capital Inflows - Southbound capital has provided strong support, with net purchases through the Stock Connect exceeding HKD 1.3 trillion this year, totaling over HKD 5 trillion, indicating a shift towards a "semi-onshore market" where domestic capital plays a more significant role in pricing [4]. Sector Performance - Pharmaceutical stocks have seen renewed interest, with notable gains: - Gilead Sciences (01672.HK) up 45.40% - Clover Biopharmaceuticals (02197.HK) up 29.95% - Yummy (02589.HK) up 18.81% - The positive performance is attributed to strong Q3 results in innovative drugs and life sciences sectors [5]. - Other notable performers include: - HuShang Ayi (02589.HK) up 31.44% due to a new ten-year H-share incentive plan and reaching over 10,739 stores [5]. - Lee & Man Paper (00746.HK) up 17.37% benefiting from rising paper prices [5]. - Conversely, companies like Sanhua Intelligent Control (02050.HK) and Legend Holdings (06683.HK) faced declines of 10.93% and 19.82%, respectively, due to market risk aversion and concerns over equity dilution from a recent share placement [5]. Gold and Automotive Sectors - Gold stocks weakened following hawkish comments from Federal Reserve officials, with China Gold International (02099.HK) down 3.94% and Zijin Mining (02899.HK) down 2.94% [6][7]. - The automotive sector also faced declines, with Xpeng Motors (09868.HK) down 6.80% amid a drop in retail sales of passenger cars by 19% year-on-year for the first nine days of November [10][11]. Brokerage and Semiconductor Stocks - Chinese brokerage stocks adjusted, with major firms like GF Securities (01776.HK) and China Galaxy (06881.HK) experiencing declines due to a significant drop in new account openings [13]. - Semiconductor stocks also fell, influenced by a broader sell-off in U.S. tech stocks, with Shanghai Fudan (01385.HK) down 5.92% and SMIC (00981.HK) down 2.78% [14][16]. Individual Stock Movements - Lehua Entertainment (02306.HK) rose nearly 8% amid speculation regarding a contract renewal with a prominent artist [18]. - Zhonghui Biopharmaceuticals (02627.HK) increased by over 6% after announcing the initiation of Phase I clinical trials for its flu vaccines [19].

消息面上，中金公司发研报指，"十五五"规划中提出"支持创新药和医疗器械发展"，再次印证创新药在 国计民生中的重要地位。我们认为国产创新药正从此前多年的"跟随式创新"中，通过沉淀积累从量变转 为质变，逐渐走出一批"后来居上"、乃至"同类最佳"、"全球首创"的优质管线。 来源：金吾财讯 金吾财讯 | 创新药概念股逆市走强，截至发稿，歌礼制药-B(01672)涨8.82%，金斯瑞生物科技(01548)涨 4.60%，翰森制药(03692)涨3.69%，康诺亚-B(02162)涨3.85%，先声药业(02096)涨2.55%。 中泰国际表示，医药行业创新药出海近期捷报频出，翰森制药将授权罗氏旗下企业抗体偶联物HS- 20110在除大中华地区以外的全球独占许可，信达生物(01801)将与武田药品(4502 JP)携手推进新一代肿 瘤免疫疗法(IO)及抗体偶联物(ADC)的研发。维立志博(09887)将授予美国药企Dianthus(DNTH US)在大 中华地区以外的研发、生产及商业化自身免疫药物LBL-047的权利。该机构认为，翰森制药的合作方罗 氏为全球著名的行业巨头，在ADC研发方面经验丰富，因此HS-20110的 ...

Market Overview - The Hang Seng Index fell by 1.26%, down 340 points, closing at 26,732 points, while the Hang Seng Tech Index dropped by 2.20% [1] - Early trading volume in the Hong Kong stock market reached HKD 125 billion [1] Hydrogen Energy Sector - The hydrogen energy sector experienced significant gains following the National Energy Administration's encouragement of green hydrogen utilization in coal chemical projects [1] - Reshaping Energy (02570) surged over 55% [1] - Guofu Hydrogen Energy (02582) rose over 11% [1] - Guohong Hydrogen Energy (09663) increased by over 5% [1] - Yihua Tong (02402) saw a rise of 6.8% [1] Pharmaceutical Sector - Basestone Pharmaceuticals-B (02616) increased by over 14% as GIC continued to increase its stake, surpassing 7% ownership [1] - Gilead Sciences (01672) rose over 14%, marking five consecutive days of gains, as it develops ASC36 into a monthly therapy [1] - Laika Pharmaceuticals-B (02105) gained 11.96% after securing a significant BD order worth CNY 2.045 billion for a breast cancer target [1] - Yu Yuan Group (00551) rose over 4% due to an increase in shoe prices and potential market share expansion through overseas capacity growth [1] - JS Global Life (01691) increased by 3.5% as a new product from Joyoung became popular, leading to a two-day stock limit increase for Joyoung Co., Ltd. (002242.SZ) [1] - JD Health (06618) rose by 6.8% post-earnings, with a year-on-year operating profit increase of over 125% and strategic partnerships with several well-known pharmaceutical companies [1] Technology Sector - The Hang Seng Tech Index followed the Nasdaq's decline, dropping over 2% [1] - Alibaba fell by 3.46% [1] - Tencent dropped by 0.91% post-earnings [1] Cryptocurrency Sector - Cryptocurrency-related stocks declined, with Boya Interactive (00434) falling over 5% as Bitcoin dropped below the USD 100,000 mark [2]

Core Viewpoint - The stock of Gilead Pharmaceuticals (01672) has risen over 5%, marking a five-day consecutive increase, with a total weekly gain exceeding 30% [1] Group 1: Stock Performance - As of the report, Gilead Pharmaceuticals' stock is up 5.55%, trading at HKD 12.56, with a trading volume of HKD 18.19 million [1] Group 2: Clinical Development - Gilead Pharmaceuticals announced that its next-generation amylin receptor agonist ASC36 and next-generation GLP-1R/GIPR dual-target agonist ASC35 combination formulation have entered clinical development [1] - The company plans to submit a new drug clinical trial application for ASC36 and ASC35 for obesity treatment to the US FDA in the second quarter of 2026 [1] Group 3: Product Characteristics - ASC36 and ASC35 are proprietary ultra-long-acting combination formulations with superior physicochemical stability, showing no aggregation or precipitation at neutral pH levels [1] - Gilead aims to position ASC36 as a cornerstone for monthly therapy targeting cardiac metabolic diseases, including obesity [1] - ASC36 is expected to achieve better efficacy and tolerability compared to GLP-1 therapies and is an ideal candidate for both monotherapy and combination formulations with other long-acting agents like ASC35 or THRβ agonist ASC47 [1]

分析人士指出，ASC36与ASC35为专有的超长效复方制剂，具有优越的理化稳定性，在中性pH值附近 没有纤维化导致的聚集沉淀。歌礼正将ASC36打造为每月一次疗法的基石，用于治疗包括肥胖在内的心 脏代谢疾病。ASC36有望达到比GLP-1疗法更优的疗效和耐受性，是一款既可作为单药疗法，也可与其 他长效制剂如ASC35或THRβ激动剂ASC47开发成复方制剂的理想候选药物。 智通财经APP获悉，歌礼制药(01672)涨超5%暂现五连阳，本周累计涨幅已超30%。截至发稿，涨 5.55%，报12.56港元，成交额1819.48万港元。 消息面上，歌礼制药发布公告，每月一次新一代胰淀素受体激动剂ASC36和每月一次新一代GLP- 1R/GIPR双靶点激动剂ASC35复方制剂进入临床开发阶段。歌礼预计将于2026年第二季度向美国FDA递 交ASC36和ASC35复方制剂用于治疗肥胖症的新药临床试验申请。 ...

Group 1: Solar and Energy Stocks - Solar stocks showed recovery with New Special Energy (01799) up 4.99%, Flat Glass (06865) up 3.25%, Xinyi Solar (00968) up 3.75%, and GCL-Poly Energy (03800) up 2.27%. The China Photovoltaic Industry Association stated that rumors about a polysilicon storage platform were false, aiming to malign the industry [1][2] - Energy storage concept stocks rose against the trend, with Longpan Technology (02465) up 17.09%, Ruipu Lanjun (00666) up 15.2%, and Zhongxin Innovation (03931) up 9.22%. Lithium hexafluorophosphate prices have surged, with some market quotes reaching 150,000 yuan/ton, doubling since mid-October [1] Group 2: Oil and Gas Stocks - Oil stocks collectively declined, with CNOOC (00883) down 3.14%, CNOOC Services (02883) down 2.98%, PetroChina (00857) down 2.09%, and Sinopec (00386) down 1.79%. OPEC's monthly report indicated a slight oversupply in the oil market by 2026, contrasting previous predictions of sustained demand [2] Group 3: Steel and Mining Stocks - Steel stocks saw a midday surge, with Maanshan Iron & Steel (00323) up 7.09%, Ansteel (00347) up 2.26%, and Chongqing Iron & Steel (01053) up 2.13%. The Simandou project in Guinea, which has the potential to become the fifth-largest mine globally, has commenced production [2] Group 4: Airline and Transportation Stocks - Southern Airlines (01055) rose over 3.9% after reporting a 2.2% year-on-year increase in revenue for the first three quarters of 2025 [2] Group 5: Biotechnology and Pharmaceuticals - Gilead Sciences (01672) increased over 5.7% as it announced the clinical development of new drugs ASC36 and ASC35 [3] - Zai Lab (02509) rose over 8.4% after announcing plans for continued related transactions for the commercialization of QX001S from 2026 to 2028 [4] Group 6: Gold Stocks - Gold stocks collectively rose, with China Gold International (02099) up 5.99%, Jihai Resources (02489) up 7.3%, and Lingbao Gold (03330) up 4.47%. Gold prices have surpassed $4,100 and are testing the $4,200 resistance level [4] Group 7: US Market Movements - Major tech stocks in the US fell, with Meta Platforms (META.US) down over 2.8%, Tesla (TSLA.US) down over 2%, and Amazon (AMZN.US) down over 1.9% [5] - Eli Lilly (LLY.US) rose 2.95%, reaching a historical high, after announcing a deal to lower GLP-1 drug prices to $245 per month, potentially opening a new market of 30 million people [5] - The US airline service sector saw gains, with United Airlines (UAL.US) up 5.29% and American Airlines (AAL.US) up 3.62%, as the government is expected to reopen soon [5] Group 8: Nuclear Energy Stocks - US nuclear energy stocks rose, with Oklo (OKLO.US) up 6.67% as the government plans to finance new nuclear power plants to meet the energy demands of AI development [6] Group 9: Company-Specific Developments - On Holding (ONON.US) surged over 17.9% after reporting Q3 net sales of 794.4 million Swiss francs, exceeding market expectations [7] - AMD (AMD.US) rose 9% as it projected a 35% annual growth rate in revenue over the next three to five years, driven by AI chip demand [7]

"基于这些令人振奋的临床前数据，我们认为ASC36和ASC35复方制剂有望在肥胖人群中实现比单药疗 法更显著的减重效果。"歌礼创始人、董事会主席兼首席执行官吴劲梓博士表示，"日益增多的成果证明 了歌礼的平台技术在设计、优化及开发多款每月一次皮下注射超长效多肽方面的能力。" 歌礼制药(01672)再涨超4%，截至发稿，涨3.55%，报11.68港元，成交额853.57万港元。 消息面上，歌礼制药公布，每月一次新一代胰淀素(amylin)受体激动剂ASC36和每月一次新一代GLP- 1R/GIPR双靶点激动剂ASC35复方制剂进入临床开发阶段。歌礼预计将于2026年第二季度向美国食品药 品监督管理局(FDA)递交ASC36和ASC35复方制剂用于治疗肥胖症的新药临床试验申请(IND)。 ...

智通财经APP获悉，歌礼制药(01672)再涨超4%，截至发稿，涨3.55%，报11.68港元，成交额853.57万港 元。 消息面上，歌礼制药公布，每月一次新一代胰淀素(amylin)受体激动剂ASC36和每月一次新一代GLP- 1R/GIPR双靶点激动剂ASC35复方制剂进入临床开发阶段。歌礼预计将于2026年第二季度向美国食品药 品监督管理局(FDA)递交ASC36和ASC35复方制剂用于治疗肥胖症的新药临床试验申请(IND)。 "基于这些令人振奋的临床前数据，我们认为ASC36和ASC35复方制剂有望在肥胖人群中实现比单药疗 法更显著的减重效果。"歌礼创始人、董事会主席兼首席执行官吴劲梓博士表示，"日益增多的成果证明 了歌礼的平台技术在设计、优化及开发多款每月一次皮下注射超长效多肽方面的能力。" ...

在头对头饮食诱导肥胖(DIO)大鼠研究中，ASC36单药的减重效果较eloralintide单药相对提升约32%，而 在头对头DIO小鼠研究中，ASC35单药的减重效果较替尔泊肽单药相对提升约71%。在头对头DIO大鼠 研究中，ASC36和ASC35复方制剂的减重效果较eloralintide和替尔泊肽复方制剂相对提升约51%。 "基于这些令人振奋的临床前数据，我们认为ASC36和ASC35复方制剂有望在肥胖人群中实现比单药疗 法更显著的减重效果。"歌礼创始人、董事会主席兼首席执行官吴劲梓博士表示，"日益增多的成果证明 了歌礼的平台技术在设计、优化及开发多款每月一次皮下注射超长效多肽方面的能力。" 歌礼制药-B(01672)发布公告，每月一次新一代胰淀素(amylin)受体激动剂ASC36和每月一次新一代GLP- 1R/GIPR双靶点激动剂ASC35复方制剂进入临床开发阶段。歌礼预计将于2026年第二季度向美国食品药 品监督管理局(FDA)递交ASC36和ASC35复方制剂用于治疗肥胖症的新药临床试验申请(IND)。 每月一次新一代胰淀素受体激动剂ASC36与每月一次新一代GLP-1R/GIPR双靶点激动剂A ...