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]

Core Viewpoint - The innovative pharmaceutical stocks have shown a rebound, with notable increases in share prices for several companies, driven by recent policy developments and market dynamics [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, and new policies regarding medical devices were introduced in Beijing [1] - The State Council meeting outlined plans to promote provincial-level coordination of 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 in related pharmaceutical companies [1] - Zhongyou Securities noted that despite a temporary vacuum in domestic BD outbound transactions, several collaborations with multinational corporations (MNCs) have emerged since Q4, reflecting the recognition of domestic innovative drug companies' R&D capabilities [1] - The strong competitive advantages of China's innovative drug industry, including the capacity of the industry chain, pipeline quantity and quality, and R&D efficiency, are expected to drive long-term industry trends [1]

Core Viewpoint - The Hong Kong innovative drug concept stocks have shown a rebound today, indicating a positive market sentiment towards this sector [1] Company Performance - Gilead Sciences-B (01672.HK) increased by 10.26%, reaching HKD 13.11 [1] - CanSino Biologics (09926.HK) rose by 4.15%, trading at HKD 123.1 [1] - Zai Lab (09688.HK) saw a gain of 3.36%, with a price of HKD 15.69 [1] - Ascletis Pharma (02096.HK) grew by 2.9%, priced at HKD 13.48 [1]

智通财经APP获悉，创新药概念股今日回暖，截至发稿，歌礼制药-B(01672)涨10.26%，报13.11港元； 康方生物(09926)涨4.15%，报123.1港元；再鼎医药(09688)涨3.36%，报15.69港元；先声药业(02096)涨 2.9%，报13.48港元。 中邮证券发布研报称，下半年以来，国内的BD出海交易虽有短暂真空，但仍在持续，Q4以来亦诞生了 多个MNC为合作方的交易。我们认为，海外MNC的购买行为系对国内创新药公司创新研发的实力的背 书认可。进一步看，我们认为系中国创新药产业链能力、管线数量和质量、研发效率在全球的强大竞争 优势催生出的结果，坚定看好长期的产业趋势。 消息面上，11月，国家医保局组织开展2025年国家基本医保药品目录谈判竞价和商保创新药目录价格协 商工作，同时全国第四批中成药集采启动，北京市出台医疗器械相关政策，国常会部署推进基本医疗保 险省级统筹等。渤海证券发布研报称，关注12月初新版基本医保药品目录及首版商保创新药目录的发 布，关注相关制药企业的投资机遇，及创新药企业支付端结构优化的发展机会。 ...

(本文来自第一财经) 12月3日，先声药业（02096.HK）与旺山旺水（02630.HK）就氢溴酸氘瑞米德韦订立许可协议。先声药 业将获得氢溴酸氘瑞米德韦干混悬剂在大中华区用于抗呼吸道合胞病毒（RSV）感染以及抗人偏肺病毒 （HMPV）感染适应证的独家许可权益。该药有望成为全球首个获批上市的核苷类抗RSV药物。此前， 氢溴酸氘瑞米德韦片剂已在我国获常规批准，用于治疗轻中度成人新冠病毒感染。（第一财经记者 林 志吟） ...

Core Viewpoint - The collaboration between 旺山旺水-B and 先声药业 aims to accelerate the clinical development and commercialization of VV116 for new indications, specifically targeting RSV and HMPV infections in Greater China [1][2]. Group 1: Licensing Agreement - 旺山旺水-B has entered into a licensing agreement with 先声药业 for exclusive rights to develop VV116 for RSV and HMPV infections in Greater China [1]. - The partnership leverages the strengths of both companies in research, production, and commercialization to benefit more patients [1]. Group 2: Product Overview - VV116 is an oral nucleoside prodrug that received conditional approval from the National Medical Products Administration (NMPA) in January 2023 for treating mild to moderate COVID-19, with plans for full approval by January 2025 [1]. - VV116 has shown broad-spectrum antiviral activity against various RNA viruses, including RSV, demonstrating good inhibition effects [1]. Group 3: Clinical Trials and Safety - A Phase II clinical trial for VV116 as a treatment for RSV in infants has been completed, leading to its designation as a breakthrough therapy by NMPA [2]. - Preclinical studies indicate significant antiviral effects of VV116 in vitro and in animal models, along with improvements in lung pathology [2]. - Clinical pharmacokinetic studies show good oral absorption and linear pharmacokinetics, with no significant impact from infant formula on its main metabolites [2]. - Overall safety of VV116 in clinical studies is reported to be good, with no severe adverse events noted [2].

格隆汇12月3日丨旺山旺水-B(02630.HK)发布公告，宣布，公司与先声药业(02096.HK)就VV116新适应 症订立许可协议。根据该协议，公司将授予先声药业VV116在大中华区抗呼吸道合胞病毒("RSV")感染 以及抗人偏肺病毒("HMPV")感染适应症的独家许可权益。旺山旺水与先声药业强强联合，发挥各自研 发、生产及商业化的优势，加速VV116的临床开发和商业化进程，以期惠及更多患者。 ...

旺山旺水-B(02630)公布，公司与先声药业集团有限公司(02096)就VV116新适应症订立许可协议。根据 该协议，公司将授予先声药业VV116在大中华区抗呼吸道合胞病毒(RSV)感染以及抗人偏肺病毒 (HMPV)感染适应症的独家许可权益。旺山旺水与先声药业强强联合，发挥各自研发、生产及商业化的 优势，加速VV116的临床开发和商业化进程，以期惠及更多患者。 据悉，VV116是一款口服新型核苷前药，已于2023年1月获国家药品监督管理局附条件上市批准，并于 2025年1月由附条件上市批准转为常规批准，用于治疗轻中度新冠病毒感染。现有研究显示，VV116具 有广谱抗病毒活性，对包括RSV在内的多种RNA病毒均表现出良好抑制作用。 在抗RSV方面，VV116干混悬剂用于治疗婴幼儿RSV感染的一项II期临床试验已完成，并基于该临床试 验的积极结果，获得国家药品监督管理局(NMPA)药品审评中心(CDE)突破性治疗品种认定。临床前研 究表明，VV116在体外和动物模型中均展现出显著的抗病毒效果，并能改善肺部病理损伤。临床药代动 力学研究表明，VV116具有良好的口服吸收及线性药代特性，且婴幼儿配方奶对其主要代谢产 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Simcere Pharmaceutical Group Limited 先聲藥業集團有限公司 （於香港註冊成立的有限公司） （股份代號：2096） 自願公告 與旺山旺水就氫溴酸氘瑞米德韋新適應症訂立獨家許可協議 關於氫溴酸氘瑞米德韋 氫溴酸氘瑞米德韋是一款具有廣譜抗RNA病毒活性的口服核苷類藥物，通過抑制 病毒RNA依賴的RNA聚合酶（RdRp）發揮作用。氫溴酸氘瑞米德韋在國內用於治療 嬰幼兒（1-24個月）RSV感染的Ⅱ期臨床試驗（「該項臨床試驗」）已完成。臨床研究 結果表明，氫溴酸氘瑞米德韋幹混懸劑有良好的抗RSV療效和安全性。基於該項 臨床試驗的積極結果，氫溴酸氘瑞米德韋幹混懸劑獲得國家藥品監督管理局藥品 審評中心（CDE）突破性治療藥物認定。此前，氫溴酸氘瑞米德韋片劑已在中國獲 常規批准，用於治療輕中度成人新冠病毒(COVID-19)感染。 –1– 關於旺山旺水 蘇州旺山旺水生物醫藥股份有限公 ...

Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical sector experienced a correction in 2025 but rebounded towards the end of the year, with the innovative drug market expected to continue its momentum into 2026, presenting investment opportunities [1][6][10]. - Current industry hotspots include the flu epidemic, policy support, and breakthroughs in innovative fields such as small nucleic acid drugs, GLP-1, and BCL-2 inhibitors [1][7][8]. Core Insights and Arguments - The overall performance of the pharmaceutical sector in November 2025 was weak, with a decline of 3.6%, underperforming the CSI 300 index by approximately 1.16 percentage points [3]. - The application of AI technology in healthcare, including AI medicine and brain-computer interfaces, is gaining attention and is expected to present opportunities in 2026 [4][12]. - The release of the medical insurance negotiation directory and commercial insurance innovation directory will significantly impact the sales of related products once they enter the insurance system [10]. - Investment recommendations for 2026 include focusing on cutting-edge technologies such as dual antibodies, multi-antibodies, ADC, PROTAC, small nucleic acids, and GLP-1, as well as large companies with strong R&D capabilities and biotech firms with best/first-in-class potential [9][11]. Notable Developments - The flu data has reached new highs, driving up the stock prices of related testing drugs and vaccines [7]. - The third-party laboratory sector is expected to see performance bottoming out in Q4 2025, with a recovery starting in Q1 2026, aided by accelerated payment collection from companies like KingMed and Dian Diagnostics [4][19]. - The PROTAC technology is highlighted for its ability to degrade target proteins, addressing issues of drug resistance, with leading companies like Pfizer, BMS, and BeiGene making significant progress [4][16][17]. Investment Opportunities - Companies such as KingMed and Dian Diagnostics are recommended for investment due to their improving cash flow and potential recovery in the IVD industry [19][20]. - Jichuan Pharmaceutical is included in the December portfolio due to its expected performance rebound driven by flu season demand and low inventory levels [21]. - The CRO industry is poised for growth, with expectations of increased outsourcing rates and improved margins due to a decrease in new entrants [22][23]. Future Trends - The medical device sector is showing positive trends, with expectations for improvement in the consumer healthcare segment in 2026 [2][11]. - The potential for significant growth in the insulin business of companies like Lianbang Pharmaceutical is anticipated, with a projected revenue of 20 billion yuan in 2025 [32][35]. - The upcoming KMR data in December is expected to act as a catalyst for the global PROTAC market, with a focus on companies with substantial technology platforms [18]. Conclusion - The pharmaceutical and healthcare sectors are navigating through a period of adjustment, with various innovative technologies and market dynamics presenting both opportunities and challenges. Investors are advised to keep a close watch on regulatory developments, clinical trial outcomes, and emerging technologies that could shape the future landscape of the industry [1][6][10].