中国经济网北京10月14日讯君实生物(688180.SH)今日收报37.67元，跌幅3.19%。该股目前处于破发状 态。 君实生物2022年度向特定对象发行A股股票募集资金情况为，根据中国证监会出具的《关于同意上海君 实生物医药科技股份有限公司向特定对象发行股票注册的批复》(证监许可[2022]2616号)，公司获准向 特定对象发行人民币普通股7,000.00万股，每股发行价格为人民币53.95元，募集资金总额为人民币 3,776,500,000.00元；扣除各项发行费用合计人民币31,697,205.06元(不含增值税)后，实际募集资金净额 为人民币3,744,802,794.94元。实际到账金额为人民币3,759,350,000.00元，包括尚未支付的其他发行费用 人民币14,547,205.06元。上述资金已于2022年11月23日到位，容诚会计师事务所(特殊普通合伙)对公司 本次向特定对象发行股票的资金到位情况进行了审验，并于2022年11月24日出具了容诚验字 [2022]230Z0337号《验资报告》。募集资金到账后，已全部存放于公司开设的募集资金专项账户内。 经计算，君实生物两次募集资金合计86 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.05%), China Telecom (69.96%), and COSCO Shipping Energy (68.73%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Zijin Mining (+1 billion), Kuaishou (+0.981 billion), and Pop Mart (+0.624 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are SMIC (-2.258 billion), Hua Hong Semiconductor (-1.222 billion), and Alibaba (-0.714 billion) [1][4] Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.05% [2] - China Telecom (00728) has a holding of 9.711 billion shares, representing 69.96% [2] - COSCO Shipping Energy (01138) has a holding of 891 million shares, representing 68.73% [2] - Other notable companies include Changfei Optical Fiber (06869) at 68.48% and China Shenhua (01088) at 67.25% [2] Recent Increases in Holdings - Zijin Mining (02899) saw an increase of 1 billion in holding amount, with a change of 29.19 million shares [2][4] - Kuaishou (01024) experienced an increase of 0.981 billion, with a change of 12.19 million shares [2][4] - Pop Mart (09992) had an increase of 0.624 billion, with a change of 2.39 million shares [2][4] Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.258 billion in holding amount, with a change of 28.18 million shares [4] - Hua Hong Semiconductor (01347) saw a decrease of 1.222 billion, with a change of 13.86 million shares [4] - Alibaba (09988) experienced a decrease of 0.714 billion, with a change of 4.39 million shares [4]

Group 1 - The core point of the news is that Junshi Biosciences has experienced a decline in stock price, dropping 1.77% to 38.91 CNY per share, with a total market capitalization of 39.949 billion CNY and a cumulative drop of 6.15% over the past three days [1] - Junshi Biosciences, established on December 27, 2012, focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with 90.67% of its revenue coming from drug sales [1] - The company is headquartered in Shanghai, with additional offices in Hong Kong, and was listed on July 15, 2020 [1] Group 2 - From the perspective of fund holdings, only one fund under Huatai-PineBridge has a significant position in Junshi Biosciences, with a reduction of 10.87 thousand shares in the second quarter, now holding 166.23 thousand shares, representing 4.89% of the fund's net value [2] - The fund, Huatai-PineBridge CSI Precision Medicine Index (LOF) A, has reported a floating loss of approximately 116.36 thousand CNY today and a total floating loss of 423.89 thousand CNY during the three-day decline [2] - The fund was established on January 21, 2016, with a current scale of 778 million CNY and has achieved a year-to-date return of 41.21% [2]

Investment Rating - The report suggests a positive outlook for the oligonucleotide drug industry, indicating that it is on the verge of a therapeutic paradigm revolution, particularly in the treatment of common diseases [3]. Core Insights - The oligonucleotide drug market is approaching a critical point of explosion, with significant advancements in delivery technologies and therapeutic targets [3]. - The report highlights the potential for multiple innovative treatment paradigms for common liver diseases over the next five years, focusing on lipid-lowering, blood pressure reduction, and hepatitis B [3]. - The report emphasizes the importance of differentiated delivery technologies and the potential for business development (BD) opportunities in the industry [3]. Summary by Sections Industry Overview - The report revisits the previous assessment from January 2021, which predicted that oligonucleotide drugs would become the third major class of therapeutics after small molecules and monoclonal antibodies [3]. - It notes that the market has seen a significant increase in the number of approved siRNA/ASO drugs since 2022, addressing unmet medical needs [4]. Market Dynamics - The report identifies key players in the industry, including Alnylam, Arrowhead, and Ionis, and discusses their market capitalization changes from 2021 to 2025, highlighting Alnylam's significant growth due to successful drug launches [7]. - It mentions that the market for oligonucleotide drugs is expanding into common diseases, with Alnylam's drugs like Amvuttra and Inclisiran showing strong sales potential [20]. Technological Advancements - The report discusses advancements in delivery technologies, particularly the GalNAc conjugation platform, which has significantly improved the efficacy and safety of oligonucleotide drugs [41][42]. - It highlights the ongoing research into dual-target oligonucleotide drugs, which may become a new trend in the industry [36]. Competitive Landscape - The report outlines the competitive landscape, noting that multinational corporations (MNCs) are actively acquiring clinical-stage FIC drugs and exploring collaborations with biotech firms [3]. - It emphasizes the need for targeted delivery systems for different organs, indicating that the advancement and differentiation of delivery platforms will be crucial for the future success of oligonucleotide drug companies [26][27].

Group 1 - The core point of the news is that Junshi Biosciences has experienced a decline in stock price, dropping 1.77% to 38.91 CNY per share, with a total market capitalization of 39.949 billion CNY and a cumulative drop of 6.15% over the last three days [1] - Junshi Biosciences, established on December 27, 2012, focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs, with 90.67% of its revenue coming from drug sales [1] - The company is located in Shanghai and has been publicly listed since July 15, 2020 [1] Group 2 - According to data, the ICBC Credit Suisse Fund has one fund heavily invested in Junshi Biosciences, with the Kexin Medical ETF (588860) reducing its holdings by 344,700 shares, now holding 235,400 shares, which represents 4.15% of the fund's net value [2] - The Kexin Medical ETF has incurred a floating loss of approximately 164,800 CNY today and a total floating loss of 600,200 CNY during the three-day decline [2] - The Kexin Medical ETF was established on August 8, 2024, with a current size of 193 million CNY and has achieved a year-to-date return of 40.82% [2]

Group 1 - Hong Kong's Hang Seng Index fell by 3.49%, down 916 points, closing at 25,373 points, while the Hang Seng Tech Index dropped by 4.54%. The morning trading volume reached HKD 281.8 billion [1] - Jinli Permanent Magnet (06680) surged over 12% as a rare earth giant announced price increases, with institutions optimistic about the strengthening strategic position of rare earths [1] - Semiconductor stocks rose against the trend, with Huahong Semiconductor (01347) increasing by 3.6%, driven by escalating competition in the technology sector and multiple catalysts for the semiconductor industry [1] - Kingsoft (03888) saw a rise of over 18% at one point, closing up over 9%, as external frictions escalate, highlighting the trend towards self-controlled industries and investment opportunities in the Xinchuang sector [1] - Gold stocks mostly rose due to risk aversion, with spot gold breaking through USD 4,060. Zijin Mining International (02259) increased by 4.6%, and Chifeng Jilong Gold Mining (06693) rose by 2.5% [1] Group 2 - MicroPort Scientific-B (02252) rose over 2% as its commercialization process accelerated, with overseas orders exceeding 60 units [2] Group 3 - Liqin Resources (02245) increased by over 5% following the implementation of cobalt export quotas in the Democratic Republic of Congo [3] - China Merchants Energy (01138) rose over 4% due to seasonal demand and event disturbances, with institutions expecting stronger freight rates [3] - Domestic insurance stocks fell across the board, with Tianan Insurance announcing a debt default of CNY 5.3 billion, which institutions suggest may mark the beginning of market-driven risk pricing. New China Life Insurance (01336) fell by 5%, China Pacific Insurance (02328) by 3.9%, and China Taiping Insurance (02601) by 3.6% [3] Group 4 - Pharmaceutical stocks continued their recent downward trend, with Junshi Biosciences (01877) dropping nearly 10.6% and Kanglong Chemical (03759) falling over 9% [4] Group 5 - Apple-related stocks experienced significant declines, with Hongteng Precision (06088) dropping over 10%, as institutions stated that the impact of tariffs on the supply chain should not be overestimated [5]

Core Viewpoint - The Hong Kong pharmaceutical stocks continue to decline, particularly in the CRO sector, with significant drops in share prices for several companies [1] Group 1: Company Performance - Junshi Biosciences (01877.HK) decreased by 7.98%, trading at 27.22 HKD [1] - Kanglong Chemical (03759.HK) fell by 6.3%, with a price of 24.4 HKD [1] - Kelun Pharmaceutical (06821.HK) saw a decline of 5.69%, priced at 91.95 HKD [1] - Tigermed (03347.HK) dropped by 3.48%, trading at 42.4 HKD [1]

Group 1 - Pharmaceutical stocks continue to decline, with CRO sector leading the drop, including significant declines in Junshi Biosciences (down 7.98%), Kanglong Chemical (down 6.3%), Kelaiying (down 5.69%), and Tigermed (down 3.48%) [1] - Recent market trends in the pharmaceutical sector are attributed to several factors, including a deal between the Trump administration and Pfizer to lower drug prices in the U.S., which is seen as a reconciliation signal between U.S. pharmaceutical companies and the government [1] - The U.S. Senate's consideration of a bill to prohibit certain Chinese biotech companies from receiving federal funding has led to a significant pullback in the CXO sector [1] Group 2 - Recent tensions in U.S.-China trade relations have escalated, with a renewed tariff war expected; however, the pharmaceutical market is not overly concerned as the industry has shown resilience since the first tariff war in April [2] - The innovative drug and CXO sectors have outperformed other sub-industries, driven by China's rising independent innovation and ongoing overseas business development, which are less affected by tariffs [2] - The CXO sector benefits from strong upstream and downstream relationships and a service pricing model that allows companies to pass on tariff pressures relatively freely [2]

Group 1 - Pharmaceutical stocks continued to decline, with CRO sector leading the drop, including significant declines in companies like Junshi Biosciences (-7.98%), Kanglong Chemical (-6.3%), and others [1] - Recent market trends in the pharmaceutical sector are attributed to several factors, including a deal between the Trump administration and Pfizer to lower drug prices in the U.S., which is seen as a reconciliation signal between U.S. pharmaceutical companies and the government [1] - The U.S. Senate's consideration of a bill to prohibit certain Chinese biotech companies from receiving federal funding has led to a significant pullback in the CXO sector [1] Group 2 - Tensions in U.S.-China trade relations have escalated, with renewed tariff battles expected; however, the pharmaceutical market is not overly concerned as the industry has shown resilience [2] - The innovative drug and CXO sectors have performed exceptionally well since the first tariff battle in April, driven by China's rising independent innovation and ongoing overseas business development [2] - The CXO sector's strong business model allows companies to transfer tariff pressures relatively freely due to strong upstream and downstream relationships [2]

Core Points - Junshi Bioscience's stock price has increased by 42.01% year-to-date but has seen a decline of 5.34% in the last five trading days and 19.15% over the past 20 days [2] - The company reported a revenue of 1.168 billion yuan for the first half of 2025, representing a year-on-year growth of 48.64%, while the net profit attributable to shareholders was -413 million yuan, an increase of 36.01% year-on-year [2] Company Overview - Junshi Bioscience, established on December 27, 2012, and listed on July 15, 2020, is located in Shanghai and focuses on the research and commercialization of monoclonal antibody drugs and other therapeutic protein drugs [2] - The company's main revenue sources include drug sales (90.67%), technology licensing and royalties (8.74%), and technical services and others (0.59%) [2] Market Activity - As of October 13, Junshi Bioscience's stock was trading at 38.81 yuan per share, with a market capitalization of 39.846 billion yuan [1] - The stock experienced a net outflow of 12.9063 million yuan in principal funds, with large orders showing a buy of 30.8144 million yuan and a sell of 43.5137 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders for Junshi Bioscience was 31,200, an increase of 5.88% from the previous period, with an average of 24,543 circulating shares per person, a decrease of 5.56% [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as a decrease of 536,700 shares for 华夏上证科创板50成份ETF and an increase of 630,000 shares for 易方达上证科创板50ETF [3]