Market Overview - The Hong Kong stock market faced pressure, with the Hang Seng Index dropping over 1%, closing at 25,965.36 points, down 1.23% or 319.72 points, with a total turnover of HKD 206.23 billion [1] - The Hang Seng China Enterprises Index fell by 1.25% to 9,083.53 points, while the Hang Seng Tech Index remained flat at 5,662.55 points [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 3.45% to HKD 125.8, contributing 8.38 points to the Hang Seng Index [2] - Other notable performers included SMIC (00981) up 2.94% and China Ping An (02318) up 2.15%, while China Construction Bank (00939) fell 4.01%, dragging the index down by 54.39 points [2] Sector Highlights - Major technology stocks generally declined, with Alibaba down over 1% and Tencent down 0.82% [3] - Chinese brokerage stocks rose against the trend, with Huatai Securities (06886) up 5.17% and GF Securities (01776) up 3.1% [3][4] - The light communication sector saw significant gains, with Huiju Technology (01729) rising 7.65% [4] - Lithium stocks mostly increased, with Ganfeng Lithium (01772) up 6.95% and CATL (03750) up 3.28% [5] Regulatory Developments - The Chairman of the China Securities Regulatory Commission (CSRC) emphasized the need to accelerate the development of top-tier investment banks and institutions, indicating a potential easing of regulations for quality institutions [4] - The CSRC plans to optimize risk control indicators and open up capital space and leverage limits [4] New Drug Listings - The National Healthcare Security Administration announced the addition of 114 new drugs to the 2025 National Medical Insurance Drug List, with a success rate of 88%, significantly higher than the previous year's 76% [6] New Listings and Stock Movements - New listings included Zhuoyue Ruixin (02687), which surged 87.26% to HKD 126.4, while Naxin Micro (02676) fell 4.31% [7] - Restructured Energy (02570) saw a significant drop of 27.33% on its first trading day after the lock-up period ended [8] - Silver Pharma-B (02591) experienced a decline of 14.32% as it was adjusted into the Hong Kong Stock Connect [9] - Sutech (02498) performed well, rising 5.23% after securing a major contract with FAW Toyota [10]

（文章来源：每日经济新闻） 每经AI快讯，歌礼制药-B(01672.HK)涨超4%，截至发稿涨4.25%，报14.23港元，成交额2682.71万港 元。 ...

Core Viewpoint - The stock of Gilead Sciences-B (01672) has risen over 4%, currently trading at 14.23 HKD, with a transaction volume of 26.83 million HKD, following the acceptance of its new drug application for Denifanstat by the CDE [1] Company Developments - Gilead's new drug Denifanstat (ASC40) is a potential first-in-class oral fatty acid synthase (FASN) inhibitor, aimed at treating moderate to severe acne [1] - The drug was originally developed by Sagimet Biosciences, and Gilead holds exclusive rights for it in Greater China [1] Market Positioning - According to Industrial Securities, Gilead is focusing on the weight loss metabolic field, addressing core pain points with a deep pipeline layout [1] - The company is expected to maintain a differentiated competitive advantage in the weight loss sector, especially with the potential readout of phase II data for small molecule GLP-1R agonists and further progress in the THRβ pipeline [1] - The acne treatment drug ASC40 is anticipated to gradually contribute to the company's revenue [1]

Core Viewpoint - Gilead Sciences-B (01672) shares rose over 4%, reaching HKD 14.23 with a trading volume of HKD 26.8271 million following the acceptance of its new drug application for Denifanstat, a potential treatment for moderate to severe acne [1] Group 1: Company Developments - On December 4, the CDE website indicated that Gilead's application for the first-class new drug Denifanstat has been accepted, targeting moderate to severe acne treatment [1] - Denifanstat (ASC40) is a potential first-in-class oral fatty acid synthase (FASN) inhibitor, originally developed by Sagimet Biosciences, with Gilead holding exclusive rights in Greater China [1] Group 2: Market Position and Future Prospects - Industrial Securities previously noted that Gilead is continuously investing in the weight loss metabolism sector, focusing on core pain points in the weight loss pipeline [1] - With the potential readout of phase II data for small molecule GLP-1R agonists and further progress in the THRβ pipeline, the company is expected to maintain a differentiated competitive advantage in the weight loss field [1] - The acne treatment drug ASC40 is also anticipated to gradually contribute to the company's revenue [1]

Core Viewpoint - The stock of Gilead Sciences-B (01672) has risen over 4%, currently trading at 14.23 HKD, with a transaction volume of 26.83 million HKD, following the acceptance of its new drug application for Denifanstat by the CDE [1] Group 1: Drug Development - Gilead's new drug Denifanstat, a potential first-in-class oral FASN inhibitor, is aimed at treating moderate to severe acne [1] - The drug was initially developed by Sagimet Biosciences, and Gilead holds exclusive rights in Greater China [1] Group 2: Market Position and Strategy - According to Industrial Securities, Gilead is continuously investing in the weight loss metabolism sector, focusing on core pain points in the weight loss market [1] - The company is expected to maintain a differentiated competitive advantage in the weight loss field with the potential readout of phase II data for small molecule GLP-1R agonists and further progress in the THRβ pipeline [1] - The acne treatment drug ASC40 is also anticipated to gradually contribute to the company's revenue [1]

歌礼制药-B回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.04 | 162.00 | 13.230 | 12.330 | 2093.89 | | 2025.12.03 | 130.60 | 12.480 | 11.680 | 1592.75 | | 2025.11.05 | 10.00 | 9.320 | 9.100 | 92.40 | | 2025.10.31 | 20.00 | 9.730 | 9.370 | 193.27 | | 2025.10.28 | 10.00 | 9.310 | 9.140 | 91.89 | | 2025.10.27 | 10.00 | 9.730 | 9.580 | 97.00 | | 2025.10.23 | 20.00 | 9.200 | 8.860 | 180.30 | | 2025.10.22 | 10.00 | 9.340 | 9.220 | 92.65 | | 2025.10.17 | 10.00 | 9.31 ...

Core Viewpoint - The company, Gilead Sciences-B (01672), announced a share buyback plan, indicating confidence in its financial position and future prospects [1] Group 1 - The company will repurchase 1.62 million shares [1] - The total expenditure for the buyback is HKD 20.9389 million [1] - The buyback price range is set between HKD 12.33 and HKD 13.23 per share [1]

智通财经APP讯，歌礼制药-B(01672)发布公告，于2025年12月4日该公司斥资2093.89万港元回购162万 股，回购价格为每股12.33-13.23港元。 ...

表格類別： 股票 狀態： 新提交 公司名稱： 歌禮製藥有限公司 呈交日期： 2025年12月4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 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01672 | 說明 | | | | | | 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 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下 ...

Core Viewpoint - The innovative drug concept stocks have shown a rebound, with notable increases in share prices for several companies, driven by recent developments in the healthcare policy landscape in China [1]. Group 1: Stock Performance - Gilead Sciences-B (01672) increased by 10.26%, reaching HKD 13.11 [1] - Kangfang Biotech (09926) rose by 4.15%, reaching HKD 123.1 [1] - Zai Lab (09688) saw a 3.36% increase, reaching HKD 15.69 [1] - Xiansheng Pharmaceutical (02096) grew by 2.9%, reaching HKD 13.48 [1] Group 2: Policy Developments - In November, the National Healthcare Security Administration initiated negotiations for the 2025 National Basic Medical Insurance Drug List and the pricing consultation for the commercial insurance innovative drug list [1] - The fourth batch of traditional Chinese medicine centralized procurement was launched nationwide [1] - Beijing introduced policies related to medical devices, and the State Council meeting outlined the promotion of provincial-level coordination for basic medical insurance [1] Group 3: Market Insights - Bohai Securities highlighted the importance of the upcoming release of the new basic medical insurance drug list and the first commercial insurance innovative drug list in early December, indicating potential investment opportunities for related pharmaceutical companies [1] - Zhongyou Securities noted that despite a temporary vacuum in domestic BD (business development) transactions, there have been multiple collaborations with multinational corporations (MNCs) since Q4, reflecting recognition of the innovative research capabilities of domestic companies [1] - The strong competitive advantages of China's innovative drug industry, including the capacity of the industry chain, pipeline quantity and quality, and research efficiency, are expected to foster long-term positive trends [1]