Group 1 - The Hang Seng Index Company and Hong Kong Exchanges and Clearing Limited announced the quarterly index review results for the Hang Seng Stock Connect China Enterprises Index as of September 30, 2025 [1] - The number of constituent stocks remains at 80, with four new additions: China Hongqiao Group (01378), Innovent Biologics (01801), Yum China Holdings (09987), and North Huachuang (002371.SZ) [1][2] - Four stocks were removed from the index: New Energy (02688), Huaneng Lancang River Hydropower (600025.SH), and Inner Mongolia Yili Industrial Group (600887.SH) [1][3] Group 2 - The changes will take effect on December 8, 2025 [1]

Core Insights - Southbound funds recorded a net inflow of approximately 38.60 billion HKD this week, an increase of about 13.90 billion HKD compared to last week, accounting for 41.88% of the total turnover of the Hang Seng Index [2] - Despite a continued adjustment in the Hong Kong stock market, southbound funds maintained a consistent inflow over five trading days, with a focus on increasing positions in technology stocks [2] - Alibaba saw a net buy of 13.32 billion HKD over the past week, marking a significant investment trend [3] Investment Highlights - Alibaba (9988.HK) experienced a net buy of 13.32 billion HKD, despite a weekly decline of 4.71%, with 57.10 million shares added in the last five days [4] - Xiaomi (1810.HK) had a net buy of 5.58 billion HKD, with a weekly decline of 10.10% and 59.82 million shares added [4] - Tencent (0700.HK) saw a net buy of 2.90 billion HKD, with a weekly decline of 4.84% and 1.80 million shares added [4] - Xpeng Motors (9868.HK) recorded a net buy of 2.29 billion HKD, with a significant weekly decline of 20.47% and 1.88 million shares added [4] - On the sell side, Pop Mart (9992.HK) faced a net sell of 460 million HKD, with a weekly decline of 7.90% and a reduction of 2.25 million shares [4] Daily Fund Flow - On the latest trading day, southbound funds had a net buy of approximately 1.05 billion HKD, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of about 498 million HKD, while the Shenzhen-Hong Kong Stock Connect had a net outflow of approximately 393 million HKD [5] - Major net buys included Alibaba (11.58 billion HKD), Tencent (17.36 billion HKD), and Xiaomi (10.82 billion HKD) [5] - Significant net sells included Hua Hong Semiconductor (3.37 billion HKD) and Ganfeng Lithium (1.91 billion HKD) [5]

Group 1 - The core point of the article is the inclusion of Innovent Biologics in the Hang Seng ESG Enhanced Index as part of the quarterly index review by Hang Seng Indexes Company [1] Group 2 - The announcement was made on November 21, indicating a significant update in the ESG index landscape [1] - The review also included the Hang Seng ESG Enhanced Select Index and the Hang Seng China Enterprises ESG Enhanced Index, highlighting a broader focus on ESG criteria [1]

Core Viewpoint - The article highlights the successful results of the phase III clinical trial (GLORY-2) for the drug IBI362 (Masitide) developed by Innovent Biologics, indicating its effectiveness in weight management for adults with moderate to severe obesity in China [4][6]. Group 1: Clinical Trial Results - The GLORY-2 study included 462 adult participants with a baseline average weight of approximately 94.0 kg and an average BMI of about 34.3 kg/m², with 16% having type 2 diabetes [4]. - At week 60, the Masitide 9 mg group experienced an average weight loss of 18.55%, compared to 3.02% in the placebo group, with 44.0% of participants in the Masitide group achieving a weight reduction of 20% or more [6]. - In the subgroup without type 2 diabetes, the Masitide group had an average weight loss of 20.08%, while the placebo group had 2.81%, with 48.7% of participants in the Masitide group achieving a weight reduction of 20% or more [6]. Group 2: Secondary Outcomes - The Masitide 9 mg group showed significant improvements in waist circumference, systolic blood pressure, triglycerides, non-HDL cholesterol, LDL cholesterol, and uric acid levels compared to the placebo group [6]. - MRI-PDFF assessments indicated a 71.9% reduction in liver fat content in the Masitide group among participants with baseline liver fat content ≥10%, while the placebo group saw a 5.1% increase [6]. Group 3: Safety and Tolerability - Masitide 9 mg was well-tolerated, with no new safety signals identified; gastrointestinal adverse events were mostly mild to moderate and transient [6]. - The rate of treatment discontinuation due to adverse events was 2.9% in the Masitide group compared to 0% in the placebo group [6]. Group 4: Drug Mechanism and Development - Masitide is a dual receptor agonist for glucagon and GLP-1, promoting insulin secretion, reducing blood sugar, suppressing appetite, and enhancing energy expenditure and fat metabolism [7]. - Innovent Biologics has initiated or completed multiple phase III studies for Masitide, targeting various populations, including overweight or obese adults and patients with type 2 diabetes [7]. Group 5: Future Indications - The expansion of Masitide's indications is underway, including applications for adolescent obesity, metabolic-associated fatty liver disease (MASH), heart failure with preserved ejection fraction (HFpEF), and head-to-head trials with higher doses and other drugs [8].

Group 1 - Hang Seng Index will include Innovent Biologics (01801), increasing the number of constituent stocks from 88 to 89 [1][4] - Hang Seng China Enterprises Index will include China Hongqiao (01378), Innovent Biologics, and Yum China (09987), while New Energy (02688) and New Oriental-S (09901) will be removed, maintaining a total of 50 constituent stocks [3][5] - Hang Seng Technology Index will include Leapmotor (09863), while ASMPT (00522) will be removed, keeping the number of constituent stocks at 30 [7][9] Group 2 - Hang Seng Composite Index will include FWD Group (01828), Hesai Technology-W (02525), Aux Group (02580), Geekplus Technology-W (02590), Yino Pharma (02591), and Chery Automobile (09973), increasing the number of constituent stocks from 503 to 509 [10][11][12]

Market Index - Hang Seng Indexes 将生物制药公司 Innovent Biologics（信达生物）加入其香港股票基准指数 [1]

Core Insights - The Hang Seng Index Company announced its quarterly review results, including the addition of Sinopharm to the Hang Seng Index, increasing the number of constituent stocks from 88 to 89 [1] - The Hang Seng Tech Index will include Li Auto while removing ASMPT from its constituents [1] Group 1 - The Hang Seng Index will now consist of 89 stocks following the inclusion of Sinopharm [1] - The addition of Sinopharm reflects a strategic move to enhance the index's representation of the healthcare sector [1] - The Hang Seng Tech Index's adjustment indicates a shift in focus towards electric vehicle manufacturers like Li Auto [1]

Core Points - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series as of September 30, 2025, with changes to be implemented after market close on December 5, 2025, and effective from December 8, 2025 [1] Group 1 - Innovent Biologics has been included in the Hang Seng Index [1] - New Hope Energy, Haidilao, and New Oriental Education have been removed from the Hang Seng China Enterprises Index [1]

智通财经APP获悉，11月21日，恒生指数公司宣布截至2025年9月30日之恒生指数系列季度检讨结果， 所有变动将于2025年12月5日(星期五)收市后实施并于2025年12月8日(星期一)起生效。其中，信达生物 (01801)将被纳入恒生指数成份股，成份股数目将由88只增加至89只。 1.恒生指数 信达生物(01801)将被纳入恒生指数成份股，成份股数目将由 88 只增加至 89 只。 | 代号 | 公司 | 恒指分类指数 | | --- | --- | --- | | 1801 | 信达生物制药 | 恒生工商业分类指数 | 2.恒生中国企业指数 中国宏桥(01378)、信达生物、百胜中国(09987)将被纳入恒生中国企业指数成份股，新奥能源(02688)、 新东方-S(09901)等将被剔除。成份股数目维持50只。 3.恒生科技指数 零跑汽车(09863)将被纳入恒生科技指数成份股，ASMPT(00522)将被剔除，成份股数目维持30只。 | 代름 | 公司 | | --- | --- | | 1378 | 中国宏桥集团有限公司 | | 1801 | 信达生物制药 | | 9987 | 百胜中国控股有限公 ...

Group 1 - The report highlights the "engineer dividend" period for China's innovative drug industry, indicating that local innovations have gained full recognition from multinational corporations (MNCs) [4][5][53] - The report emphasizes the strong performance of various Chinese biotech stocks, with notable price increases observed in companies like Rongchang Biopharmaceutical (+199%) and Mawei Biopharmaceutical (+124%) in the A-share market [4][16] - The report identifies a significant increase in the number of first-in-class (FIC) drugs entering clinical trials in China, from only 9 in 2015 to an expected 120 in 2024, with China's global share of FIC drugs exceeding 30% [4][22] Group 2 - The report discusses the leading position of Chinese companies in the antibody-drug conjugate (ADC) sector, with over 50% global pipeline share in key targets such as HER2 and TROP2 [25][32] - It notes that two Chinese ADC drugs have entered the top ten global upfront payment rankings, indicating strong valuation potential for local innovations [30][31] - The report highlights the anticipated growth in bispecific antibodies (bsAbs), with Chinese companies dominating the top five global upfront payments for related assets [37][41] Group 3 - The report recommends several companies with significant global single product potential, including Kolon Biotech and Innovent Biologics, while also highlighting others like 3SBio and BeiGene as companies to watch [6][52] - It emphasizes the potential for substantial global pricing power for assets, particularly for companies like Rongchang Biopharmaceutical and Zai Lab, which are expected to see continued clinical data readouts [6][52] - The report suggests that companies like Innovent Biologics and Rongchang Biopharmaceutical are likely to turn profitable, with expectations of improved financial performance in the coming years [6][52]